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2-6-76
Section 2-6-76 Powers of corporation - Issuance and sale of securities. (a) The corporation
is authorized to issue and sell its interest-bearing or noninterest-bearing securities, in
one or more series, not exceeding $6,000,000.00, in aggregate principal amount, to provide
funds to be used by the Board of Agriculture and Industries in the construction, acquisition
and installation of a market facility and to be used by the Agricultural Center Board in the
renovation of the coliseum. (b) The principal of, premium, if any, and interest on any securities
or series of securities of the corporation the proceeds of which are devoted to the construction,
acquisition and installation of the market facility shall be payable from and secured by a
pledge of all rents, leases, charges or other revenues derived or realized from leases to
the public of said market facility after deduction of costs of operation. The principal of,
premium, if any, and interest on any securities or series of securities...
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22-21-71
Section 22-21-71 Purpose and construction of division. It is the intention of the Legislature
by the passage of this division to authorize in each of the several counties of the state
the organization of one or more public corporations for the purpose of acquiring, owning and
operating public hospitals and other public health facilities in the county in which such
corporation shall be organized, or in a portion of the said county. It is the legislative
intent to confer on corporations organized under this division all the powers requisite for
the fulfillment of the purposes of their organization, including the power to do whatever
financing may be necessary to accomplish such purposes. This division shall be liberally construed
to give effect to its purpose. Corporations organized under this division shall be nonprofit
corporations, and no part of the net earnings thereof shall inure to the benefit of any member
thereof or other individual or private corporation. (Acts 1949, No. 46, p....
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37-5-3
Section 37-5-3 Purpose and general powers. A district shall be created for the purpose of conducting
and operating a utility and, to carry out such purpose, shall have power and authority to
acquire, construct, reconstruct, operate, maintain, extend or improve any utility within or
without the district and to furnish, deliver and sell to the public and to any municipality
and to the state and any public institution heat, light and power service and any other service,
commodity or facility which may be produced or furnished in connection therewith. For said
purposes the district is granted and shall have and exercise the right freely to use and occupy
any public highway, street, way or place reasonably necessary to be used or occupied for the
maintenance and operation of such utility or any part thereof, subject to such local regulations
as may be imposed in connection therewith by any regulations of the governing body of the
municipality in which such highway, street, way or place is...
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45-49-90.01
Section 45-49-90.01 Purpose; liberal construction. (a) It is the intent of the Legislature
by the passage of this part to authorize the incorporation in Mobile County of public corporations
to acquire, enlarge, improve, replace, own, lease, and dispose of properties to the end that
such corporations may be able to develop land as sites for industrial parks in Mobile County
which shall be deemed to include the provision of water, sewage, drainage, transportation,
and other similar facilities which are incidental to the use of land as an industrial park,
including easements and rights of way for public utilities providing power and communication
services, but shall not be deemed to include the provision of structures or buildings other
than structures or buildings related to the provision of water, sewage, drainage, transportation,
or similar facilities. It is the further intent of the Legislature by the passage of this
part to vest such public corporations with all powers that may be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-49-90.01.htm - 1K - Match Info - Similar pages
10A-2-7.32
Section 10A-2-7.32 Shareholder agreements. REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94
EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) An agreement among
the shareholders of a corporation that complies with this section is effective among the shareholders
and the corporation even though it is inconsistent with one or more provisions of this chapter
in that it: (1) Eliminates the authority of the board of directors or restricts the discretion
or powers of the board of directors; (2) Governs the authorization or making of distributions
whether or not in proportion to ownership of shares, subject to the limitations in Section
10A-2-6.40; (3) Establishes who shall be directors or officers of the corporation, or their
terms of office or manner of selection or removal; (4) Governs, in general or in regard to
specific matters, the exercise or division of voting power by or between the shareholders
and directors or by or among any of them, including use of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2-7.32.htm - 5K - Match Info - Similar pages
11-56-9
Section 11-56-9 Leasing of projects. (a) The corporation and any local subdivision are hereby
respectively authorized to enter into with each other one or more lease agreements whereunder
a project or any part thereof shall be leased by the corporation to such local subdivision
for a term not longer than the then current fiscal year of such local subdivision, but any
such lease agreement may contain a grant to such local subdivision of successive options of
renewing the said lease agreement on the terms specified therein for any subsequent fiscal
year or years of such local subdivision. The said lease agreement may contain appropriate
provisions as to the method by which such local subdivision may, at its election, exercise
such of the said options of renewal as its governing body may elect on the terms provided
therein and such other covenants and provisions as shall not be inconsistent with this chapter
and as the corporation and such local subdivision may agree. The rental for each...
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11-15-12
Section 11-15-12 Warrants - Security for payment of principal and interest. The principal of
and interest on the warrants shall be secured by a pledge of the revenues out of which the
warrants shall be made payable, shall be secured by a mortgage covering the project from which
the revenues so pledged shall be derived and shall be secured by a pledge of the lease agreement
covering such project and of the rental therefrom. The mortgage may contain any agreements
and provisions customarily contained in instruments securing evidences of indebtedness, including,
without limiting the generality of the foregoing, provisions respecting the collection and
application of the rental from any project covered by such mortgage, the terms to be incorporated
in the lease agreement respecting such project, the maintenance and insurance of such project,
the creation and maintenance of special funds from the rental of such project and the rights
and remedies available in the event of default to the...
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11-92A-16
Section 11-92A-16 Use of bonds, proceeds, etc. (a) The proceeds from the sale of any bonds
shall be applied as provided in the proceedings in which the bonds are authorized to be issued,
including without limitation, the payment of all legal, fiscal, and recording fees and expenses
incurred in connection with the authorization, sale, and issuance of the bonds and, if so
provided in the proceedings authorizing their issuance, interest on said bonds (or if only
a part of any issue of bonds is issued for acquisition purposes, interest on that portion
of the bonds of that issue that is issued to pay acquisition costs) for a reasonable period
prior to and during the time required for the acquisition, construction, and equipping of
the project. An authority may provide in the proceedings authorizing the issuance of bonds
for the funding of a debt service reserve and/or a replacement and extension reserve from
the proceeds of its bonds. (b) All contracts made by an authority and all bonds...
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22-21-53
Section 22-21-53 Powers. (a) Any district or regional hospital association is hereby authorized
and empowered to exercise the following powers in addition to others granted in this article:
(1) To cooperate with the State Board of Health for the purpose of constructing, equipping,
maintaining and operating a hospital by making appropriate application to the State Board
of Health; to enter into a cooperative contract with the State Board of Health for this purpose;
(2) To act as an agent for the State Board of Health under a cooperative contract to prepare,
carry out and operate hospital projects; (3) To provide for the construction, reconstruction,
improvement, alteration or repair of any hospital, or any part thereof; (4) To take over,
by purchase, lease or otherwise, any hospital; (5) To manage, as agent of the State Board
of Health, any hospital constructed or owned by the association; (6) To arrange, with any
appropriate local or state agencies, for the opening or closing of...
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23-7-5
Section 23-7-5 Powers and functions. (a) In addition to the powers contained in other provisions
of this chapter, the bank has all power necessary, useful, or appropriate to fund, operate,
and administer the bank, and to perform its other functions including, but not limited to,
the following power to: (1) Have perpetual succession. (2) Adopt, promulgate, amend, and repeal
bylaws, not inconsistent with this chapter for the administration of the bank's affairs and
the implementation of its functions including the right of the board to select qualifying
projects and to provide loans and other financial assistance. (3) Sue and be sued in its own
name. (4) Have a seal and alter it at pleasure, although the failure to affix the seal does
not affect the validity of an instrument executed on behalf of the bank. (5) Make loans to
qualified borrowers to finance the eligible costs of qualified projects and to acquire, hold,
and sell loan obligations at prices and in a manner as the board...
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