11-54-125
Section 11-54-125 Definitions. As used in this division, the following terms shall have the following meanings: (1) AUTHORIZING RESOLUTION. A resolution adopted by the directors and authorizing the execution and delivery of a trust agreement. (2) DIRECTORS. The board of directors of an industrial development board. (3) ENDOWMENT TRUST FUND or FUND. A trust fund created by an industrial development board pursuant to this division. (4) FUND MANAGER. Any individual, partnership, corporation, or other person, including, without limitation, a trustee bank, employed to manage and invest moneys held in and forming a part of an endowment trust fund and other contributions to such fund. (5) INDUSTRIAL DEVELOPMENT BOARD or BOARD. A public corporation now in existence or hereafter organized pursuant to the provisions of either industrial development board act. (6) INDUSTRIAL DEVELOPMENT BOARD ACT. Act 648, 1949 Regular Session, as amended, and Division 1 and Division 2 of this article, as...
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16-13-120
Section 16-13-120 Authority to issue; interest rate; terms, use of proceeds, etc. In any county in which a special license or privilege tax or excise tax may now or hereafter be levied, or the proceeds of any ad valorem tax equivalent shall be apportioned, by local act of the Legislature of Alabama, the county board of education of the county or the city board of education of any city in the county, as the case may be, may sell and issue interest-bearing warrants, the principal of and the interest on which shall be payable solely from that portion of the proceeds from such tax or tax equivalent which may be apportioned and paid to such board of education. Any such warrants may bear such rate or rates of interest not exceeding 12 percent per annum, payable semiannually, may be in such denomination or denominations, may mature over such period of time not exceeding 30 years after their date, may be sold at public or private sale at such price or prices, may be made redeemable prior to...
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45-17-91.23
Section 45-17-91.23 Creation of Shoals Economic Development Fund; purposes for which moneys in such fund may be expended. (a) There is created the Shoals Economic Development Fund, which shall be a special or trust fund or account of the committee, and which shall be administered in accordance with this subpart. (b)(1) The authority may, at any time and from time to time, request that the committee authorize and approve the expenditure or appropriation of moneys on deposit in the Shoals Economic Development Fund, but solely for purposes authorized in subsection (c). Any such request may specify that such moneys shall be expended by, or appropriated directly or indirectly to, any of the following: a. The authority itself. b. Either of the counties, or any city or town located, in whole or in part, in either of the counties. c. Any public corporation that has been organized with the approval or consent of any one or more of the counties, the municipalities, or any other city or town in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-17-91.23.htm - 8K - Match Info - Similar pages
45-8A-115
Section 45-8A-115 Additional ad valorem taxes; special election approval; use of proceeds. (a) In accordance with the pertinent provisions of Amendment 373 of the Constitution of Alabama of 1901, the governing body of the City of Oxford, Alabama, in Calhoun County and Talladega County may levy and provide for the collection of an additional 15 mills ad valorem taxes on taxable property situated within the city. (b) The additional ad valorem taxes levied and collected pursuant to this section are subject to the approval of a majority of the qualified electors residing in the City of Oxford who vote on the proposed additional ad valorem taxes at a special election called and held for such purpose as provided for in Amendment 373 of the Constitution of Alabama of 1901. (c) The net proceeds from any additional revenue accruing to the city from the additional tax revenue resulting from this section shall be paid to the municipal general fund and shall be allocated and expended solely for...
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11-51-42
Section 11-51-42 Levy of taxes; certification and delivery to county tax assessor of copy of ordinance or resolution levying taxes. It shall be the duty of the council, board of commissioners, or other governing body of any such municipality during the month of May of each year, by resolution or ordinance, to levy a tax on the property situated in such municipality for the next succeeding tax year at a rate in no event in excess of the constitutional limit authorized to be levied by such municipality on the value of such property as assessed for state taxation as shown by the books of assessment for the state and county tax year ending September 30 next succeeding the levy. The levy so made by the council, board of commissioners, or other governing body of such municipality shall go into force and effect as of October 1 next succeeding the levy and shall become a lien on October 1 next succeeding such levy and not before. After such levy is made it shall be the duty of the mayor or...
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11-54-87
Section 11-54-87 Powers of boards generally; location and operation of projects of boards generally; meetings of board of directors. (a) The industrial development board shall have the following powers together with all powers incidental thereto or necessary for the performance of those stated in this subsection: (1) To have succession by its corporate name for the period specified in the certificate of incorporation unless sooner dissolved as provided in this article; (2) To sue and be sued and to prosecute and defend civil actions in any court having jurisdiction of the subject matter and of the parties; (3) To have and to use a corporate seal and to alter the same at pleasure; (4) To acquire, whether by purchase, construction, exchange, gift, lease, or otherwise and to improve, maintain, equip, and furnish one or more projects, including all real and personal properties which the board of directors of the board may deem necessary in connection therewith, regardless of whether or not...
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11-54-90
Section 11-54-90 Bonds - Security for payment of principal and interest; remedies upon default. The principal of and interest on any bonds issued by the industrial development board shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable and may be secured by a mortgage or deed of trust covering all or any part of the projects from which the revenues or receipts so pledged may be derived, including any enlargements of and additions to any such projects thereafter made. The resolution under which the bonds are authorized to be issued and any such mortgage or deed of trust may contain any agreements and provisions respecting the maintenance of the projects covered thereby, the fixing and collection of rents for any portions thereof leased by the board to others, the creation and maintenance of special funds from such revenues and the rights and remedies available in the event of default as the board of directors shall deem advisable not in...
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11-54-94
Section 11-54-94 Authority and procedure for dissolution of boards; vesting of title to funds and properties thereof in municipalities upon dissolution. Whenever the board of directors of the industrial development board shall by resolution determine that the purposes for which the board was formed have been substantially complied with and all bonds theretofore issued and all obligations theretofore incurred by the board have been fully paid, the members of the board of directors of the board shall thereupon execute and file for record in the office of the judge of probate of the county in which the board is organized a certificate of dissolution reciting such facts and declaring the board to be dissolved. Such certificate of dissolution shall be executed under the corporate seal of the board. Upon the filing of such certificate of dissolution, the board shall stand dissolved, the title to all funds and properties owned by it at the time of such dissolution shall vest in the...
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45-23A-92
Section 45-23A-92 Ad valorem tax. (a) The governing body of the City of Ozark in Dale County may levy and collect an additional ad valorem tax at a rate not exceeding seven mills per each one dollar ($1) on the value of the taxable property within the city, the proceeds of which tax shall be used exclusively first for the retirement of the debt created pursuant to the construction and additions to Carroll High School, and thereafter for educational and school purposes as determined by the Ozark City Council; provided, however, the rate of such tax, the time it is to continue and the purpose thereof shall have been first submitted to a vote of the qualified electors of the City of Ozark and voted for by a majority of those voting at such election. The additional taxes levied and imposed by this section shall become effective October 1, 1987, upon referendum approved by a majority of the qualified electors of the municipality, called by the municipal governing body at the next special,...
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45-32-242.01
Section 45-32-242.01 Levy of tax for certain purposes. (a) In Greene County, in addition to any and all other taxes heretofore levied, the county commission is hereby authorized to levy and impose an additional ad valorem tax in the amount of 25 mills on each dollar of taxable property: (1) Thirty-four percent of the tax shall be earmarked to the county general fund to be used for general county purposes. (2) Forty percent of the tax shall be distributed to the county board of education. (3) Twenty percent of the tax shall be distributed to the municipalities and shall be divided among all municipalities based on the population of each municipality. (4) Four percent shall be distributed and divided among the volunteer fire departments. (5) Two percent shall be distributed to the county library board for a period of 10 years and then to revert to the county general fund. (b) The additional ad valorem tax imposed by this section shall be collected at the same time and in the same manner...
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