41-16A-3
Section 41-16A-3 Definitions. For the purposes of this chapter, the following terms shall have the respective meanings provided by this section: (a) ALTERNATIVE FINANCING CONTRACT. A lease, lease-purchase, lease with option to purchase, installment-sale agreement or arrangement, or other similar agreement or arrangement. (b) GOVERNMENTAL ENTITY. The state; any political subdivision of the state; any agency, board, commission, or department of the state; any county; any municipal corporation; any county board of education; any city board of education; any instrumentality of any of the foregoing; the State Board of Education, acting for the respective educational institutions under its supervision; each public corporation that conducts one or more state educational institutions under its supervision; and any public corporation arising under or organized pursuant to any statute of the state. (c) GRANTOR PARTY. The lessor under a lease or lease-purchase contract, grantor under an...
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22-21-140
Section 22-21-140 Lease agreements with municipality. (a) Authorization of lease. The authority and the municipality are hereby respectively authorized to enter into one or more lease agreements with each other whereunder one or more projects or any part thereof shall be leased by the authority to the municipality. No such lease agreement shall be for a term longer than the then current fiscal year in which it is made. Any such lease agreement made, however, may contain a grant to the municipality of successive options to renew such lease agreement, on the conditions specified therein, for additional terms; but no such additional term shall be for a period longer than the fiscal year in which such renewal shall be made. The lease agreement may contain provisions as to the method by which such renewal may be effected. (b) Payments limited to current revenues of the municipality for current fiscal year. The obligation on the part of the municipality to pay the rental required to be paid...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-140.htm - 5K - Match Info - Similar pages
23-2-167
Section 23-2-167 Definitions. THIS SECTION WAS AMENDED BY ACT 2019-501 IN THE 2019 REGULAR SESSION, EFFECTIVE JANUARY 1, 2024. TO SEE THE AMENDED VERSION, SEE THE VERSION LABELED PENDING. As used in this article, the following words shall have the following meanings: (1) AUTHORITY. The Alabama Toll Road, Bridge and Tunnel Authority, as defined in Section 23-2-142. (2) DEPARTMENT. The Department of Transportation. (3) ELECTRONIC TOLL COLLECTION. A method of collecting tolls or charges which is capable of charging an account holder the appropriate toll or charge including, but not limited to, either of the following: a. The transmission of information from an electronic device on a motor vehicle to the toll system, which information is used to charge the account the appropriate toll or charge. b. The transmission of license plate information from a photo-monitoring system to the toll system, which information is used to charge the account the appropriate toll or charge. (4) ELECTRONIC...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-2-167.htm - 4K - Match Info - Similar pages
43-2-844
Section 43-2-844 Transactions authorized for personal representatives; prior court approval. Unless expressly authorized by the will, a personal representative, only after prior approval of court, may: (1) Acquire or dispose of an asset, including land in this or another state, for cash or on credit, at public or private sale; and manage, develop, improve, exchange, partition, change the character of, or abandon an estate asset. (2) Make ordinary or extraordinary repairs or alterations in buildings or other structures, demolish any improvements, or raze existing or erect new party walls or buildings. (3) Subdivide, develop, or dedicate land to public use; make or obtain the vacation of plats and adjust boundaries; adjust differences in valuation on exchange or partition by giving or receiving considerations; or dedicate easements to public use without consideration. (4) Enter for any purpose into a lease as lessor or lessee, with or without option to purchase or renew, for a term of...
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27-41-30
Section 27-41-30 Particular investments - Loans, notes, etc., secured by mortgages and leases on real property. An insurer may invest in loans, notes, bonds, or other evidences of indebtedness of any person up to the fair value of real property securing said indebtedness, upon compliance with the following conditions and provisions: (1) The indebtedness must be secured by a first mortgage lien on real property having a fair value of not less than the principal amount of the loan, except as provided in subdivision (8) of this section; (2) The indebtedness must be additionally secured by a lease on said real property, which lease must be assigned and transferred by the lessor to the lender or to a trustee of the lender under a trust instrument; (3) The lease so assigned as additional security must be noncancellable and may be terminated only upon such conditions as are generally provided in commercial leases, such as, for example, destruction by fire, tornado, or similar hazard or...
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41-10-508
Section 41-10-508 Security. The principal of, premium, if any, and interest on the bonds of the authority shall be secured by any or all of the following, as the authority may determine: (1) The rent and revenues from the lease or use of one or more facilities of the authority; (2) The proceeds from any sale of any facilities of the authority; (3) Any bond proceeds remaining unexpended upon completion of all facilities to be constructed with such bond proceeds and the payment of the cost thereof; (4) Any insurance proceeds which the authority may receive by reason of its ownership of any of the facilities; and (5) Any mortgage upon or security interest in one or more facilities of the authority, granted in connection with the issuance of such bonds. The authority shall have authority to transfer and assign any lease or mortgage of any of its facilities as security for the payment of such principal, premium, if any, and interest. The bonds may be issued under, and secured by, a...
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41-10-318
Section 41-10-318 Security for bonds. The principal of, premium, if any, and interest on the bonds of the authority shall be secured by any or all of the following, as the authority may determine: (1) The rent and revenues from the lease or use of one or more facilities of the authority; (2) The proceeds from any sale of any facilities of the authority; (3) Any bond proceeds remaining unexpended upon completion of all facilities to be constructed with such bond proceeds and the payment of the cost thereof; (4) Any insurance proceeds which the authority may receive by reason of its ownership of any of the facilities; and (5) Any mortgage upon or security interest in one or more facilities of the authority, granted in connection with the issuance of such bonds. The authority shall have authority to transfer and assign any lease or mortgage of any of its facilities as security for the payment of such principal, premium, if any, and interest. The bonds may be issued under, and secured by,...
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11-54A-9
Section 11-54A-9 Powers of authority; all projects to be in development area. (a) The authority shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof in corporate form: (1) To have succession by its corporate name for the duration of time, which may be perpetuity, subject to Section 11-54A-20, specified in its certificate of incorporation. (2) To sue and be sued in its own name and to prosecute and defend civil actions in any court having jurisdiction of the subject matter and of the parties. (3) To adopt and make use of a corporate seal and to alter the same at pleasure. (4) To adopt and alter bylaws for the regulation and conduct of its affairs and business. (5) To acquire, whether by purchase, construction, exchange, gift, lease, or otherwise and to refinance existing indebtedness on, improve, maintain, equip, and furnish one or more projects, including all real and personal properties which the board of the authority may...
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2-6-107
Section 2-6-107 Lease of project. (a) Without limiting the generality of the powers otherwise granted by this article, the corporation is authorized to lease the project, or portions thereof, to the Alabama Agricultural Center Board or to any other public or private entity. The AACB and any other agency, board, commission, bureau, or department of the state and each of them are authorized to lease any facilities from the corporation. Any lease as described in this section shall, however, be either of the following: (1) For a term no longer than the then current fiscal year of the state, but any such lease may contain a grant to the lessee of successive options of renewing the lease on the terms specified in the lease for any subsequent fiscal year or years of the state; provided, that liability for the payment of rent shall never be for a term longer than one fiscal year. (2) Provide that in no event rentals may be paid from moneys appropriated by the state and that rentals shall be...
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40-20-36
Section 40-20-36 How exemption obtained upon existing interests. Application for such exemption upon existing interests shall be made to the probate judge of the county wherein the land lies in which such interest is owned, by filing application in triplicate with the said judge, which shall contain the following information: (1) Name of applicant; (2) Address of applicant; (3) Complete description of land affected, including aggregate acreage; (4) Fractional interest for which exemption is applied and nature of such interest; (5) Recording data concerning the instrument creating the interest including grantor or lessor, grantee or lessee, date of instrument, book and page of record, and date of filing; (6) Length of primary term; (7) Recording data on instruments divesting original party of any interest, including subsequent assignments thereof in a portion of original interest therein conveyed; (8) Number of mineral, royalty or lease acres on which exemption sought; and (9) Amount...
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