11-92A-23
Section 11-92A-23 Special reserve funds and applications for appropriations. (a) In addition to all other powers at any time conferred upon an authority by law, an authority may, in connection with the issuance of any bonds hereunder, create and establish one or more special debt service reserve funds (a "debt service reserve fund"), and may pay or cause to be paid into each debt service reserve fund (i) proceeds from bonds issued pursuant hereto to the extent provided by the authority authorizing the issuance thereof; (ii) any moneys appropriated and made available by the Legislature for the purpose of such fund; and (iii) any other moneys that may be made available to the authority from any other source for the purpose of such fund. All moneys held in a debt service reserve fund shall be used solely for the payment of the principal of, premium, if any, and interest on bonds secured, in whole or in part, by that fund when and as the same become due and payable as provided in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-92A-23.htm - 7K - Match Info - Similar pages
11-92C-9
Section 11-92C-9 Bonds of authority. (a) Source of payment. All bonds issued by an authority shall be payable solely out of the revenues and receipts derived from the leasing or sale by the board of its projects, or from any other source as may be designated in the proceedings of the board under which the bonds are authorized to be issued. (b) Pledge of revenues, receipts, and other security. The principal and interest on any bonds issued by an authority shall be secured by a pledge of the revenues and receipts out of which the principal and interest may be payable and may be secured by a mortgage and deed of trust or trust indenture conveying as security for the bonds all or any part of the property of the authority from which the revenues or receipts so pledged may be derived. (c) Resolutions. The resolution under which the bonds of an authority are authorized to be issued and any mortgage and deed of trust or trust indenture may contain any agreements and provisions respecting the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-92C-9.htm - 7K - Match Info - Similar pages
11-97-10
Section 11-97-10 Security for payment of bonds; contracts and agreements to secure. (a) Bonds issued by any corporation may, as its board may deem advisable, be either general obligations of such corporation or limited obligations payable only out of certain specified revenues or assets of such corporation; provided, that any corporation may enter into contracts with the holders of any of its bonds preventing such corporation from thereafter issuing general obligation bonds or limiting the amount of such bonds that may thereafter be issued. To the extent permitted by any contracts with the holders of outstanding bonds and any other contractual obligations or requirements, any corporation may pledge any of its revenues or mortgage or assign any of its assets, whether real or personal and whether tangible or intangible, to secure the payment of any of its bonds. (b) As security for payment of the principal of and the interest and premium, if any, on any bonds issued or assumed by it, any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-97-10.htm - 8K - Match Info - Similar pages
16-17-7
Section 16-17-7 Powers of authority. 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 in perpetuity, subject to the provisions of Section 16-17-19) specified in its certificate of incorporation; (2) To sue and be sued in its own name in civil actions and to defend actions against it; (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, hold, receive and take by purchase, gift, lease, devise or otherwise, and to sell, transfer and convey, property of every description, real, personal or mixed, wherever the same might be located; (6) To make, enter into and execute such contracts, agreements, leases and other instruments and to take such other actions as may be necessary or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-17-7.htm - 4K - Match Info - Similar pages
16-18A-5
Section 16-18A-5 Revenue bonds - Issuance; negotiable, forms, terms, etc.; refunding bonds; security. The authority shall have power and is hereby authorized from time to time to provide by resolution for the issuance of negotiable revenue bonds for the purpose of paying all or any part of the cost as herein defined of any of its projects. Such bonds may also be issued to pay off, refund or refinance any outstanding bonds or other obligation of any nature owed by the authority, whether or not such revenue bonds or other obligations shall then be subject to redemption, and the authority may provide for such arrangements as it may determine for the payment and security of the revenue bonds being issued or for the payment and security of the revenue bonds or other obligations to be paid off, refunded or refinanced. The principal, premium, if any, and interest of such revenue bonds shall be payable solely from the revenues, receipts and earnings to be received by the authority in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-18A-5.htm - 5K - Match Info - Similar pages
22-21-330
Section 22-21-330 Lease agreements with authorizing subdivision; terms; renewal options; special pledge as security for payment of rental, etc.; use of vacant space. (a) Each authority and any authorizing subdivision are hereby respectively authorized to enter into one or more lease agreements with each other whereunder any health care facilities situated within (or within 10 miles of) such authorizing subdivision or any part thereof shall be leased by the authority to such authorizing subdivision, but if and only if such authorizing subdivision is then permitted by law to operate such health care facilities, to issue its bonds, warrants, notes or other securities therefor and to pledge for the benefit of any such securities its full faith and credit. 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 may, however, contain a grant to such authorizing subdivision of successive options to renew such lease...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-330.htm - 6K - Match Info - Similar pages
33-15-8
Section 33-15-8 Bonds and other obligations - Generally. All bonds issued by the authority shall be signed by the chairman of its board of directors and attested by its secretary-treasurer, and the seal of the authority shall be affixed thereto, and any interest coupons applicable to the bonds of the authority shall be signed by the said chairman; provided, that a facsimile of the signature of one, but not both, of said officers may be printed or otherwise reproduced on any such bonds in lieu of his manually signing the same, a facsimile of the seal of the authority may be printed or otherwise reproduced on any such bonds in lieu of being manually affixed thereto and a facsimile of the signature of the chairman of its board of directors may be printed or otherwise reproduced on any such interest coupons in lieu of his manually signing the same. Any such bonds may be executed and delivered by the authority at any time and from time to time, shall be in such form and denominations and of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/33-15-8.htm - 4K - Match Info - Similar pages
37-13-13
Section 37-13-13 Bonds of authority - Security. In the discretion of the authority any bonds may be issued under and secured by an indenture between the authority and a trustee. Said trustee may be a private person or corporation, including (but not limited to) any trust company or bank having trust powers, whether such bank or trust company is located within or without the state. In any such indenture or resolution providing for the issuance of bonds, the authority may pledge, for payment of the principal of and the interest on such bonds, any of its revenues to which its right then exists or may thereafter come into existence and may assign, as security for such payment, any of its leases, franchises, permits and contracts; and in any such indenture, the authority may mortgage any of its properties, including any that may be thereafter acquired by it. Any such pledge of revenues shall be valid and binding from the time it is made, and the revenues so pledged and thereafter received...
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4-3-17
Section 4-3-17 Security for bonds. In the discretion of the authority, any bonds may be issued under and secured by an indenture between the authority and a trustee. Said trustee may be a private person or corporation, including but not limited to any trust company or bank having trust powers, whether such bank or trust company is located within or without the state. In any such indenture or resolution providing for the issuance of bonds, the authority may pledge, for payment of the principal of and the interest on such bonds, any of its revenues to which its right then exists or may thereafter come into existence and may assign as security for such payment, any of its leases, franchises, permits and contracts; and, in any such indenture the authority may mortgage any of its properties, including any that may be thereafter acquired by it. Any such pledge of revenues shall be valid and binding from the time it is made, and the revenues so pledged and thereafter received by the authority...
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40-17-371
Section 40-17-371 Cost of collection; distribution of tax proceeds. (a) The Alabama Department of Revenue shall retain one-quarter of one percent (0.25%) of the tax proceeds, less any refunds, from this additional excise tax on gasoline and diesel fuel for its cost of collection. The department may adopt rules and such forms as may be necessary for the administration of the excise tax provided for in this article. (b) Each month, prior to the remaining payments provided in this article, up to $750,000 of the tax proceeds from the additional excise tax on gasoline and up to $230,000 of the tax proceeds from the additional excise tax on diesel fuel shall be distributed first to the Alabama Highway Finance Corporation for the payment of the principal of and interest on bonds to be issued by it to finance improvements to the ship channel providing access to the facilities of the Alabama State Docks, to the extent necessary for such purpose. The amount distributed pursuant to this section...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-17-371.htm - 9K - Match Info - Similar pages
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