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8-6-116
Section 8-6-116 Action by director upon receipt of notification; stop orders. Upon receipt
of a notification, the director shall cause a preliminary investigation or inquiry to be made
into the proposed issue to determine whether there exist circumstances which, in his or her
opinion, indicate that the proposed issue of industrial revenue bonds may be an improvident
issue. If he or she finds that the proposed issue may be improvident, he or she shall advise
the issuer of the findings and shall issue a stop order or stop orders requiring that for
a period of time not exceeding in the aggregate 90 days after the filing of the notification,
the issuer shall not issue the industrial revenue bonds proposed in the notification or any
industrial revenue bonds in lieu of the bonds proposed. When a stop order has been served
upon the issuer, it shall be fully effective (a) unless lifted by the director or the commission
for good cause shown, or (b) unless the proposed industrial revenue bonds...
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8-6-110
Section 8-6-110 Definitions. The following words and phrases, as used in this article,
shall have the following meanings: (1) AUTHORIZING ACT. Any of the following statutes or acts:
a. Any of the following sections, as amended: Section 11-20-1 et seq., relating to
industrial revenue bonds to be issued by counties; Section 11-54-20 et seq., relating
to industrial revenue bonds to be issued by municipalities; Section 11-54-80 et seq.,
relating to industrial revenue bonds to be issued by municipal industrial development boards;
Section 11-58-1 et seq., relating to industrial revenue bonds to be issued by municipal
medical clinic boards, Section 22-21-170 et seq., relating to industrial revenue bonds
to be issued by county and municipal hospital authorities; and Section 11-20-30 et
seq., relating to industrial revenue bonds to be issued by county industrial development boards.
b. The following acts of the Alabama Legislature: Act No. 4, enacted at the 1956 Second Special
Session of the...
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8-6-120
Section 8-6-120 Certificate of notification; representation that industrial revenue
bonds have been approved prohibited. In the event that (1) 20 days shall have expired after
the filing by an issuer of the notification required by Section 8-6-115 describing
proposed industrial revenue bonds to be issued by it, or the director shall have waived, shortened
or, with the consent of the issuer, extended such waiting period and (2) no stop order shall
then be effective as to the proposed industrial revenue bonds, the director shall provide
such issuer with a certificate substantially as follows: CERTIFICATE OF NOTIFICATION The _____
of _____ (the issuer) has filed in my office a notification under Act No. 586 of the 1978
Regular Session of the Alabama Legislature stating its intention to issue $_____ of its _____
Industrial Revenue Bonds and no stop order is effective as to the issue of such bonds. This
certificate is not an approval of said bonds, and it is unlawful for any person to...
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8-6-118
Section 8-6-118 Proceedings before Securities Commission. When the matter of any proposed
industrial revenue bond issue has been appealed by the issuer to the commission or referred
to the commission by the director with the request that the commission issue a permanent stop
order, the director shall convene the commission. The commission shall conduct a hearing on
the matter within 14 days after receipt by the director of the notice of appeal or service
upon the issuer of the referral. At the request of the issuer, the date of the hearing may
be postponed. Notice of the time, place, and purpose of the hearing shall be served upon the
issuer at least three days before the date of the hearing. The issuer and other interested
parties shall have the right to appear and be heard in person or by counsel. The commission
shall render a decision within three days after the hearing. Pending the determination by
the commission of any appeal or referral, the stop order previously issued by the...
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8-6-117
Section 8-6-117 Appeals or references to Securities Commission. When a stop order has
been issued by the director, the issuer shall have the right to appeal the matter to the commission
by notice in writing of such appeal delivered to the director. The director shall have the
right to refer to the commission the matter of any issue of industrial revenue bonds proposed
in a notification as to which a stop order is then in effect or which have been reauthorized
by the governing body of the issuer pursuant to Section 8-6-116, and to request that
the commission issue a permanent stop order. Notice of such reference and request shall be
given in writing and served upon the issuer. The director shall mail to each member of the
council a copy of each notice required by this section as soon as it is delivered to
him or prepared for service upon the issuer. (Acts 1978, No. 586, p. 681, §8.)...
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8-6-119
Section 8-6-119 Judicial validation proceedings. Any judicial validation proceeding
instituted under this article shall conform to and be conducted in accordance with either
Section 6-6-750 et seq. or Section 11-81-220 et seq., whichever is applicable
to the issuer. The petition shall allege that the issue of industrial revenue bonds proposed
by the issuer is not improvident, and the director shall be served with notice of the proceeding
in the same manner and for the same time as the district attorney, and may attend the hearing
before the circuit court having jurisdiction of the matter in person or by attorney, present
evidence, and be heard by the court. The court shall not validate unless, pursuant to evidence
presented at the hearing, the court finds and determines that the issue is not improvident.
No judicial validation proceedings shall be instituted under this article until the commission
enters a stop order or until the expiration of 15 days after the proposed industrial...
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8-6-112
Section 8-6-112 Powers of director of Securities Commission. (a) The director shall
have authority to: (1) Consider and investigate proposed issues of industrial revenue bonds;
(2) Advise and consult with issuers with respect thereto; (3) Publish such notices of proposed
issues of industrial revenue bonds or proposed rules and regulations as are required by this
article or the rules and regulations of the commission; (4) Stop the issuance of industrial
revenue bonds for the limited times and under the procedures provided in this article by issuing
the orders and giving the notices herein required; (5) Cause information concerning a proposed
issue of industrial revenue bonds to be presented at any meeting of the governing body at
which industrial revenue bonds are to be authorized or reauthorized or any hearing upon the
judicial validation of such issue; and (6) Perform such other functions and duties as may
be required by this article or by order of the commission. (b) The authority...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-112.htm - 1K - Match Info - Similar pages
8-6-115
Section 8-6-115 Notifications of intent to issue bonds. On and after May 27, 1978, any
issuer proposing to issue any industrial revenue bonds under authority of the authorizing
act shall, at least 20 days prior to the date of delivery of the industrial revenue bonds,
deliver to the director a notification in writing of its intention to issue the bonds. The
director may for good cause shown, waive, shorten, or, with the consent of the issuer, extend
the 20-day requirement. The notifications shall contain the name and address of the issuer,
the lessee, the guarantor, if any, the trustee, the underwriter, purchaser, fiscal agent,
or agents, legal counsel for each of the above named parties and bond counsel, the estimated
face amount of the bond issue, the estimated capital budget for the project to the extent
that the information is available to the issuer when it files the notification, and any other
information prescribed by the rules and regulations issued by the commission to advise...
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8-6-113
Section 8-6-113 Powers of Securities Commission. (a) The commission may: (1) Stop the
issuance of industrial revenue bonds under the procedures provided in this article. (2) Issue
rules and regulations necessary or desirable to prescribe the form and content of notifications,
the conduct of investigations, the issuance of stop orders, appeals by issuers, or references
by the director to the commission and the conduct of hearings thereon. No rule or regulation
shall be adopted by the commission until the commission shall hold a public hearing on the
proposed rules and regulations, notice of which shall be given by publication one time in
a daily newspaper published in the City of Montgomery and in any other manner as the commission
directs. (b) The authority granted to the commission in this section is in addition
to that granted under Section 8-6-50 et seq., or any other provided by law. (Acts 1978,
No. 586, p. 681, §4; Acts 1992, No. 92-124, p. 224, §3.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-113.htm - 1K - Match Info - Similar pages
8-6-121
Section 8-6-121 Criminal penalties. Any lessee, any guarantor, or any officer of any
issuer, lessee, or guarantor or any other person, firm, or corporation who: (1) Willfully
violates this article; (2) Willfully participates in the issuance of any industrial revenue
bonds without having obtained the certificate of notification required by Section 8-6-120;
(3) Willfully participates in the issuance of any industrial revenue bonds in violation of
this article; (4) Willfully violates any stop order lawfully issued by the director or the
commission under this article and in effect; or (5) Makes or files or causes to be made or
filed, with the director or the commission under this article, any statement, document, or
other paper which is false in any material respect or matter; shall be guilty of a felony
and upon conviction shall be fined not more than $10,000 or shall be imprisoned for a period
not exceeding 10 years or both so fined and so imprisoned, as the trial court shall determine....
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