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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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8-6-119
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...
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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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8-6-110
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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8-6-116
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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8-6-117
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.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-117.htm - 1K - Match Info - Similar pages
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
8-6-115
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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40-2B-2
Section 40-2B-2 Alabama Tax Tribunal. (a) Statement of Purpose. To increase public confidence
in the fairness of the state tax system, the state shall provide an independent agency with
tax expertise to resolve disputes between the Department of Revenue and taxpayers, prior to
requiring the payment of the amounts in issue or the posting of a bond, but after the taxpayer
has had a full opportunity to attempt settlement with the Department of Revenue based, among
other things, on the hazards of litigation. By establishing an independent Alabama Tax Tribunal
within the executive branch of government, this chapter provides taxpayers with a means of
resolving controversies that insures both the appearance and the reality of due process and
fundamental fairness. The tax tribunal shall provide hearings in all tax matters, except those
specified by statute, and render decisions and orders relating thereto. A tax tribunal hearing
shall be commenced by the filing of a notice of appeal protesting...
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