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41-10-307
in its corporate name until the principal of and interest on all bonds issued by it shall have
been fully paid and until it shall have been dissolved as provided herein; (2) To maintain
actions and have actions maintained against it and to prosecute and defend in any court having
jurisdiction of the subject matter and of the parties thereof; (3) To have and to use a corporate
seal and to alter such seal at pleasure; (4) To establish a fiscal year; (5) To acquire and
hold title to real and personal property and to sell, convey, mortgage or lease the
same as provided in this article; (6) To provide for the construction, reconstruction, alteration
and improvement of facilities and for the procurement of sites and equipment for such facilities
and for the lease thereof; (7) To lease facilities to the state, the commission or any other
agency or instrumentality of the state designated to perform the activities of the commission;
(8) To anticipate by the issuance of its bonds, subject to...
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41-10-497
in its corporate name until the principal of and interest on all bonds issued by it shall have
been fully paid and until it shall have been dissolved as provided herein; (2) To maintain
actions and have actions maintained against it and to prosecute and defend in any court having
jurisdiction of the subject matter and of the parties thereof; (3) To have and to use a corporate
seal and to alter such seal at pleasure; (4) To establish a fiscal year; (5) To acquire and
hold title to real and personal property and to sell, convey, mortgage or lease the
same as provided in this article; (6) To provide for the construction, reconstruction, alteration
and improvement of facilities and for the procurement of sites and equipment for such facilities
and for the lease thereof; (7) To lease facilities to the state, or any agency or instrumentality
of the state; (8) To anticipate by the issuance of its bonds, subject to the provisions of
this article, the receipt of the rent and revenues from...
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11-88-97
Section 11-88-97 Disposition of proceeds from sale of bonds. The principal proceeds received
in the sale of any bonds issued under the authority of this article shall be used for the
purposes for which the bonds are issued; provided, however, that if for any reason any part
of such proceeds shall not be necessary for such purposes, then such unexpended part of such
proceeds shall be applied to the payment of the principal of or interest on the said bonds.
All accrued interest and premium received in any such sale shall be applied to the payment
of interest or principal on the bonds sold. (Acts 1973, No. 826, p. 1293, ยง57.)...
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16-60-94
Section 16-60-94 Revenues of authority. For the purpose of providing funds to enable the authority
to pay at their respective maturities the principal of and interest on all bonds issued by
it under the provisions of this article, and to accomplish the objects of its creation, there
is hereby irrevocably pledged to such purpose and hereby appropriated such amount of money
as may be necessary for said purpose out of the residue of the receipts from the privilege
or excise tax levied by Section 28-3-181, after there shall have been taken from said receipts
the amounts necessary to meet all prior charges thereon, including the amounts specified in
subdivisions (1) and (2) of subsection (c) of Section 28-3-181, said residue constituting
that portion of the receipts from the said tax that is now required by law to be paid into
the Education Trust Fund. The moneys hereby appropriated and pledged shall constitute a sinking
fund for the purpose of paying the principal of and the interest on...
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2-5A-30
Section 2-5A-30 Definitions. Whenever used in this article, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
BONDS. Those bonds, including the refunding bonds, issued under and pursuant to the provisions
of this article. (2) GOVERNMENT SECURITIES. Any bonds or other obligations which as to principal
and interest constitute direct obligations of, or are unconditionally guaranteed by, the United
States of America, including obligations of any federal agency to the extent such obligations
are unconditionally guaranteed by the United States of America and any certificates or any
other evidences of an ownership interest in such obligations of, or unconditionally guaranteed
by, the United States of America or in specified portions thereof, which may consist of the
principal thereof or the interest thereon. (3) PERMITTED INVESTMENTS. (i) Government securities;
(ii) bonds, debentures, notes or other evidences of...
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40-7-98
Section 40-7-98 Payment of pro rata shares of principal of and interest on warrants. The principal
of and interest on the warrants issued under the provisions of this division are hereby declared
to be lawful costs of the equalization program referred to in Division 1 of this article and
to be lawful and necessary governmental costs of the assessment and collection of ad valorem
taxes levied in the county issuing said warrants required by law to be paid as part of the
current governmental operating expenses of each tax recipient body receiving proceeds from
ad valorem taxation in said county. The principal and interest shall be paid pro rata by each
such tax recipient of such county and by the State of Alabama in the proportions which the
amount of ad valorem tax received by each tax recipient body, including the State of Alabama,
bears to the total amount of ad valorem tax received by all. For that purpose, the tax collector
of each county issuing warrants under this division is...
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11-50-348
Section 11-50-348 Liability upon revenue bonds, etc.; payment of bonds and expenses. Revenue
bonds issued under the provisions of this article shall not be deemed to constitute a debt
of the city or a pledge of the faith and credit of the city, but such bonds shall be payable
solely from the funds provided therefor from revenues. All such revenue bonds shall contain
on the face thereof a statement to the effect that neither the city nor the board shall be
obligated to pay the same or the interest thereon except from revenues of the water system
or sewer system in connection with which they are issued and that neither the faith and credit
nor the taxing power of the city is pledged to the payment of the principal of or the interest
on such bonds. All expenses incurred in carrying out the provisions of this article shall
be payable solely from funds provided under the authority of this article, and no liability
or obligation shall be incurred by the board under this article beyond the...
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11-54-144
Section 11-54-144 Security for bonds. The principal of and interest on any bonds issued under
the authority of this article shall be secured by a pledge of the revenues out of which such
bonds shall be made payable, may be secured by a mortgage covering all or any part of the
project from which the revenues so pledged may be derived, and may be secured by a pledge
of the lease of such project. The proceedings under which such bonds are authorized to be
issued or any such mortgage may contain any agreements and provisions customarily contained
in instruments securing bonds, including, without limiting the generality of the foregoing,
provisions respecting the fixing and collection of rents for any project covered by such proceedings
or mortgage, the terms to be incorporated in the lease of such project, the maintenance and
insurance of such project, the creation and maintenance of special funds from the revenues
from such project, and the rights and remedies available in event of...
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16-18B-7
Section 16-18B-7 Bonds - Issuance and sale. The bonds issued pursuant to this article shall
not be obligations of said corporation but shall be general obligations of the state with
the full faith and credit and taxing power of the state to be pledged to the prompt and faithful
payment of the principal thereof and the interest and redemption premium (if any) thereon.
The proceeds from the sale of the bonds shall be used exclusively for the purposes described
in the aforesaid constitutional amendment. The bonds may be sold and issued in one or more
series at any time and from time to time, may have such series designations, may be in such
forms, principal amounts, denominations and numbers, may be of such tenor and maturities,
may bear such date or dates, may be payable in such installments and at such time or times,
may be payable at such place or places within or without the state, may bear interest at such
rate or rates payable and evidenced in such manner, may contain provisions for...
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2-3A-8
Section 2-3A-8 Bonds of the authority. (a) Source of payment. All bonds issued by the authority
shall be payable solely out of the revenues and other receipts of the authority as may be
designated in the proceedings of the board under which the bonds shall be authorized to be
issued. (b) Pledge of revenues and other security. The principal of and interest on any bonds
issued by the authority shall be secured by a pledge of the revenues and other receipts out
of which the same may be payable and may be secured by a trust indenture evidencing such pledge
or by a foreclosable mortgage and deed of trust conveying as security for such bonds all or
any part of the property of the authority from which the revenues so pledged may be derived.
The resolution under which the bonds are authorized to be issued or any such trust indenture
or mortgage may contain any agreements and provisions respecting the maintenance and insurance
of the property covered by such trust indenture or mortgage, the use...
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