|
11-50A-26
Section 11-50A-26 Provisions of resolution, agreement, chapter, etc., as irrevocable contract
with holders of bonds, notes, etc. The provisions of any bond resolution, trust agreement
or indenture authorized in this chapter shall be a contract with every holder of the bonds,
bond anticipation notes or notes; and the duties of the authority under this chapter and under
any bond resolution, indenture, or trust agreement shall be enforceable by any bondholder
or noteholder by mandamus or other appropriate action. While any of the bonds, bond anticipation
notes or notes issued by the authority shall remain outstanding, the powers, duties, or existence
of the authority or of its officers, employees, or agents shall not be diminished, impaired,
or affected in any manner which will affect adversely the interest and rights of the holders
of those bonds, bond anticipation notes or notes. Any change in name or composition of the
authority shall in no way affect the vested rights of any person...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50A-26.htm - 1K - Match Info - Similar pages
11-61A-2
Section 11-61A-2 Definitions. Unless the context plainly indicates otherwise, the following
words and terms have the meanings ascribed to them: (1) AUTHORITY. A public corporation organized
under this chapter. (2) BOARD. The board of directors of an authority organized under this
chapter. (3) BOND. Any bond authorized to be issued under this chapter. (4) COUPON. Any interest
coupon evidencing an installment of interest payable with respect to a bond. (5) DIRECTOR.
A member of a board. (6) GOVERNING BODY. The body in which the general legislative powers
of the municipality are vested. (7) INDENTURE. A mortgage, an indenture of mortgage, deed
of trust, trust agreement, or trust indenture executed by an authority as security for its
bonds. (8) MUNICIPALITY. A Class 2 municipality subject to this chapter. (9) PARKING FACILITY.
Any building, structure, land, right-of-way, equipment, or instrumentality used or useful
in either of the following ways: a. In connection with the construction,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-61A-2.htm - 1K - Match Info - Similar pages
45-37A-56.22
Section 45-37A-56.22 Definitions. Unless the context plainly indicates otherwise, the following
words and terms shall have the meanings hereby ascribed to them: (1) AUTHORITY. A public corporation
organized under this subpart. (2) BOARD. The board of directors of the authority (3) BOND.
Any bond authorized to be issued under this subpart. (4) CITY. A city subject to this subpart.
(5) COUPON. Any interest coupon evidencing an installment of interest payable with respect
to a bond. (6) DIRECTOR. A member of the board. (7) GOVERNING BODY. The body in which the
general legislative powers of the city are vested. (8) INDENTURE. A mortgage, and indenture
of mortgage, deed of trust, trust agreement, or trust indenture executed by the authority
as securityfor its bonds. (9) PARKING FACILITY. Any building, structure, land, right-of-way,
equipment, or instrumentality used or useful in connection with the construction, enlargement,
development, maintenance, or operation of an area or building for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-56.22.htm - 1K - Match Info - Similar pages
11-86A-15
Section 11-86A-15 Security for bonds. (a) In the discretion of the board of directors of an
authority, any bonds may be secured by an indenture between an authority and a trustee, which
may be a trust company or bank having trust powers, whether the trust company or bank is located
within or outside of the state. In any indenture or resolution providing for the issuance
of bonds, an authority may pledge, for payment of the principal of and the interest on such
bonds, any of its revenues to which its rights exist or may thereafter come into existence,
and may assign, as security for payment, any of its leases, franchises, permits, and contracts.
In any indenture, an authority may mortgage any properties, including any that may be thereafter
acquired by it, and may provide that in the event of a default in payment of the bonds secured
thereby or in the event of default with respect to any agreement contained therein, the mortgage
may be foreclosed either by sale at public outcry or by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-86A-15.htm - 3K - Match Info - Similar pages
24-1-38
Section 24-1-38 Remedies conferrable upon obligees of authority by trust indenture, mortgage,
etc. Any authority shall have power by its trust indenture, mortgage, lease, or other contract
to confer upon any obligee holding, or representing, a specified amount in bonds, lease, or
other obligations, the right upon the happening of an "event of default" as defined
in such instrument: (1) By civil action in any court of competent jurisdiction to obtain the
appointment of a receiver of any housing project of the authority, or any part or parts thereof.
If such receiver be appointed, he may enter and take possession of such housing project or
any part or parts thereof, and operate and maintain same, and collect and receive all fees,
rents, revenues, or other charges thereafter arising therefrom in the same manner as the authority
itself might do and shall keep such moneys in a separate account or accounts and apply the
same in accordance with the obligations of the authority as the court...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-1-38.htm - 1K - Match Info - Similar pages
24-1-76
Section 24-1-76 Remedies conferrable upon obligees of authority by trust indenture, mortgage,
etc. Any authority shall have power by its trust indenture, mortgage, lease, or other contract
to confer upon any obligee holding or representing, a specified amount in bonds, lease, or
other obligations, the right upon the happening of an "event of default," as defined
in such instrument: (1) By civil action in any court of competent jurisdiction to obtain the
appointment of a receiver of any housing project of the authority, or any part or parts thereof.
If such receiver be appointed, he may enter and take possession of such housing project, or
any part or parts thereof, and operate and maintain same, and collect and receive all fees,
rents, revenues, or other charges thereafter arising therefrom in the same manner as the authority
itself might do and shall keep such moneys in a separate account or accounts and apply the
same in accordance with the obligations of the authority as the court...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-1-76.htm - 1K - Match Info - Similar pages
11-57-1
Section 11-57-1 Definitions. The following words and phrases, whenever used in this chapter,
shall have the following respective meanings, unless the context clearly indicates otherwise:
(1) AUTHORITY. A corporation organized pursuant to the provisions of this chapter. (2) BOARD.
The board of directors of the authority. (3) BOND. Any bond issued under the provisions of
this chapter, including refunding bonds. (4) COUNTY. That county in which the certificate
of incorporation of the authority shall be filed for record. (5) COUPON. Any interest coupon
evidencing an installment of interest payable with respect to a bond. (6) FISCAL YEAR. A fiscal
year of the municipality. (7) GOVERNING BODY. The council, board of commissioners, or other
like body in which the legislative functions of the municipality are vested by law. (8) INDENTURE.
A mortgage, an indenture of mortgage, deed of trust or trust indenture executed by the authority
as security for any bonds. (9) LEASE AGREEMENT. Any agreement...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-57-1.htm - 1K - Match Info - Similar pages
23-2-151
Section 23-2-151 Revenues deemed trust funds; depository deemed trustee. All moneys received
pursuant to the authority of this article, whether as proceeds from the sale of bonds or as
revenues, shall be deemed to be trust funds to be held and applied solely as provided in this
article. The resolution authorizing the bonds of any issue or the trust agreement securing
such bonds shall provide that any officer with whom, or any bank or trust company with which,
such moneys shall be deposited shall act as trustee of such moneys and shall hold and apply
the same for the purposes hereof, subject to such regulations as this article and the resolution
or trust agreement may provide. (Acts 1980, No. 80-691, p. 1377, §11.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-2-151.htm - 1K - Match Info - Similar pages
11-50-353
Section 11-50-353 Moneys received under article deemed trust funds; provisions in trust agreements
or resolutions for issuance of bonds as to trustees. All moneys received pursuant to the authority
of this article, whether as proceeds from the sale of bonds or as revenues, shall be deemed
to be trust funds to be held and applied solely as provided in this article. The resolution
authorizing the bonds of any issue or the trust agreement securing such bonds shall provide
that any officer with whom or any bank, trust company, or other fiscal agent with which such
moneys shall be deposited shall act as trustee of such moneys and shall hold and apply the
same for the purposes hereof, subject to such regulations as this article and such resolution
or trust agreement may provide. (Acts 1951, No. 775, p. 1359, §12.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50-353.htm - 1K - Match Info - Similar pages
11-54-179
Section 11-54-179 Bonds of authority generally. (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 of any thereof as may be designated in the proceedings
of the board under which the bonds shall be authorized to be issued. (b) Pledge of revenues,
receipts and other security. The principal of and interest on any bonds issued by an authority
shall be secured by a pledge of the revenues and receipts out of which the same may be payable
and may be secured by a mortgage and deed of trust or trust indenture conveying as security
for such bonds all or any part of the property of the authority from which the revenues or
receipts so pledged may be derived. The resolution under which the bonds are authorized to
be issued and any such mortgage and deed of trust or trust indenture may contain any agreements
and provisions respecting the operation, maintenance and insurance...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-54-179.htm - 5K - Match Info - Similar pages
|