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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
2-6-116
Section 2-6-116 Disposition of bond proceeds. All proceeds derived from the sale of any bonds,
excluding refunding bonds, sold by the corporation remaining after payment of the expenses
of issuance thereof and the funding of any required reserve or replacement fund shall be deposited
into a special account to the credit of the corporation, and shall be subject to be drawn
on by the corporation solely for the purposes of paying the costs of the project work, and
all reasonable and necessary incidental expenses, including interest which shall accrue on
the bonds during the project work and for a period not exceeding two years thereafter. Any
balance of the proceeds remaining, upon completion of the project work and the payment of
all costs in connection therewith, shall be transferred to the debt service reserve fund account
of the corporation or used to redeem bonds issued by the corporation as may be determined
by the board of directors of the corporation. (Act 2011-575, p. 1231,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-6-116.htm - 1K - Match Info - Similar pages
11-62-8
Section 11-62-8 Bonds and notes generally - Form, terms, denominations, etc.; execution, sale,
delivery, redemption, etc.; security for payment of principal or interest; remedies upon default;
liability of municipalities, board, etc., thereupon. (a) Any authority shall have power to
issue from time to time its bonds and notes in such principal amount as its board shall determine
to be necessary to provide sufficient funds for achieving any of its corporate purposes, including
the payment of interest on any of its notes and bonds, the establishment of reserves to secure
any such notes and bonds and all other expenditures of such authority incident to and necessary
or convenient to carry out its corporate purposes and powers. Any authority shall also have
the power to issue from time to time notes to renew notes and bonds to pay notes, including
interest thereon and, whenever it deems refunding expedient, to refund any bonds by the issuance
of new bonds, whether the bonds to be refunded...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-62-8.htm - 12K - Match Info - Similar pages
11-8A-1
Section 11-8A-1 Definitions. As used in this chapter, the following words shall have the following
meanings: (1) BOND FINANCING AGREEMENT. An agreement or other document relating to the sale
or issuance of bonds including, but not limited to, a bond purchase agreement, a loan agreement,
a refinancing agreement, or documents providing for bonds sold or issued on a competitive
sale basis. (2) BONDS. Bonds, bond anticipation notes, warrants, warrant anticipation notes,
or indebtedness issued or entered into on behalf of the county or by the county commission
for a term of at least three years or more. (3) BUSINESS DAY. A day, other than a Saturday
or a Sunday, on which commercial banking institutions are open for business in the State of
Alabama and a day on which the payment system of the Federal Reserve System is operational.
(4) CAPITAL EXPENDITURE. Any cost or expense of a type that is properly chargeable to a capital
account under general federal income tax principles. (5) GENERAL...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-8A-1.htm - 2K - Match Info - Similar pages
22-29-16
Section 22-29-16 Custody of moneys and funds; disposition of same. The State Treasurer shall
have custody of all moneys or funds paid or delivered to the authority and shall establish
a separate account for each project of each local public body, and such moneys or funds shall
be dedicated and used solely for the payment of any grant by the authority for the state to
such local public body or, in case the bonds of the authority shall have been issued to fund
such grant, the payment of the principal of and interest on such bonds, the expenses of such
payment and any reserve fund required for such bonds by the authorizing resolution; provided,
that if there shall be any surplus funds on deposit in said fund to the credit of the project
of a local public body, then, upon application by such local public body, the State Treasurer
may make cash expenditures from such account for any such project to the extent that moneys
are available therefor in any fiscal year of the authority after there...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-29-16.htm - 1K - Match Info - Similar pages
24-1A-6
Section 24-1A-6 Bonds. (a) General. The authority may from time to time issue its negotiable
bonds in such principal amounts as, in the opinion of the authority, shall be necessary to
provide sufficient funds for achieving the corporate purposes thereof, the payment of interest
on bonds of the authority, establishment of reserves to secure such bonds and all other expenditures
of the authority incident to, and necessary or convenient to, carrying out its corporate purposes
and powers. (b) Sources of Payment. Bonds issued by the authority shall be payable solely
out of revenues or property of the authority specified in the resolutions authorizing the
issuance of such bonds. To the extent permitted by any contracts with the holders of outstanding
bonds and any other contractual obligations or requirements, the authority may pledge any,
or all, of its revenues or mortgages or assign any, or all, of its assets (whether real or
personal and whether tangible or intangible) to secure the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-1A-6.htm - 6K - Match Info - Similar pages
41-10-468
Section 41-10-468 Use of proceeds from sale of bonds. All proceeds derived from the sale of
any bonds (except refunding bonds) sold by the authority remaining after payment of the expenses
of issuance thereof and the funding of any required reserve or replacement fund shall be turned
over to the State Treasurer, shall be carried by the State Treasurer in a special account
to the credit of the authority, and shall be subject to be drawn on by the authority solely
for the purposes of constructing, renovating, reconstructing, improving, altering, adding
to, demolishing, and equipping one or more public office buildings (including the State Capitol),
surfacing and resurfacing of land for parking and other uses to produce revenue, and all reasonable
and necessary expenses incidental thereto, including interest which shall accrue on said bonds
during the construction, renovation, reconstruction, improvement, alteration, addition, demolition,
and equipping of said buildings, surfacing and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-468.htm - 2K - Match Info - Similar pages
41-10-93
Section 41-10-93 Authority for issuance of bonds by corporation; liability upon bonds; form,
terms, denominations, etc.; redemption; sale; payment of expenses in connection with authorization,
sale and issuance; bonds to contain recital as to authority for issuance; bonds to be deemed
negotiable instruments. The corporation is authorized at any time and from time to time to
issue its interest-bearing revenue bonds for the purpose of acquiring, constructing, improving,
enlarging, completing and equipping one or more projects. The principal of and interest on
any such bonds shall be payable solely out of the rent, revenues and income derived from the
project with respect to which such bonds are issued. None of the bonds of the corporation
shall ever constitute an obligation or debt of the state, the county or the municipality or
a charge against the credit or taxing power of the state, the county or municipality. The
bonds of the corporation may be in such form and denomination, may be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-93.htm - 3K - Match Info - Similar pages
11-49B-9
Section 11-49B-9 Bonds of authority. All bonds issued by the authority shall be signed by the
chair of its board or other chief executive officer and attested by its secretary, and the
seal of the authority shall be affixed to the bond, and any interest coupons applicable to
the bonds of the authority shall be signed by the chair of its board or other chief executive
officer. A facsimile of the signature of one, but not both, of the officers may be printed
or otherwise reproduced on any of the bonds in lieu of his or her manually signing the bonds,
a facsimile of the seal of the authority may be printed or otherwise reproduced on any of
the bonds in lieu of being manually affixed to the bonds, and a facsimile of the signature
of the chair of its board or other chief executive officer may be printed or otherwise reproduced
on any interest coupons in lieu of his or her manually signing the bonds. Bonds may be executed
and delivered by the authority and from time to time, shall be in such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-49B-9.htm - 4K - Match Info - Similar pages
11-54-143
Section 11-54-143 Bonds issued to finance projects. All bonds issued by a municipality under
authority of this article shall be limited obligations of the municipality the principal of
and interest on which shall be payable solely out of the revenues derived from the leasing
of the project to finance which the bonds are issued. Bonds and interest coupons issued under
authority of this article shall never constitute an indebtedness of the municipality within
the meaning of any state constitutional provision or statutory limitation, and shall never
constitute nor give rise to a pecuniary liability of the municipality or a charge against
its general credit or taxing powers, and such fact shall be plainly stated in the face of
each such bond. Such bonds may be executed and delivered at any time and from time to time,
may be in such form and denominations, may be of such tenor, may be in registered or bearer
form either as to principal or interest or both, may be payable in such...
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