41-10-316
Section 41-10-316 Disposition of proceeds of bonds. (a) 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, shall be held by the authority and used solely for the purposes
of: (1) Acquiring land for and constructing, reconstructing and equipping thereon one or more
facilities; (2) Paying all reasonable and necessary expenses incidental thereto, including
filing, recording, surveying, legal and engineering fees and expenses; (3) Paying the interest
which will accrue on the said bonds during the period required for the construction and equipment
of the said facilities and for a period not exceeding six months after the completion thereof;
and (4) Paying the principal of and interest on all then outstanding notes theretofore issued
by the authority pursuant to the provisions hereof. The balance of the said proceeds thereafter
remaining shall be set aside as additional security for the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-316.htm - 1K - Match Info - Similar pages

41-10-626
Section 41-10-626 Bonds of the authority. (a) General. The authority is authorized from time
to time to sell and issue its bonds in limited amounts and for the purpose of promoting economic
development and industrial recruitment as specified by the Legislature from time to time by
separate act, provided that refunding bonds may be issued by the authority pursuant to Section
41-10-627 without first obtaining separate authorization from the Legislature. (b) Sources
of payment. Bonds issued by the authority shall be solely and exclusively an obligation of
the authority and shall not create an obligation or debt of the state. Such bonds shall not
be general obligations of the authority but shall be payable solely from one or more of the
following sources: (1) Appropriated funds. (2) The income or proceeds realized by the authority
under any mortgage or security granted to the authority. (3) Amounts derived from any letter
of credit, insurance policy, or other form of credit enhancement...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-626.htm - 5K - Match Info - Similar pages

41-10-755
Section 41-10-755 Bonds of the authority. (a) General. The authority is authorized from time
to time to sell and issue its bonds for the purpose of providing funds to be transferred to
and deposited in the Alabama Trust Fund and the Rainy Day Account, to provide additional funds
to the Alabama Medicaid Agency, for paying the costs of transportation projects, and for the
purpose of refunding any or all of the authority's outstanding bonds. (b) Sources of payment.
Bonds issued by the authority shall be solely and exclusively an obligation of the authority
and shall not create an obligation or debt of the state. Such bonds shall not be general obligations
of the authority but shall be payable solely from one or more of the following sources: (1)
Appropriated funds. (2) The income or proceeds realized by the authority under any mortgage
or security granted to the authority. (3) Amounts derived from any letter of credit, insurance
policy, or other form of credit enhancement applicable to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-755.htm - 5K - Match Info - Similar pages

41-10-97
Section 41-10-97 Disposition of proceeds from sale of bonds generally. The proceeds derived
from the sale of any bonds, other than refunding bonds, may be used only to pay the cost of
acquiring, constructing, improving, enlarging and equipping the project with respect to which
they were issued, as may be specified in the indenture or the proceedings in which the bonds
are authorized to be issued. Such cost shall be deemed to include the following: the cost
of acquiring any interest in the land forming a part of the project; the cost of the labor,
materials and supplies used in any such construction, improvement or enlargement, including
architect's and engineer's fees and the cost of preparing contract documents and advertising
for bids; the purchase price of and the cost of installing equipment for the project, the
cost of landscaping the land forming a part of the project and of constructing and installing
roads, sidewalks, curbs, gutters, utilities and parking places in connection...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-97.htm - 1K - Match Info - Similar pages

45-41A-10.10
Section 45-41A-10.10 Proceeds from sale of bonds. All moneys derived from the sale of any bonds
issued by the authority shall be used solely for the purpose or purposes for which the same
are authorized, including, but without limitation to, the use of bond proceeds to establish
reserve funds as security for the payment of the principal of (and premium, if any) and interest
on the bonds, and any costs and expenses incidental thereto. Such costs and expense may include,
but shall not be limited to, the fiscal, engineering, legal, and other expenses incurred in
connection with the issuance of the bonds, and except in the case of refunding bonds, interest
to accrue on such bonds for a period ending not later than two years from their date. (Act
85-185, p. 40, §11.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-41A-10.10.htm - 1K - Match Info - Similar pages

11-56-14
Section 11-56-14 Bonds - Disposition of proceeds from sale. (a) The proceeds derived from the
sale of any bonds (other than refunding bonds) may be used only to pay the cost of acquiring,
constructing, improving, enlarging and equipping the project with respect to which they were
issued as may be specified in the proceedings in which the bonds are authorized to be issued.
(b) Such cost, which shall be paid from the proceeds derived from the sale of bonds, shall
be deemed to include the following: (1) The cost of any land forming a part of the project;
(2) The costs of the labor, materials and supplies used in any such construction, improvement
or enlargement, including architect's and engineer's fees and the cost of preparing contract
documents and advertising for bids; (3) The purchase price of and the cost of installing equipment
for the project; (4) The cost of landscaping the lands forming a part of the project and of
constructing and installing roads, sidewalks, curbs, gutters,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-56-14.htm - 1K - Match Info - Similar pages

11-81-181
Section 11-81-181 Pledge of revenues from systems for payment of principal and interest on
bonds; disposition of gross revenues from operation of system generally. (a) In the authorizing
proceedings the borrower shall pledge for payment of the principal and interest on bonds issued
under this article the revenues derived from operation of a system or systems of the borrower
out of which such bonds are made payable; provided, that the borrower may reserve the privilege
of using for any lawful purpose surplus revenues from such system or systems remaining after
compliance with the provisions of this section and any additional requirements contained,
as provided for in this article, in the authorizing proceedings or in a trust indenture. (b)
In the authorizing proceedings or in a trust indenture provided for therein, the borrower
shall agree to deposit the gross revenues from such system or systems daily, as received by
the borrower, into a "gross revenue account" and to apply the gross...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-81-181.htm - 3K - Match Info - Similar pages

23-1-313
Section 23-1-313 Bonds and notes - Disposition of proceeds from sale. The authority shall pay
out of the proceeds from the sale of the obligations authorized by this article all expenses
that the board of directors may deem necessary and advantageous in connection with the sale
and issuance thereof. The proceeds from the issue of any obligations authorized by this article,
(i) except the proceeds of bonds which were issued to pay principal and interest of temporary
bonds or notes and in anticipation of which such temporary bonds or notes shall have been
issued, and (ii) except the proceeds of refunding bonds issued to refund any outstanding obligation,
remaining after paying the expenses of their sale and issuance, shall be deposited in the
State Treasury, shall be credited to the Road and Bridge Fund and shall be subject to be withdrawn
by the authority, upon the approval of the State Department of Transportation and the Governor,
but only for the purpose of paying the federal share...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-1-313.htm - 3K - Match Info - Similar pages

33-15-7
Section 33-15-7 Rates, fees and charges; user permits. (a) Rates, fees and charges for services
rendered by the authority from any of its facilities shall be fixed and from time to time
revised by the authority; provided, that such rates, fees and charges shall be so fixed as
at all times to provide funds at least sufficient: (1) To pay the cost of operating, maintaining,
repairing, replacing, extending and improving the facilities and other property from which
such services are rendered; (2) To pay the principal of and the interest on all bonds issued
and obligations assumed by the authority that are payable out of the revenues derived from
the operation of those facilities as the said principal and interest become due and payable;
(3) To create and maintain such reserves for the foregoing purposes or any of them as may
be provided in any mortgage and deed of trust or trust indenture executed by the authority
hereunder or in any resolutions of the board of directors authorizing the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/33-15-7.htm - 3K - Match Info - Similar pages

41-10-506
Section 41-10-506 Disposition of proceeds of bonds. (a) 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, shall be turned over to the State Treasurer, shall be carried
by him 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: (1) Acquiring land for and constructing, reconstructing
and equipping thereon one or more facilities; (2) Paying all reasonable and necessary expenses
incidental thereto, including filing, recording, surveying, legal and engineering fees and
expenses; (3) Paying the interest which will accrue on the said bonds during the period required
for the construction and equipment of the said facilities and for a period not exceeding six
months after the completion thereof; and (4) Paying the principal of and interest on all then
outstanding notes theretofore issued by the authority...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-506.htm - 2K - Match Info - Similar pages