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16-65-2
Section 16-65-2 Legislative intent. (a) It is the intent of the Legislature by passage of this
chapter to enable the state, acting by and through the authority, to aid educational institutions
in the financing of capital equipment on a tax-exempt basis. To this end, the Legislature
intends to authorize the authority to issue bonds for the purpose of providing funds to enable
the authority to make equipment loans to educational institutions to pay equipment costs;
and to provide that educational institutions shall secure the payment of such equipment loans
out of a dedicated source of revenue not appropriated by the state. (b) This chapter shall
be liberally construed in conformity with the intentions of the Legislature expressed above.
(Acts 1997, No. 97-388, p. 632, §2.)...
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41-10-592
Section 41-10-592 Authority to issue bonds to finance Y2K expenditures. (a) The authority shall
have, in addition to all other powers granted to it in Section 41-10-546, the power to issue
bonds for the purpose of financing Y2K expenditures and, as security for the payment thereof,
to pledge appropriated funds on a parity with the pledge thereof for the benefit of any or
all other bonds of the authority secured or to be secured thereby; provided, however, that
the principal amount of bonds that may be issued by the authority for such purposes shall
not exceed fifty-five million dollars ($55,000,000). (b) All bonds issued pursuant to this
division (i) shall be issued and sold in the manner required by Section 41-10-547, as amended,
and (ii) shall not be general obligations of the authority but shall be payable solely from
one or more of the sources described in subdivisions (1) and (4) to (7), inclusive, of subsection
(d) of Section 41-10-547. (Act 99-198, p. 237, §4.)...
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41-10-176
Section 41-10-176 Power to take possession under lease, etc., of property within the Blakeley
national register site; power to lease, purchase, etc., any property in order to fulfill the
purposes of the authority, power to borrow money, issue revenue bonds, and pledge security.
(a) The authority is authorized to take possession under a lease or a deed or other instrument
granting use or easement property in Baldwin County, Alabama within the Blakeley national
register site which is now owned by the Historic Blakeley Foundation or others. The authority
is further authorized to lease, purchase, accept as a gift or loan or otherwise acquire any
other property, real or personal, including gifts or bequests of money or other things of
value to be used in fulfilling the purpose for which it is established or for any auxiliary
purpose incidental or appropriate thereto. (b) The authority is also authorized to borrow
money and issue revenue bonds in evidence thereof, but no such bonds shall be...
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16-65-3
Section 16-65-3 Definitions. The following terms shall have the following meanings, respectively:
(1) AUTHORITY. The Alabama Higher Education Equipment Loan Authority created by this chapter
and any successor or successors thereto. Any change in name or composition of the authority
shall in no way affect the vested rights of any person under the provisions of this chapter.
(2) BOARD OF DIRECTORS. The board of directors of the authority. (3) BONDS. The bonds of the
authority issued under the provisions of this chapter, including revenue refunding bonds.
(4) EDUCATIONAL INSTITUTION. Every public college, public university, public graduate school,
public professional school, public junior college, community college, public business college,
and any other public institution of higher learning that teaches a trade or a profession,
heretofore or hereafter established or acquired under statutory authorization of the Legislature
of Alabama and existing as a public institution of learning...
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24-1A-5
Section 24-1A-5 Powers of authority. The authority shall have the following powers: (1) To
have succession by its corporate name until the principal of and interest on the bonds shall
have been fully paid and until it shall have been dissolved as provided in this chapter; (2)
To sue and be sued and to prosecute and defend in any court having jurisdiction of the subject
matter and of the parties thereto; (3) To adopt and use a corporate seal and to alter the
seal at pleasure; (4) To establish a fiscal year; (5) To maintain an office in the City of
Montgomery; (6) To adopt, and from time to time amend and repeal, bylaws and rules and regulations,
not inconsistent with this chapter, to carry into effect the powers and purposes of the authority
in the conduct of its business; (7) To purchase mortgage loans from mortgage lenders; (8)
To contract with mortgage lenders for the origination of, or the servicing, of mortgage loans
to be made by such mortgage lenders and the servicing of the...
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16-60-81
Section 16-60-81 Definitions. For the purpose of this article, the following words and phrases
shall have the respective meanings ascribed to them by this section: (1) AUTHORITY. The Alabama
Trade School and Junior College Authority organized under the provisions of this article.
(2) BONDS. The bonds issued under the provisions of this article. (3) BUILDING COMMISSION.
The Alabama Building Commission. (4) JUNIOR COLLEGE. An educational institution offering instruction
in the arts and sciences on the level of difficulty of the first two years above high school
level. (5) ORIGINAL EQUIPMENT. The total original equipment, machinery and facilities acquired
and installed or stored in a trade school or junior college for purposes of instruction, operation
and maintenance. (6) STATE. The State of Alabama. (7) TRADE SCHOOL. An educational institution
offering instruction primarily in useful trades, occupations or vocational skills. Pronouns
used in this article shall be deemed to include all...
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41-10-44.3
Section 41-10-44.3 Additional powers of authority. In addition to the powers granted to it
in Section 41-10-26 and in Sections 41-10-37 through 41-10-43, the authority shall have the
following powers: (1) To adopt and alter bylaws for the regulation and conduct of its affairs
and business; (2) To borrow money and to issue project obligations, whether or not the interest
thereon is excluded from gross income for federal income tax purposes, for the purpose of
financing project costs, and to provide for the rights of the purchasers, holders or owners
of its project obligations; (3) To execute and deliver mortgages, security agreements and
trust indentures and other forms of agreements for the purpose of securing its project obligations,
and in connection therewith, to mortgage, pledge or assign the revenues, receipts and other
property of the authority received, and the financing agreements entered into by the authority
in connection with, the financing of projects under this Article 2A;...
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41-10-754
Section 41-10-754 Powers of the authority. The authority shall have, in addition to all other
powers granted to it in this article, all of the following powers: (1) To have succession
by its corporate name until dissolved as herein provided. (2) To institute and defend legal
proceedings in any court of competent jurisdiction and proper venue; provided, however, that
the authority may not be sued in any nisi prius court other than the courts of the county
in which is located the principal office of the authority; and provided further that the officers,
directors, agents, and employees of the authority may not be sued for actions on behalf of
the authority in any nisi prius court other than the courts of the county in which is located
the principal office of the authority. (3) To have and to use a corporate seal and to alter
the seal at pleasure. (4) To establish a fiscal year. (5) To adopt, and from time to time,
amend and repeal, bylaws, rules, and regulations not inconsistent with...
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22-3A-15
Section 22-3A-15 Disposition of proceeds of bonds; Public Health Facilities Building Fund;
powers of authority; improvement and construction defined; supervision; bidding. (a) The proceeds
of the bonds, other than refunding bonds, remaining after paying the expenses of their sale
and issuance shall be turned in to the State Treasury and all income derived from the investment
of said proceeds (including income from the investment of proceeds held in the Debt Service
Reserve Fund to the extent provided in the resolution, trust indenture or other documents
pursuant to which the bonds shall be issued) shall be carried in a special fund to be designated
the Public Health Facilities Building Fund, and shall be subject to be drawn on by the authority
for the purpose of paying the costs of acquiring, constructing, improving and equipping such
public health facilities in the state as shall be determined by the authority. Subject to
the provisions of Section 22-3A-19, the authority shall have...
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41-10-625
Section 41-10-625 Powers of the authority. The authority shall have, in addition to all other
powers granted to it in this division, all of the following powers: (1) To have succession
by its corporate name until dissolved as herein provided. (2) To institute and defend legal
proceedings in any court of competent jurisdiction and proper venue; provided, however, that
the authority may not be sued in any nisi prius court other than the courts of the county
in which is located the principal office of the authority; and provided further that the officers,
directors, agents, and employees of the authority may not be sued for actions in behalf of
the authority in any nisi prius court other than the courts of the county in which is located
the principal office of the authority. (3) To have and to use a corporate seal and to alter
the seal at pleasure. (4) To establish a fiscal year. (5) To adopt, and from time to time
amend and repeal, bylaws, rules, and regulations not inconsistent with...
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