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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.)...
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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
37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state, shall
execute a compact, in substantially the following form, with the State of Mississippi, and
the Legislature approves and ratifies the compact in the form substantially as follows: Northeast
Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states solemnly
agree: Article I. The purpose of this compact is to promote and develop trade, commerce, industry,
and employment opportunities for the public good and welfare in northeast Mississippi and
northwest Alabama through the establishment of a joint interstate authority to acquire certain
railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
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41-10-318
Section 41-10-318 Security for bonds. The principal of, premium, if any, and interest on the
bonds of the authority shall be secured by any or all of the following, as the authority may
determine: (1) The rent and revenues from the lease or use of one or more facilities of the
authority; (2) The proceeds from any sale of any facilities of the authority; (3) Any bond
proceeds remaining unexpended upon completion of all facilities to be constructed with such
bond proceeds and the payment of the cost thereof; (4) Any insurance proceeds which the authority
may receive by reason of its ownership of any of the facilities; and (5) Any mortgage upon
or security interest in one or more facilities of the authority, granted in connection with
the issuance of such bonds. The authority shall have authority to transfer and assign any
lease or mortgage of any of its facilities as security for the payment of such principal,
premium, if any, and interest. The bonds may be issued under, and secured by,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-318.htm - 2K - Match Info - Similar pages
24-1-33
Section 24-1-33 Powers of authority to secure payment of bonds, etc. In connection with the
issuance of bonds or the incurring of any obligation under a lease and in order to secure
the payment of such bonds or obligations, the authority shall have power: (1) To pledge by
resolution, trust indenture, mortgage, subject to the limitations hereinafter imposed, or
other contract all or any part of its rents, fees or revenues. (2) To covenant against mortgaging
all or any part of its property, real or personal, then owned or thereafter acquired, or against
permitting or suffering any lien thereon. (3) To covenant with respect to limitations on its
right to sell, lease or otherwise dispose of any housing project, or any part thereof, or
with respect to limitations on its right to undertake additional housing projects. (4) To
covenant against pledging all or any part of its rents, fees and revenues to which its right
then exists, or the right to which may thereafter come into existence, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-1-33.htm - 7K - Match Info - Similar pages
41-10-508
Section 41-10-508 Security. The principal of, premium, if any, and interest on the bonds of
the authority shall be secured by any or all of the following, as the authority may determine:
(1) The rent and revenues from the lease or use of one or more facilities of the authority;
(2) The proceeds from any sale of any facilities of the authority; (3) Any bond proceeds remaining
unexpended upon completion of all facilities to be constructed with such bond proceeds and
the payment of the cost thereof; (4) Any insurance proceeds which the authority may receive
by reason of its ownership of any of the facilities; and (5) Any mortgage upon or security
interest in one or more facilities of the authority, granted in connection with the issuance
of such bonds. The authority shall have authority to transfer and assign any lease or mortgage
of any of its facilities as security for the payment of such principal, premium, if any, and
interest. The bonds may be issued under, and secured by, a...
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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...
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41-10-541
Section 41-10-541 Definitions. (a) The following words and phrases used in this division, and
others evidently intended as the equivalent thereof, shall, in the absence of clear implication
herein otherwise, be given the following respective interpretations herein: (1) APPROPRIATED
FUNDS. Net TVA payments to the extent such payments are pledged and appropriated to the authority
pursuant to Section 41-10-550. (2) AUTHORITY. The public corporation organized pursuant to
this division. (3) AUTHORITY GUARANTY. An agreement of the authority pursuant to which the
payment of debt service referable to bonds, notes, or other evidences of indebtedness of a
development agency is guaranteed by the authority. (4) AUTHORITY OBLIGATIONS. Bonds of the
authority and authority guaranties. (5) AUTHORITY-GUARANTEED OBLIGATIONS. Bonds, notes, or
other evidences of indebtedness of a development agency that are issued solely for the purpose
in financing a project and that are guaranteed, in whole or in part,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-541.htm - 13K - Match Info - Similar pages
23-2-149
Section 23-2-149 Trust agreements securing bond issues; authorized provisions protecting holders;
pledge of revenues. In the discretion of the authority, any bonds issued under the provisions
of this article may be secured by a trust agreement by and between the authority and a corporate
trustee, which may be any trust company, or bank having the powers of a trust company, within
or without the state. The trust agreement or the resolution providing for the issuance of
such bonds subject to the provisions of Section 23-2-147, may pledge or assign tolls or other
revenues to which the authority's right then exists or which may thereafter come into existence,
and the moneys derived therefrom, and the proceeds of such bonds; provided, however, that
the trust agreement or resolution shall not convey or mortgage any toll road, bridge or tunnel
project or any part thereof. Such trust agreement or resolution providing for the issuance
of bonds may contain such provisions for protecting and...
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9-10-38
Section 9-10-38 Security for bonds. (a) At the discretion of the corporation, any bonds issued
under the provisions of this article may be secured by a trust agreement by and between the
corporation and a corporate trustee, which may be any trust company or bank having the powers
of a trust company within or without the state. The trust agreement or the resolution providing
for the issuance of such bonds, subject to the provisions of Section 9-10-35, may pledge or
assign tolls, rentals, sales receipts or other revenues to which the corporation's right then
exists or which may thereafter come into existence and the moneys derived therefrom and the
proceeds of such bonds; provided, however, that the trust agreement or resolution shall not
convey or mortgage any project or any part thereof. (b) Such trust agreement or resolution
providing for the issuance of bonds may contain such provisions for protecting and enforcing
the rights and remedies of the bondholders as may be reasonable and...
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