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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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11-89B-1
Section 11-89B-1 Public corporation given power to sell and issue bonds, to pledge for payment
proceeds, revenues, etc., and to issue bonds or notes for temporary borrowing. In addition
to all other powers now or hereafter granted by law, each public corporation organized under
the laws of the State of Alabama which is authorized by law (i) to operate a water system
consisting of land, plants, systems, facilities, buildings and other property, or any combination
of any thereof, which are used or useful or capable of future use in providing, furnishing,
supplying or distributing water and (ii) to borrow money for use for one or more of its corporate
purposes shall have the following powers, together with all powers incidental thereto or necessary
to the discharge thereof in corporate form: (1) To sell and issue bonds of such public corporation
in order to provide funds for any corporate function, use or purpose for which such public
corporation is otherwise authorized by law to borrow...
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16-16B-6
Section 16-16B-6 (Implementation Conditioned on Separate Legislative Enactment.) Appropriation
of revenues to the authority; pledge thereof for. For the purpose of providing for payment
of the principal, premium (if any), and interest on the Bonds, and to accomplish the objectives
of this chapter, there is hereby irrevocably pledged to those purposes, and hereby appropriated,
such amount as may be necessary therefor from the following sources: (a) The residue of the
receipts from the excise tax ("the utility gross receipts tax") levied by Title
40, Chapter 21, Article 3, as amended ("Article 3"), remaining after payment of
the expenses of administration and enforcement of Article 3, being that portion of the tax
that is required by Article 3 to be deposited in the State Treasury to the credit of the Trust
Fund, after there shall have been taken from the residue the amount necessary to pay at their
respective maturities the principal of and interest on those bonds issued by the...
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41-10-63
Section 41-10-63 Authority and procedure for pledge of revenues of authority and creation of
statutory lien upon facilities and properties thereof for payment of principal and interest
on bonds; remedies upon default in payment of principal or interest on bonds. (a) In the proceedings
authorizing the issuance of any of its bonds, the authority is hereby authorized and empowered
to pledge for the payment of the principal of and interest on such bonds, as the said principal
and interest shall respectively mature, and to agree to use solely for such purpose all the
revenues which under the provisions of Section 41-10-65 are provided for the payment of the
said principal and interest. All such pledges made by the authority shall take precedence
in the order of the resolutions containing such pledge. (b) In said proceedings the authority
may further provide and create a statutory lien upon the facilities and properties of the
authority as security for the payment of said principal and...
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41-10-622
Section 41-10-622 Definitions. When used in this division, the following terms shall have the
following meanings, unless the context clearly indicates otherwise: (1) APPROPRIATED FUNDS.
The tobacco revenues deposited in the special fund to the extent such revenues are appropriated
to the authority pursuant to Section 41-10-630. (2) AUTHORITY. The Alabama 21st Century Authority
authorized to be established pursuant to Section 41-10-623. (3) BONDS. Those bonds, including
refunding bonds, issued pursuant to this division. (4) GOVERNMENT SECURITIES. Any bonds or
other obligations which as the principal and interest constitute direct obligations of, or
are unconditionally guaranteed by, the United States of America, including obligations of
any federal agency to the extent such obligations are unconditionally guaranteed by the United
States of America and any certificates or any other evidences of an ownership interest in
such obligations of, or unconditionally guaranteed by, the United...
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41-10-673
Section 41-10-673 Powers and duties of the authority. The authority shall have, in addition
to all powers heretofore granted to the authority pursuant to the enabling act, the following
powers: (1) To sell and issue the bonds authorized herein for the purposes specified herein.
(2) To pledge the pledged revenues as security for the payment of the bonds. (3) To acquire
any real or personal property and to convey the same to the companies or to any local governmental
entity with or without consideration. (4) To lease any real or personal property to the companies
or to any local governmental entity for use in any part of the projects. (5) To mortgage any
part of the projects as security for the bonds. (6) To make, enter into, and execute contracts,
agreements, or other instruments necessary to acquire or construct capital improvements to
any part of the projects. (7) To incur ancillary costs, projects costs, and training costs
and to pay for the same out of proceeds of the bonds, subject...
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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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11-61A-13
Section 11-61A-13 Bonds. (a) The authority may issue and sell its interest-bearing revenue
bonds for any corporate purpose at any time or times. The principal of and the interest on
the bonds shall be payable solely from, and may be secured by a pledge of, the revenues derived
by the authority from the operation of any or all of its parking facilities and other property,
or by mortgage of any property of the authority. The bonds issued or contracts entered by
the authority shall not constitute or create an obligation, debt, or charge against the credit
or taxing power of the state, any county, or municipality within the state. (b) The board
may provide for each of the following regarding the bonds: (1) Issuance time or times. (2)
Form and denominations. (3) Tenor. (4) Payment installments, which shall be at a time or times
not exceeding 40 years from their date. (5) Place or places of payment, whether within or
without the state. (6) Interest rate or rates payable and evidenced in a...
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41-10-751
Section 41-10-751 Definitions. When used in this article, the following terms shall have the
following meanings, unless the context clearly indicates otherwise: (1) ALABAMA TRUST FUND.
The trust fund of the state created under Amendment 450 to the Constitution of Alabama of
1901, and appearing as ยง219.02 of the Official Recompilation of the Constitution of Alabama
1901, as amended. (2) APPROPRIATED FUNDS. The BP settlement revenues deposited in the special
fund to the extent such revenues are appropriated to the authority pursuant to Section 41-10-759.
(3) AUTHORITY. The Alabama Economic Settlement Authority authorized to be established pursuant
to Section 41-10-752. (4) BONDS. Those bonds, including refunding bonds, issued pursuant to
this article. (5) BP SETTLEMENT REVENUES. Revenues received by the state in settlement of
economic damages claims of the state against BP Exploration and Production, Inc. and any of
its corporate affiliates arising out of the Deepwater Horizon oil spill...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-751.htm - 6K - Match Info - Similar pages
2-6-119
Section 2-6-119 Pledge for payment of principal and interest on bonds; filing with Judge of
Probate. In the proceedings authorizing the issuance of any of its bonds, the corporation
is authorized and empowered to pledge for the payment of the principal of and interest on
bonds at the respective maturities of the principal and interest, and to agree to use solely
for such purpose, all the revenues which under the provisions of Section 2-6-118 are provided
for the payment of the principal and interest, subject to prior pledges as and to the extent
the corporation may provide. Upon the issuance of any bonds pursuant to this article, the
corporation may file in the office of the Judge of Probate of Montgomery County, Alabama,
an instrument reciting the issuance of the bonds and the pledge of the revenues as security,
and the filing of the instrument shall constitute constructive notice of the pledge. The instrument
shall be received and recorded by the judge of probate upon the payment of...
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