14-2-24
Section 14-2-24 Obligations, bonds and notes not debt of state. All obligations incurred by the authority and all bonds and notes issued by it shall be solely and exclusively an obligation of the authority, payable solely from the revenues and income which may under the provisions of this chapter be pledged to the payment thereof. No obligation incurred by the authority and no bond or note issued by it shall create an obligation or debt of the state. (Acts 1965, No. 678, p. 1226, ยง18; Acts 1967, Ex. Sess., No. 103, p. 131.)...
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41-10-23
Section 41-10-23 Filing of application for incorporation with Secretary of State; contents and execution thereof; filing and recordation of application by Secretary of State. (a) To become the public corporation authorized by this article, the Secretary of the Alabama Department of Commerce, the Commissioner of Revenue and the Director of Finance shall present to the Secretary of State of Alabama an application signed by them which shall set forth: (1) The name, official designation and official residence of each of the applicants, together with a certified copy of the commission evidencing each applicant's right to office; (2) The date on which each applicant was inducted into office and the term of office of each applicant; (3) The name of the proposed public corporation, which shall be the State Industrial Development Authority; and (4) The location of the principal office of the proposed corporation. The applicants may also include in the said application any other matters which...
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16-17A-12
Section 16-17A-12 Obligations of authority. (a) All agreements and covenants undertaken, and all indebtedness issued, by an authority shall be solely and exclusively an obligation of the authority and, except as otherwise provided in a written agreement in accordance with Section 16-17A-17, shall not create an obligation or debt of the state, any university, or any other governmental entity or public corporation within the meaning of any constitutional or statutory provision. (b) Neither the directors nor any officer of an authority executing indebtedness issued pursuant to this chapter shall be personally liable for such indebtedness by reason of the execution or issuance thereof. (c) The state and the sponsoring university do hereby pledge to and agree with the holders of any indebtedness issued under this chapter that neither the state nor the sponsoring university will limit or alter the rights hereby vested in the authority to fulfill the terms of any indebtedness or related...
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33-2-180
Section 33-2-180 Definitions. Where used in this article the following words and terms shall be given the following respective meanings unless the context hereof clearly indicates otherwise: (1) CODE. The Code of Alabama 1975, as amended. (2) DEPARTMENT. Alabama State Docks Department created in Chapter 1 of Title 33. (3) DIRECTOR. The Director of State Docks provided for in Section 33-1-3. (4) DOCKS FACILITIES. Docks and all kinds of docks facilities, including elevators, compresses, conveyors, warehouses, water and rail terminals, bulk handling facilities, coal handling facilities, grain elevator facilities, wharves, piles, quays, cold storage facilities, loading and unloading facilities, and other related structures, facilities, equipment, property and improvements of every kind needful for the convenient use of same, in aid of commerce and use of the waterways of the state, now or hereafter existing, that are now or hereafter owned or held, are or are to be under the management and...
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2-3A-30
Section 2-3A-30 Issuance of bonds; obligation of state; proceeds; specifications. In order to implement Constitutional Amendment 618 authorizing the issuance by the state of $52,000,000 in principal amount of its general obligation bonds, which amendment was proposed by Act 98-378 of the 1998 Regular Session of the Legislature, the Alabama Agricultural Development Authority shall, in addition to all other powers that may be exercised by said authority, have the power to issue and sell for the state, subject to the approval of the Governor, interest bearing general obligation bonds of the state not in excess of $52,000,000 in principal amount, as authorized by said amendment. Such bonds shall not be obligations of said authority but shall be general obligations of the State of Alabama with the full faith and credit and taxing power of the state to be pledged to the prompt and faithful payment of the principal thereof and the interest and redemption premium (if any) thereon. The proceeds...
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39-1-1
Section 39-1-1 Bonds required of persons contracting for public works; commencement, etc., of actions upon bond by persons supplying labor, etc., to contractor; offer to accept judgment; notice of completion of project by contractor and final settlement; applicability. (a) Any person entering into a contract with an awarding authority in this state for the prosecution of any public works shall, before commencing the work, execute a performance bond, with penalty equal to 100 percent of the amount of the contract price. In addition, another bond, payable to the awarding authority letting the contract, shall be executed in an amount not less than 50 percent of the contract price, with the obligation that the contractor or contractors shall promptly make payments to all persons supplying labor, materials, or supplies for or in the prosecution of the work provided in the contract and for the payment of reasonable attorneys' fees incurred by successful claimants or plaintiffs in civil...
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41-10-44.4
Section 41-10-44.4 Determination of approved companies. The authority shall promulgate criteria for the determination and selection of approved companies and the approval of projects proposed by such companies. Such criteria shall give greatest weight to the creditworthiness of the project sponsors, the number, type and quality of new jobs to be provided by the project to residents of the state, and the economic viability of the proposed project. The authority may include in its criteria requirements relating to the capital costs of, and projected employment to be produced by, projects eligible for financing under this article and requirements relating to the employment of previously unemployed or underemployed persons. The authority shall require as a condition for designation as an approved company either (i) that the average hourly wage for full-time hourly wage paid employees at the project be at least eight dollars ($8) per hour, or (ii) that the average total compensation...
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41-10-469
Section 41-10-469 Use of proceeds of refunding bonds. The proceeds of refunding bonds shall be applied, together with any other moneys legally available therefor, to the payment of the expenses authorized by this article and to the payment of the principal of, premium, if any, and interest due and to become due on any outstanding bonds to be refunded thereby and, if so required by resolution of the authority, shall be deposited in the State Treasury in an interest account to pay interest on refunding bonds, and in the State Treasury in a reserve account to further secure the payment of the principal of, premium, if any, and interest on any refunding bonds. The expenses authorized by this article shall include, in addition to expenses authorized by other sections hereof, all expenses that the board of directors may deem necessary or advantageous in connection with the sale and issuance of such refunding bonds, including without limitation, the expenses of selling and issuing such...
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41-10-621
Section 41-10-621 Legislative findings and purpose. (a) The Legislature finds and declares the following: (1) The State of Alabama has a great need from time to time to have access to financing for economic development and industrial recruitment that does not involve improvements to revenue-producing facilities. (2) It is desirable and in the public interest to establish a state-level authority with the power to issue bonds for such general purposes. (3) The Alabama Supreme Court has held, in effect, that only when the debt of a public corporation is payable out of a new revenue source will such debt not be considered a debt of the state in contravention of Section 213 of the Constitution of Alabama of 1901; the State of Alabama expects to receive in the near future new revenues from the settlement of certain litigation between the state and the tobacco industry. (4) By the passage of this division, it is the intention of the Legislature to: a. Provide for the creation of a special...
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41-29-2
Section 41-29-2 Powers, duties, and functions of Department of Commerce. (a) The Department of Commerce shall be the principal staff agency of the executive branch to plan with the other departments of state government and with other governmental units for the comprehensive development of the state's human, economic and physical resources and their relevance for programs administered by the state and the governmental structure required to put such programs into effect. It shall provide information, assistance and staff support by all appropriate means. The Department of Commerce shall perform all the duties and exercise all the powers and authority relative to state regional and local planning and industrial development heretofore vested in the Alabama Development Office. All books, records, supplies, funds, equipment, and personnel of the Alabama Development Office are also hereby transferred to the Department of Commerce. (b) All of the powers and authority heretofore vested in the...
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