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11-50A-20
Section 11-50A-20 Trust agreement. In the discretion of the authority, any issue of bonds may
be secured by a trust agreement or indenture made by the authority with a corporate trustee,
which may be any trust company or bank within or without the state having the powers of a
trust company. The trust agreement or indenture may pledge or assign any revenues to be received
by the authority and any proceeds which may be derived from the disposition of any real or
personal property of the authority or proceeds of insurance carried thereon. The resolution
providing for the issuance of bonds and the trust agreement or indenture may contain any provisions
the authority deems necessary or appropriate for protecting and enforcing the rights and remedies
of the bondholders, including the right of appointment of a receiver upon default in the payment
of any principal or interest obligation and the right of any receiver or trustee to enforce
collection of any rates, fees, tolls, charges, or...
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11-50A-7
Section 11-50A-7 Tax exemptions; payments in lieu of taxes. All bonds, bond anticipation notes,
and notes issued by the authority, the interest thereon, and the income therefrom shall be
forever exempt from all taxation in the state. All income of the authority, all obligations,
lease agreements, and mortgages of the authority, all conveyances by or to the authority,
and all lien notices or other filings with respect to the property of the authority and the
transfer thereof shall be forever exempt from any and all taxation in the state. The purchase,
sale, or use of property by the authority shall be exempt from all sales, use, and license
taxes levied by the state and all political subdivisions of the state. All property of the
authority shall be exempt from ad valorem property taxation. Nevertheless, the authority,
or any agent of the authority designated for the purpose of constructing, maintaining, or
operating any project of the authority, shall pay to any validly constituted...
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11-57-15
Section 11-57-15 Bonds - Security for payment of principal and interest. The principal of and
the interest on the bonds shall be secured by a pledge of the revenues out of which the bonds
shall be made payable by an assignment or pledge of the lease agreement covering the project
from which revenues so pledged shall be derived and by a pledge of the rental from such project
and may be secured by a nonforeclosable indenture covering the project. The trustee under
any indenture may be a trust company or bank having trust powers, whether located within or
without the state. The indenture may contain any agreements and provisions customarily contained
in instruments securing evidences of indebtedness, including, without limiting the generality
of the foregoing, provisions respecting the collection, segregation and application of the
rental from any project covered by such indenture, the terms to be incorporated in the lease
agreement respecting the project, the maintenance and insurance of...
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11-94-1
Section 11-94-1 Definitions. Whenever used in this chapter, unless the context plainly indicates
otherwise, the present term shall include the future term, the singular shall include the
plural, the plural shall include the singular, the masculine shall include the feminine, and
the following words and phrases shall have the following meanings respectively ascribed to
them by this section: (1) AUTHORITY. A nonprofit public corporation organized pursuant to
the provisions of this chapter. (2) AUTHORIZING SUBDIVISION. Any county or municipality to
which application has been made for authority to incorporate an authority under this chapter.
(3) BOARD. The board of directors of an authority. (4) DIRECTOR. A member of the board of
directors of an authority. (5) COUNTY. Any county in this state that abuts on a navigable
river or through which a navigable river runs. (6) GOVERNING BODY. With respect to a county,
the county commission and, with respect to a municipality, the council,...
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45-39-92.53
Section 45-39-92.53 Abolition of corporation upon payment in full of securities; disposition
of proceeds. (a) When the original securities secured by a pledge of the taxes authorized
in this subpart, including refunding securities hereafter issued to refund the original securities,
for the Shoals Economic Development Project have been paid in full, the local public corporation
is abolished. Securities for which an irrevocable trust fund consisting of cash or direct
general obligations of the United States of America, or both, is established for retirement
of all of the principal of or interest on any outstanding security, shall be deemed paid in
full for the purposes of this subpart. (b) Notwithstanding any other provision of this subpart,
the local public corporation may not increase any outstanding debt or debt obligations or
create additional debts relating to the original bond balance owed as of May 12, 2005. (c)
(1) Upon abolishment of the local public corporation, the proceeds of...
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11-32-7
Section 11-32-7 Powers of authority. (a) The authority shall exercise powers and duties necessary
to the discharge of its powers and duties in corporate form as follows: (1) Have succession
by its corporate name in perpetuity subject to Section 11-32-20. (2) Sue and be sued in its
own name in civil suits and actions and defend suits against it. (3) Adopt and make use of
a corporate seal and alter the same at its pleasure. (4) Adopt and alter bylaws for the regulation
and conduct of its affairs and business. (5) Acquire, receive, take, by purchase, gift, lease,
devise, or otherwise, and hold property of every description, real, personal, or mixed, whether
located in one or more counties or municipalities and whether located within or outside the
authorizing county. (6) Make, enter into, and execute contracts, agreements, leases, and other
instruments and take other actions as may be necessary or convenient to accomplish any purpose
for which the authority was organized, or exercise any...
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11-50A-3
Section 11-50A-3 Purpose of authority. The purpose of the authority shall be to acquire, construct,
operate, and maintain or cause to be acquired, constructed, operated, and maintained projects,
and to take all other necessary or desirable action, in order to provide or make available
an adequate, dependable, and economical alternative supply of bulk electric power and energy
and related services for wholesale sales to those municipalities which may desire such supply,
and incidentally and so as to take advantage of economies of scale in the provision of economical
and reliable wholesale power supply to the municipalities, to enter into interconnection arrangements
with other electric suppliers having generation and transmission capabilities, which arrangements
provide for sale, purchase, exchange, or transmission of bulk electric power and energy. The
authority shall only be authorized, through acquisition or construction of projects, or through
interconnection arrangements with...
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11-50A-9
Section 11-50A-9 Issuance of bonds; prerequisites; procedure; provisions; execution; bond resolution
covenants. (a) The authority shall, prior to the adoption by the board of a resolution authorizing
the issuance of any bonds, enter into one or more contracts with two or more municipalities
which are authorized to contract with the authority pursuant to Section 11-50A-17. Any resolution
of the board authorizing the issuance of bonds may authorize those bonds to be issued in more
than one series, and the issuance of each series of bonds so authorized by that resolution
need not be preceded by the entering into by the authority of additional contracts pursuant
to Section 11-50A-17. (b) The board may by resolution or resolutions authorize the issuance
of bonds. Unless otherwise provided therein, the resolution or resolutions shall take effect
immediately and need not be published or posted. The board may authorize such types of bonds
as it may determine, subject only to any agreement with...
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11-69-1
Section 11-69-1 Adoption and implementation of plan. (a) Any Class 7 or 8 municipality in this
state may adopt a rural scenic right-of-way plan for the development, improvement, and use
of right-of-way along municipal roads and streets and county roads within the corporate limits
and police jurisdiction of the municipality except right-of-way, highways, streets, or roads
that are under exclusive or concurrent jurisdiction of the Alabama Department of Transportation.
Pursuant to the plan, the municipality may designate right-of-way adjacent to a municipal
road or street or a county road to be developed, improved, and used for recreational or beautification
purposes. Any portion of a road designated shall continue for at least three miles in length
and may not at the time of designation have an average density of two or more commercial enterprises
that have an entrance or exit on the road per mile. The path of the right-of-way along a street
or road included in the plan may cross another...
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11-92A-15
Section 11-92A-15 Security for bonds. (a) In the discretion of the board of directors of an
authority, any bonds may be secured by an indenture between an authority and a trustee, which
may be any trust company or bank having trust powers, whether such trust company or bank is
located within or without the state. In any such indenture or resolution providing for the
issuance of bonds an authority may pledge, for payment of the principal of and the interest
on such bonds, any of its revenues to which its right then exists or may thereafter come into
existence, including, but not limited to, revenues or other money or property pledged to it
by any public or private person, and may assign, as security for such payment, any of its
leases, loan agreements, franchises, permits, and contracts. In any such indenture, an authority
may mortgage any of its properties, including any that may be thereafter acquired by it, and
may provide that in the event of a default in payment of the bonds...
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