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8-6-111
Section 8-6-111 Legislative findings; purpose of article. (a) The Legislature finds and determines
that unscrupulous promoters may take advantage of the authorizing act by inducing issuers
to issue industrial revenue bonds which careful investigation by the issuer or other responsible
parties would reveal to be improvident. The standing of all issuers could be impaired and
the purposes of the Legislature in enacting the authorizing act could be thwarted by those
improvident issues. (b) The purpose of this article is to provide a procedure whereby the
State of Alabama, acting through the director and the commission, may assist in developing
facts to aid the issuer in the exercise of its authority under the authorizing act, and, to
that end, to delay the issuance of industrial revenue bonds pending adequate investigation
by the director or to prevent the issue of industrial revenue bonds found to be improvident.
(Acts 1978, No. 586, p. 681, §2; Acts 1992, No. 92-124, p. 224, §3.)...
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8-6-110
Section 8-6-110 Definitions. The following words and phrases, as used in this article, shall
have the following meanings: (1) AUTHORIZING ACT. Any of the following statutes or acts: a.
Any of the following sections, as amended: Section 11-20-1 et seq., relating to industrial
revenue bonds to be issued by counties; Section 11-54-20 et seq., relating to industrial revenue
bonds to be issued by municipalities; Section 11-54-80 et seq., relating to industrial revenue
bonds to be issued by municipal industrial development boards; Section 11-58-1 et seq., relating
to industrial revenue bonds to be issued by municipal medical clinic boards, Section 22-21-170
et seq., relating to industrial revenue bonds to be issued by county and municipal hospital
authorities; and Section 11-20-30 et seq., relating to industrial revenue bonds to be issued
by county industrial development boards. b. The following acts of the Alabama Legislature:
Act No. 4, enacted at the 1956 Second Special Session of the...
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8-6-120
Section 8-6-120 Certificate of notification; representation that industrial revenue bonds have
been approved prohibited. In the event that (1) 20 days shall have expired after the filing
by an issuer of the notification required by Section 8-6-115 describing proposed industrial
revenue bonds to be issued by it, or the director shall have waived, shortened or, with the
consent of the issuer, extended such waiting period and (2) no stop order shall then be effective
as to the proposed industrial revenue bonds, the director shall provide such issuer with a
certificate substantially as follows: CERTIFICATE OF NOTIFICATION The _____ of _____ (the
issuer) has filed in my office a notification under Act No. 586 of the 1978 Regular Session
of the Alabama Legislature stating its intention to issue $_____ of its _____ Industrial Revenue
Bonds and no stop order is effective as to the issue of such bonds. This certificate is not
an approval of said bonds, and it is unlawful for any person to...
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45-49-90.09
Section 45-49-90.09 Notice of bond resolution. (a) Upon the adoption by the board of directors
of any resolution providing for the issuance of bonds, the corporation, in its discretion,
may cause to be published once a week for two consecutive weeks, in a newspaper published
in the county, a notice in substantially the following form, the blanks being properly filled
in, at the end of which shall be printed the name and title of either the chair or secretary
of the corporation: "___, a public corporation under the laws of the State of Alabama,
on the ___ day of ___, authorized the issuance of $___ principal amount of revenue bonds of
the corporation for purposes authorized in the act of the Legislature of Alabama under which
the corporation was organized. Any action or proceeding questioning the validity of the bonds,
the pledge, and mortgage to secure the same, any lease or sale of an industrial site to be
financed by the bonds, or the proceedings...
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45-41A-10.12
Section 45-41A-10.12 Notice of bond resolution. Upon the adoption by the board of the authority
of any resolution providing for the issuance of bonds, such authority, in its discretion,
may cause to be published once a week for two consecutive weeks, in a newspaper published
or having a general circulation in the city, a notice in substantially the following form
(the blanks being properly filled in) at the end of which shall be printed the name and title
of either the chair or secretary of such authority: "The Auburn Downtown Redevelopment
Authority, a public corporation organized and existing under the laws of the State of Alabama
(the 'Authority'), after notice published on the ______ day of ______, 20__ , in ______, a
newspaper of general circulation in the City of Auburn, Alabama, held a public hearing on
the ______ day of ______, 20__ , regarding its proposed issuance of $_____ principal amount
of bonds of the Authority for purposes authorized in the act of the Legislature of...
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16-16A-7
Section 16-16A-7 Additional findings; bonds authorized; procedures. (a) The Legislature finds
that the number of students attending the several school systems located in those areas of
North Alabama that will be directly impacted by the 2005 BRAC and Subsequent BRAC Actions
will collectively increase by an estimated 9,000 students. As a result, there will be a need
for the construction of additional school facilities as well as the renovation of existing
school facilities. The Legislature also finds that the 2005 BRAC and Subsequent BRAC Actions
will have a positive impact on future receipts to the Education Trust Fund, as the significant
population growth in North Alabama will increase sales, income, and other tax collections.
Thus, it is an efficient use of state funds to allow such revenue growth to help pay for capital
improvement costs associated with BRAC-related school construction. (b) The Alabama Public
School and College Authority is hereby authorized to sell and issue its...
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40-9B-3
Section 40-9B-3 Definitions. (a) For purposes of this chapter, the following words and phrases
mean: (1) ABATE, ABATEMENT. A reduction or elimination of a taxpayer's liability for tax or
payments required to be made in lieu thereof. An abatement of transaction taxes imposed under
Chapter 23 of this title, or payments required to be made in lieu thereof, shall relieve the
seller from the obligation to collect and pay over the transaction tax as if the sale were
to a person exempt, to the extent of the abatement, from the transaction tax. (2) ALTERNATIVE
ENERGY RESOURCES. The definition given in Section 40-18-1. (3) CONSTRUCTION RELATED TRANSACTION
TAXES. The transaction taxes imposed by Chapter 23 of this title, or payments required to
be made in lieu thereof, on tangible personal property and taxable services incorporated into
an industrial development property, the cost of which may be added to capital account with
respect to the property, determined without regard to any rule which...
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8-6-116
Section 8-6-116 Action by director upon receipt of notification; stop orders. Upon receipt
of a notification, the director shall cause a preliminary investigation or inquiry to be made
into the proposed issue to determine whether there exist circumstances which, in his or her
opinion, indicate that the proposed issue of industrial revenue bonds may be an improvident
issue. If he or she finds that the proposed issue may be improvident, he or she shall advise
the issuer of the findings and shall issue a stop order or stop orders requiring that for
a period of time not exceeding in the aggregate 90 days after the filing of the notification,
the issuer shall not issue the industrial revenue bonds proposed in the notification or any
industrial revenue bonds in lieu of the bonds proposed. When a stop order has been served
upon the issuer, it shall be fully effective (a) unless lifted by the director or the commission
for good cause shown, or (b) unless the proposed industrial revenue bonds...
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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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45-37-90.06
Section 45-37-90.06 Civic Center Authority - Revenue bonds. (a) Subject to the conditions,
qualifications, and restrictions set forth in subsection (e), the authority shall have the
power to borrow money and to issue revenue bonds as evidence of money so borrowed, which bonds
shall be payable solely from taxes made payable to the authority by any act of the Legislature
heretofore or hereafter adopted and from the revenues of the authority derived from the activities,
operations, and enterprises in which the authority is hereby authorized to engage. As security
for any money so borrowed, together with interest thereon, and any obligations incurred or
assumed, the authority, in its discretion, may mortgage, pledge, or otherwise transfer and
convey its real, personal, and mixed property, or any part or parts thereof, whether then
owned or thereafter acquired, including any franchises then owned or thereafter acquired,
and all or any part of the taxes payable to the authority under any act...
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