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8-6-121
Section 8-6-121 Criminal penalties. Any lessee, any guarantor, or any officer of any issuer,
lessee, or guarantor or any other person, firm, or corporation who: (1) Willfully violates
this article; (2) Willfully participates in the issuance of any industrial revenue bonds without
having obtained the certificate of notification required by Section 8-6-120; (3) Willfully
participates in the issuance of any industrial revenue bonds in violation of this article;
(4) Willfully violates any stop order lawfully issued by the director or the commission under
this article and in effect; or (5) Makes or files or causes to be made or filed, with the
director or the commission under this article, any statement, document, or other paper which
is false in any material respect or matter; shall be guilty of a felony and upon conviction
shall be fined not more than $10,000 or shall be imprisoned for a period not exceeding 10
years or both so fined and so imprisoned, as the trial court shall determine....
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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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8-6-115
Section 8-6-115 Notifications of intent to issue bonds. On and after May 27, 1978, any issuer
proposing to issue any industrial revenue bonds under authority of the authorizing act shall,
at least 20 days prior to the date of delivery of the industrial revenue bonds, deliver to
the director a notification in writing of its intention to issue the bonds. The director may
for good cause shown, waive, shorten, or, with the consent of the issuer, extend the 20-day
requirement. The notifications shall contain the name and address of the issuer, the lessee,
the guarantor, if any, the trustee, the underwriter, purchaser, fiscal agent, or agents, legal
counsel for each of the above named parties and bond counsel, the estimated face amount of
the bond issue, the estimated capital budget for the project to the extent that the information
is available to the issuer when it files the notification, and any other information prescribed
by the rules and regulations issued by the commission to advise...
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8-6-10
Section 8-6-10 Registration of securities - Exempt securities. Sections 8-6-4 through 8-6-9
shall not apply to any of the following securities: (1) Any security, including a revenue
obligation, issued or guaranteed by the United States, any state, any political subdivision
of a state, any agency, corporate, or other instrumentality of one or more of the foregoing;
or any certificate of deposit for any of the foregoing. (2) Any security issued or guaranteed
by Canada, any Canadian province, any political subdivision of any province, any agency, corporate,
or other instrumentality of one or more of the foregoing or any other foreign government with
which the United States currently maintains diplomatic relations if the security is recognized
as a valid obligation by the issuer or guarantor. (3) Any security issued by and representing
an interest in or a debt of, or guaranteed by, any bank organized under the laws of the United
States or any bank, savings institution, or trust company...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-10.htm - 7K - Match Info - Similar pages
8-6-113
Section 8-6-113 Powers of Securities Commission. (a) The commission may: (1) Stop the issuance
of industrial revenue bonds under the procedures provided in this article. (2) Issue rules
and regulations necessary or desirable to prescribe the form and content of notifications,
the conduct of investigations, the issuance of stop orders, appeals by issuers, or references
by the director to the commission and the conduct of hearings thereon. No rule or regulation
shall be adopted by the commission until the commission shall hold a public hearing on the
proposed rules and regulations, notice of which shall be given by publication one time in
a daily newspaper published in the City of Montgomery and in any other manner as the commission
directs. (b) The authority granted to the commission in this section is in addition to that
granted under Section 8-6-50 et seq., or any other provided by law. (Acts 1978, No. 586, p.
681, §4; Acts 1992, No. 92-124, p. 224, §3.)...
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8-6-112
Section 8-6-112 Powers of director of Securities Commission. (a) The director shall have authority
to: (1) Consider and investigate proposed issues of industrial revenue bonds; (2) Advise and
consult with issuers with respect thereto; (3) Publish such notices of proposed issues of
industrial revenue bonds or proposed rules and regulations as are required by this article
or the rules and regulations of the commission; (4) Stop the issuance of industrial revenue
bonds for the limited times and under the procedures provided in this article by issuing the
orders and giving the notices herein required; (5) Cause information concerning a proposed
issue of industrial revenue bonds to be presented at any meeting of the governing body at
which industrial revenue bonds are to be authorized or reauthorized or any hearing upon the
judicial validation of such issue; and (6) Perform such other functions and duties as may
be required by this article or by order of the commission. (b) The authority...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-112.htm - 1K - Match Info - Similar pages
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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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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8-6-119
Section 8-6-119 Judicial validation proceedings. Any judicial validation proceeding instituted
under this article shall conform to and be conducted in accordance with either Section 6-6-750
et seq. or Section 11-81-220 et seq., whichever is applicable to the issuer. The petition
shall allege that the issue of industrial revenue bonds proposed by the issuer is not improvident,
and the director shall be served with notice of the proceeding in the same manner and for
the same time as the district attorney, and may attend the hearing before the circuit court
having jurisdiction of the matter in person or by attorney, present evidence, and be heard
by the court. The court shall not validate unless, pursuant to evidence presented at the hearing,
the court finds and determines that the issue is not improvident. No judicial validation proceedings
shall be instituted under this article until the commission enters a stop order or until the
expiration of 15 days after the proposed industrial...
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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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