Section 16-18A-1 – Short Title.
Section 16-18A-1 Short title. This chapter may be cited as the “Private Colleges and Universities Facilities Authority Act.” (Acts 1979, No. 79-322, p. 475, §1.)
Section 16-18A-10 – Venue and Jurisdiction.
Section 16-18A-10 Venue and jurisdiction. The authority’s legal situs or residence for the purpose of this chapter shall be Montgomery County. Any action to protect or enforce any rights under the provisions of this chapter, including the validation of obligations issued by the authority as herein permitted, shall be brought in the Circuit Court of […]
Section 16-18A-11 – Interest of Bondholders Protected; Enforceability.
Section 16-18A-11 Interest of bondholders protected; enforceability. While any of the revenue bonds issued by the authority remain outstanding, the powers, duties or existence of the authority or of any of its officers shall not be diminished or impaired in any manner that will affect adversely the interest and rights of the holders of such […]
Section 16-18A-12 – Moneys Considered Trust Funds.
Section 16-18A-12 Moneys considered trust funds. All moneys received by the authority pursuant to this chapter shall be deemed to be trust funds for the holders of the bonds and interest coupons thereto appertaining and shall be held and applied for the benefit of the bondholders of the respective issues as provided in this chapter […]
Section 16-18A-13 – Title to Projects.
Section 16-18A-13 Title to projects. The authority may hold title to any project financed by it but shall not be required to do so. (Acts 1979, No. 79-322, p. 475, §13.)
Section 16-18A-2 – Definitions.
Section 16-18A-2 Definitions. As used in this chapter, the following words and terms shall have the following meanings unless the context clearly indicates otherwise: (1) AUTHORITY. The Private Colleges and Universities Facilities Authority created by this chapter and any successor or successors thereto. Any change in name or composition of the authority shall in no […]
Section 16-18A-3 – Creation of Authority; Members, Organization, Etc.
Section 16-18A-3 Creation of authority; members, organization, etc. There is hereby created a public body corporate and politic to be known as the Private Colleges and Universities Facilities Authority and by that name, style and title, said body may contract and be contracted with, sue and be sued, implead and be impleaded, and complain and […]
Section 16-18A-4 – Powers and Duties.
Section 16-18A-4 Powers and duties. The purpose of the authority shall be to assist institutions for higher education in the construction, financing and refinancing of the projects. The exercise by the authority of the powers conferred by this chapter shall be deemed and held to be the performance of an essential public function. For the […]
Section 16-18A-5 – Revenue Bonds – Issuance; Negotiable, Forms, Terms, etc.; Refunding Bonds; Security.
Section 16-18A-5 Revenue bonds – Issuance; negotiable, forms, terms, etc.; refunding bonds; security. The authority shall have power and is hereby authorized from time to time to provide by resolution for the issuance of negotiable revenue bonds for the purpose of paying all or any part of the cost as herein defined of any of […]
Section 16-18A-6 – Revenue Bonds – Contracts to Secure Payment.
Section 16-18A-6 Revenue bonds – Contracts to secure payment. As security for payment of the principal and interest on bonds issued or obligations assumed by it, the authority may enter into a contract or contracts binding itself for the proper application of the proceeds of bonds and other funds, for the continued operation and maintenance […]
Section 16-18A-7 – Revenue Bonds – Creation of Statutory Mortgage Lien; Recording.
Section 16-18A-7 Revenue bonds – Creation of statutory mortgage lien; recording. Any resolution of the authority or trust indenture under which bonds may be issued pursuant to the provisions of this chapter may contain provisions creating a statutory mortgage lien in favor of the holders of such bonds and of the interest coupons applicable thereto […]
Section 16-18A-8 – Use of Proceeds From Sale.
Section 16-18A-8 Use of proceeds from sale. All moneys derived from the sale of any bonds issued by the authority shall be used solely for the purpose or purposes for which the same are authorized and any costs and expenses incidental thereto. Such costs and expenses may include, but shall not be limited to: (1) […]
Section 16-18A-9 – Exemptions From Taxation, Fees and Costs.
Section 16-18A-9 Exemptions from taxation, fees and costs. The property and income of the authority, all bonds issued by the authority, the income from such bonds or from any other sources, the interest and other profits from such bonds enuring to and received by the holders thereof, conveyances by and to the authority and leases, […]