Section 16-18B-1 Legislative findings. The Legislature hereby finds and declares that it is necessary, desirable, and in the public interest that the state provide adequate forensic sciences laboratories and educational facilities for the provision of instruction and research in the field of forensic sciences. It is the intention of the Legislature by the passage of […]
Section 16-18B-10 Bonds – Execution; facsimiles; validity. The bonds of each series thereof issued pursuant to this article shall be sold by said corporation at public sale as provided in the amendment. The bonds shall be executed in the name of the state by the Governor and countersigned by the secretary of the corporation, and […]
Section 16-18B-11 Alabama Forensic Sciences Bond Fund. The proceeds derived from the sale of each series of the bonds issued pursuant to this article other than refunding bonds shall be paid into the State Treasury upon receipt thereof, and the State Treasurer shall keep such proceeds, as well as all income received from the investment […]
Section 16-18B-12 Use of proceeds from bonds. Upon order of the board of directors of the corporation, all expenses incurred in connection with the authorization, preparation, sale, and issuance of bonds authorized herein and by the amendment shall be paid out of the proceeds thereof. The proceeds thereof remaining after payment of such expenses, together […]
Section 16-18B-13 Refunding bonds. Pursuant to the provisions of the aforesaid amendment and this article, the corporation may, at any time and from time to time, issue for the state refunding bonds of the state for the purpose of refunding any or all of the bonds authorized by the amendment then outstanding (including any refunding […]
Section 16-18B-14 Exemption from taxes; use of bonds as security; investment of funds. All bonds (including refunding bonds) issued pursuant hereto, and the income therefrom (including the interest income thereon) shall be free from all taxation by the state or any county, municipality, or other political subdivision or instrumentality of the state, excepting inheritance, estate, […]
Section 16-18B-15 Contracts to be in writing. All contracts for the acquisition, provision, construction, improvement, renovation, equipping and maintenance of forensic sciences laboratories and educational facilities for the provision of instruction and research in the field of forensic sciences shall be in writing. (Act 98-391, p. 771, §15.)
Section 16-18B-16 Appropriation and allocation of funds. There is hereby appropriated so much of the bond proceeds and interest income thereon as may be necessary for the acquisition, provision, construction, improvement, renovation, equipping and maintenance of forensic sciences laboratories and educational facilities for the provision of instruction and research in the field of forensic sciences. […]
Section 16-18B-17 Dissolution of corporation. At any time when no bonds of the corporation are outstanding the corporation may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of the members of the corporation and which shall be sworn to by each such […]
Section 16-18B-18 Diversity of corporation. The Alabama Forensic Sciences Bond Authority shall, to the extent possible and practical, utilize businesses and companies in all aspects of the bond and construction sections of this article that reflect the racial and ethnic diversity of the state. (Act 98-391, p. 771, §18.)
Section 16-18B-19 Exemption from federal income taxation. The corporation on behalf of the state shall have the power to provide for such payments to the United States of America as the directors deem necessary to cause the interest on any bonds to be and remain exempt from federal income taxation. The corporation shall have the […]
Section 16-18B-2 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) AMENDMENT. The amendment to the constitution of the state authorizing the issuance of the bonds. (2) CORPORATION. The public corporation authorized to be created by this article. […]
Section 16-18B-3 Authorization and procedure for incorporations; application. The Governor, the Lieutenant Governor, the Speaker of the House of Representatives, the State Treasurer, and the Director of Finance of the state may become a corporation, with the powers and authorities hereinafter provided, by proceeding according to the provisions of this article. To become a corporation, […]
Section 16-18B-4 Certificate of incorporation. When the application has been made, filed and recorded, as herein provided, the applicants shall constitute a public corporation under the name proposed in the application and the Secretary of State shall make and issue to the applicants a certificate of incorporation pursuant to this article, under the Great Seal […]
Section 16-18B-5 Members; officers; quorum; vacancies; salaries; record of proceedings. The applicants named in the application and their respective successors in office shall constitute the members of the corporation. The Governor shall be the president of the corporation and the Director of Finance shall be the secretary of the corporation. The State Treasurer shall be […]
Section 16-18B-6 Powers of authority. The corporation shall have the following powers: (1) To have succession by its corporate name without time limit; (2) To sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties; (3) To have […]
Section 16-18B-7 Bonds – Issuance and sale. The bonds issued pursuant to this article shall not be obligations of said corporation but shall be general obligations of the state 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 […]
Section 16-18B-8 Bonds – Payment of principal, premium, and interest; records. The State Treasurer is authorized and directed to pay the principal of, premium, if any, and interest on the bonds issued under the provisions of this article, as such principal, premium, if any, and interest shall respectively mature, and he is further authorized and […]
Section 16-18B-9 Bonds – Redemption. The bonds of each series issued pursuant to this article may be issued as serial bonds payable in annual installments or as term bonds or as a combination thereof, and the principal of the bonds of each such series shall mature or be subject to mandatory redemption according to such […]
