Section 16-65-5 – Powers of Authority.
Section 16-65-5 Powers of authority. The authority shall have all of the following powers: (1) To adopt an official seal and alter the same at its pleasure. (2) To sue and be sued in contract and in tort and to complain and defend in all courts of law and equity. (3) To maintain an office […]
Section 16-65-6 – Bonds Generally.
Section 16-65-6 Bonds generally. (a) Issuance of bonds. The authority is authorized and empowered to issue its bonds from time to time for the purpose of making equipment loans to finance equipment costs incurred or to be incurred by educational institutions. Such bonds may be in such aggregate principal amount as the board of directors […]
Section 16-65-7 – Proceeds From the Sale of Bonds, Revenues, and Other Funds.
Section 16-65-7 Proceeds from the sale of bonds, revenues, and other funds. (a) After making adequate provision for the payment of the expenses of issuance, the authority is authorized and empowered to use the proceeds of any bonds, together with any other available funds (1) to finance equipment costs through equipment loans to educational institutions […]
Section 16-65-8 – Dedicated Source of Revenue as Security for the Repayment of Equipment Loans.
Section 16-65-8 Dedicated source of revenue as security for the repayment of equipment loans. In order to provide for the funding of an equipment loan by the authority to an educational institution, such educational institution shall establish a dedicated source of revenue to secure the repayment of moneys received from the authority. Such educational institution […]
Section 16-65-9 – Refunding Bonds.
Section 16-65-9 Refunding bonds. Any bonds issued by the authority may from time to time be refunded by the issuance, by sale or exchange, of refunding bonds or obligations payable from the same or different sources for the purpose of paying all or any part of the principal of the bonds to be refunded, any […]
Section 16-65-10 – Investment in Bonds.
Section 16-65-10 Investment in bonds. The State Treasurer may invest any idle or surplus moneys of the state in bonds of the authority. The governing body of any county or municipality is authorized in its discretion to invest any idle or surplus money held in its treasury in bonds of the authority. Such bonds shall […]
Section 16-65-11 – Exemptions From Taxation, Fees, and Costs.
Section 16-65-11 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, […]
Section 16-65-12 – Venue and Jurisdiction.
Section 16-65-12 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 shall be brought in the Circuit Court of Montgomery County, Alabama, and the court shall have exclusive original jurisdiction of […]
Section 16-65-13 – Interest of Bondholders Protected; Enforceability.
Section 16-65-13 Interest of bondholders protected; enforceability. While any of the 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 bonds. […]
Section 16-65-14 – Moneys Considered Trust Funds.
Section 16-65-14 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 shall be held and applied for the benefit of the bondholders of the respective issues as provided in this chapter and as provided in the […]