Section 16-65-3 – Definitions.
Section 16-65-3 Definitions. The following terms shall have the following meanings, respectively: (1) AUTHORITY. The Alabama Higher Education Equipment Loan Authority created by this chapter and any successor or successors thereto. Any change in name or composition of the authority shall in no way affect the vested rights of any person under the provisions of […]
Section 16-65-4 – Creation of Authority; Members, Organization, Etc.
Section 16-65-4 Creation of authority; members, organization, etc. There is hereby created a public body corporate and politic to be known as Alabama Higher Education Equipment Loan Authority. The authority shall not be a state institution nor a department or agency of the state, but shall be an instrumentality of purely public charity performing an […]
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 […]