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 […]
Section 16-65-1 – Short Title.
Section 16-65-1 Short title. This chapter may be cited as the “Alabama Higher Education Equipment Loan Authority Act.” (Acts 1997, No. 97-388, p. 632, §1.)
Section 16-65-2 – Legislative Intent.
Section 16-65-2 Legislative intent. (a) It is the intent of the Legislature by passage of this chapter to enable the state, acting by and through the authority, to aid educational institutions in the financing of capital equipment on a tax-exempt basis. To this end, the Legislature intends to authorize the authority to issue bonds for […]
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 […]