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. […]