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 16-66-6 – Annual Report.
Section 16-66-6 Annual report. This section was amended and renumbered by Act 2015-450, effective June 11, 2015. It is now Section 41-29-295. (Act 2014-16, p. 50, §6.)
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 16-66-7 – Reimbursement for Expenses.
Section 16-66-7 Reimbursement for expenses. This section was amended and renumbered by Act 2015-450, effective June 11, 2015. It is now Section 41-29-296. (Act 2014-16, p. 50, §7.)
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 16-66-8 – Duties of Council.
Section 16-66-8 Duties of council. This section was amended and renumbered by Act 2015-450, effective June 11, 2015. It is now Section 41-29-297. (Act 2014-16, p. 50, §8.)
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 16-67-1 – Reciprocity Committee and Fund.
Section 16-67-1 Reciprocity committee and fund. (a) There is created the State Reciprocity Committee. The membership of the committee shall consist of the following members: (1) The Chancellor of the University of Alabama System, or his or her designee. (2) The President of Auburn University, or his or her designee. (3) The President of the […]
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 16-68-1 – (Effective July 1, 2020) Legislative Findings.
Section 16-68-1 (Effective July 1, 2020) Legislative findings. The Legislature makes the following findings: (1) Article I, Section 4 of the Constitution of Alabama of 1901, recognizes that all persons may speak, write, and publish their sentiments on all subjects, and that “no law shall ever be passed to curtail or restrain the liberty of […]