Section 2-6-100 – Short Title.
Section 2-6-100 Short title. This article shall be known as the “Garrett Coliseum Redevelopment Act.” (Act 2011-575, p. 1231, §1.)
Section 2-6-101 – Definitions.
Section 2-6-101 Definitions. For the purposes of this article, the following words shall have the following meanings: (1) ALABAMA AGRICULTURAL CENTER BOARD or AACB. The Alabama Agricultural Center Board established by Section 2-6-1, as amended by this article. (2) BOARD OF DIRECTORS or BOARD. The board of directors of the Garrett Coliseum Redevelopment Corporation, the […]
Section 2-6-102 – Public Corporation – Formation Authorized.
Section 2-6-102 Public corporation – Formation authorized. The Governor, the Commissioner of Agriculture and Industries, and the Director of Finance shall form a public corporation with the powers and authorities provided in this article. (Act 2011-575, p. 1231, §4.)
Section 2-6-103 – Public Corporation – Application for Formation; Certificate of Incorporation.
Section 2-6-103 Public corporation – Application for formation; certificate of incorporation. (a) To become a public corporation, the Governor, the Commissioner of Agriculture and Industries, and the Director of Finance shall present to the Secretary of State an application signed by each which shall set forth all of the following: (1) The name, official designation, […]
Section 2-6-104 – Public Corporation – Board of Directors.
Section 2-6-104 Public corporation – Board of directors. (a) The corporation shall be governed by a board of directors, as provided for in this section. All powers of the corporation shall be exercised by the board or pursuant to its authorization. The presence of a majority of members of the board of directors shall constitute […]
Section 2-6-105 – Public Corporation – Powers.
Section 2-6-105 Public corporation – Powers. The corporation shall have the following powers, as well as the other powers specified in this article: (1) To have succession by its corporate name until dissolved as provided in this article. (2) To sue and be sued and to prosecute and defend, at law or in equity, in […]
Section 2-6-106 – Deed to Coliseum.
Section 2-6-106 Deed to coliseum. Commencing June 9, 2011, the Governor is authorized and directed to execute and deliver, in the name of the State of Alabama, an appropriate deed conveying to the corporation the coliseum together with the lands in the Alabama Agricultural Center in the City of Montgomery. Upon delivery of the deed […]
Section 2-6-107 – Lease of Project.
Section 2-6-107 Lease of project. (a) Without limiting the generality of the powers otherwise granted by this article, the corporation is authorized to lease the project, or portions thereof, to the Alabama Agricultural Center Board or to any other public or private entity. The AACB and any other agency, board, commission, bureau, or department of […]
Section 2-6-108 – Design, Rehabilitation, Renovation, etc., of Coliseum.
Section 2-6-108 Design, rehabilitation, renovation, etc., of coliseum. (a) The corporation or the AACB may enter into management, operations, or other types of agreements with public or private entities for the design, rehabilitation, renovation, expansion, management, promotion, or operation of the coliseum. Any law to the contrary notwithstanding, the corporation or the AACB, as the […]
Section 2-6-109 – Eminent Domain.
Section 2-6-109 Eminent domain. The corporation shall have the same power of eminent domain as the state. Such power shall be exercised in the same manner and under the same conditions as are provided by law for the exercise of the power of eminent domain by the State of Alabama. (Act 2011-575, p. 1231, §11.)
Section 2-6-110 – Bonds.
Section 2-6-110 Bonds. The corporation is authorized to sell and issue its bonds, not exceeding one hundred million dollars ($100,000,000), exclusive of refunding bonds, in aggregate principal amount, and in any additional aggregate principal amounts as authorized by other acts of the Legislature, for the purpose of providing funds for the project work and for […]
Section 2-6-111 – Refunding Bonds.
Section 2-6-111 Refunding bonds. The corporation may sell and issue its refunding bonds, without limit as to principal amount, for the purpose of refunding any bonds of the corporation at the time outstanding, paying the expenses of issuance, and paying any premiums necessary to be paid to redeem any bonds to be refunded. (Act 2011-575, […]
Section 2-6-112 – Execution, Authentication, and Delivery of Bonds.
Section 2-6-112 Execution, authentication, and delivery of bonds. All bonds of the corporation shall be signed by its president, and the seal of the corporation shall be affixed thereto and attested by its secretary. The signatures of the president and secretary may be facsimile signatures and a facsimile of the seal of the corporation may […]
Section 2-6-113 – Sale of Bonds.
Section 2-6-113 Sale of bonds. Bonds may be sold by the corporation in series, and if sold in more than one series may all be authorized in one initial resolution of the board of directors with the pledges made in such initial resolution, although some of the details applicable to each series may be specified […]
Section 2-6-114 – Form and Contents of Bonds; Redemption.
Section 2-6-114 Form and contents of bonds; redemption. (a) Any bonds of the corporation may be executed and delivered by it at any time and from time to time, shall be in such form and denominations and of such tenor and maturities, shall bear such rate or rates of interest, payable and evidenced in such […]
Section 2-6-115 – Investment of Proceeds.
Section 2-6-115 Investment of proceeds. Any portion of the principal proceeds derived from the sale of the bonds which the board of directors of the corporation may determine is not then needed for any of the purposes for which the bonds are authorized to be issued shall be invested in permitted investments. Any such securities, […]
Section 2-6-116 – Disposition of Bond Proceeds.
Section 2-6-116 Disposition of bond proceeds. All proceeds derived from the sale of any bonds, excluding refunding bonds, sold by the corporation remaining after payment of the expenses of issuance thereof and the funding of any required reserve or replacement fund shall be deposited into a special account to the credit of the corporation, and […]
Section 2-6-117 – Disposition of Refunding Bond Proceeds.
Section 2-6-117 Disposition of refunding bond proceeds. (a) The proceeds of refunding bonds shall be applied, together with any other moneys legally available, to the payment of the expenses authorized by this article and to the payment of the principal of, premium, if any, and interest due and to become due on any outstanding bonds […]
Section 2-6-118 – Trust Fund.
Section 2-6-118 Trust fund. For the purpose of providing funds for the payment of the principal of and interest on the bonds issued by the corporation under this article, there is created and irrevocably pledged to the payment of such obligations a special and continuing trust fund which shall consist of all receipts, revenues, and […]
Section 2-6-119 – Pledge for Payment of Principal and Interest on Bonds; Filing With Judge of Probate.
Section 2-6-119 Pledge for payment of principal and interest on bonds; filing with Judge of Probate. In the proceedings authorizing the issuance of any of its bonds, the corporation is authorized and empowered to pledge for the payment of the principal of and interest on bonds at the respective maturities of the principal and interest, […]