Section 22-23A-1 Definitions. The following words and phrases, whenever used in this chapter, shall have the following respective meanings unless the context clearly indicates otherwise: (1) AUTHORITY. The corporation organized pursuant to the provisions of this chapter as a public corporation, agency and instrumentality of the state and known as the “Alabama Water System Assistance […]
Section 22-23A-10 Refunding bonds. The authority may, from time to time, issue and sell its refunding bonds for the purpose of refunding any matured or unmatured bonds of the authority at the time outstanding and any premiums necessary to be paid to redeem any bonds so to be refunded. The holders of such refunding bonds […]
Section 22-23A-11 Establishment of dedicated source of revenue by community water system for funding of loan by authority; powers of water system; default; repayment guidelines; project accounts. (a) In order to provide for the funding of the loan by the authority for a project to a community water system, such water system shall establish a […]
Section 22-23A-12 Investment in bonds of authority. 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 […]
Section 22-23A-13 Taxation exemption. All bonds or other indebtedness of the authority and the coupons applicable thereto and the income therefrom and all projects or parts thereof and all assets of the authority shall be forever exempt from any and all taxation in the state. (Acts 1988, 1st Ex. Sess., No. 88-857, p. 338, §13.)
Section 22-23A-14 Interest exemption. All securities issued by the authority shall be exempt from the laws of the state governing usury or prescribing or limiting interest rates, including, but without limitation, the provisions of Chapter 8 of Title 8. (Acts 1988, 1st Ex. Sess., No. 88-857, p. 338, §14.)
Section 22-23A-15 Purpose of chapter. This chapter is intended to aid the state through the furtherance of its purposes by providing an appropriate and independent instrumentality of the state with full and adequate powers to fulfill its functions. Except as expressly provided in this chapter, no proceeding, notice or approval shall be required for the […]
Section 22-23A-16 Bonds and coupons deemed negotiable instruments. All bonds issued by the authority, while registered, shall be construed to be negotiable instruments even though they are payable from a limited source. All coupons applicable to any bonds issued by the authority, while the applicable bonds are registered as to both principal and interest, shall […]
Section 22-23A-17 Bonds, notes and certificates not debt of state. All bonds, notes and certificates issued by the authority shall be solely and exclusively obligations of the authority, payable solely from the revenues, income, fees or charges which may pursuant to the provisions of this chapter, be pledged to the payment thereof, and no such […]
Section 22-23A-2 Legislative intent. It is the intent of the Legislature acting by and through the authority and the department to aid, assist and coordinate existing community water systems in locating, developing and sustaining adequate potable water supplies for the citizens of this state and to this end to authorize the incorporation of a state […]
Section 22-23A-3 Alabama Water System Assistance Authority; created; members. The Governor, the Director of the Department of Economic and Community Affairs, the Director of Finance, one member of the House of Representatives appointed by the Speaker, and one member of the Senate appointed by the Lieutenant Governor may become a public corporation to be known […]
Section 22-23A-4 Water Supply Assistance Fund established; deposits; expenditures; investments. There is hereby established a special fund within the State Treasury to be known as the “Water Supply Assistance Fund.” Proceeds from the sale of bonds issued by the authority shall be deposited in this special “Water Supply Assistance Fund.” Money in such fund shall […]
Section 22-23A-5 Application to become corporation; filing and recordation; certificate of incorporation; officers; board of directors; record of proceedings. (a) To become a corporation, the Governor, the director of the department, the Director of Finance, and the two legislators appointed to the authority in Section 22-23A-3 shall present to the Secretary of State of Alabama […]
Section 22-23A-6 Powers of authority. (a) The authority shall have the following powers, among others specified by this chapter: (1) To have succession in its corporate name until the principal of and interest on all bonds issued by it shall have been fully paid; (2) To sue and be sued and to prosecute and defend, […]
Section 22-23A-7 Bonds – Authorization to issue and sell; security for payment. For the purpose of providing funds for the authority to make loans to community water systems for a project or projects, or to refinance debt of community water systems or for the payment of obligations incurred or temporary loans made for any of […]
Section 22-23A-8 Bonds – Procedure for sale. The bonds and other evidences of indebtedness of the authority may be sold at such time or times as the board of directors may deem advantageous. The bonds shall be sold by competitive sale unless because of market conditions and/or credit structures such a sale would be disadvantageous […]
Section 22-23A-9 Loans in anticipation of bond issuance; refund of local funds provided by community water system. In anticipation of the issuance of bonds, the authority may borrow such sums as may be needed for any of the aforesaid purposes and to obligate itself by certificate or promissory note, bearing interest at a rate or […]
