Section 22-23A-15 – Purpose of Chapter.
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.
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-1 – Definitions.
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-17 – Bonds, Notes and Certificates Not Debt of State.
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.
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.
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.
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.
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.
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.
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 […]