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 […]
Section 22-23A-8 – Bonds – Procedure for Sale.
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.
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 […]
Section 22-23A-10 – Refunding Bonds.
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 […]