Section 22-23B-1 Legislative findings. The Legislature hereby finds and declares that the following facts are true and correct: The 104th Congress of the United States of America has recently enacted into law amendments to Public Law 104-182 (the “federal act”) commonly known as the “Safe Drinking Water Act;” Congress, in the federal act, has determined […]
Section 22-23B-10 Usury exemption. All notes, bonds or other 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 1997, No. 97-415, §10.)
Section 22-23B-11 Taxation exemption. All bonds at any time issued by the authority and the income therefrom shall be exempt from all taxation in the state. (Acts 1997, No. 97-415, p. 687, §11.)
Section 22-23B-12 Capitalization grant agreements, operating agreements, etc. The department is hereby authorized to enter into capitalization grant agreements, operating agreements and other arrangements required by the federal act as a condition precedent to the receipt of funds under the federal act. The department shall have full and continuing power to do all things necessary […]
Section 22-23B-13 Legislative intent. 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. No proceeding, notice or approval shall be required for the incorporation of the authority, the purchase or making […]
Section 22-23B-14 Construction. This chapter is remedial in nature and shall be liberally construed to effect its purposes. (Acts 1997, No. 97-415, p. 687, §14.)
Section 22-23B-2 Definitions. The following words and phrases, whenever used in this chapter, shall have the following respective meanings unless the context clearly indicates otherwise: 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 Drinking Water Finance Authority.” […]
Section 22-23B-3 Revolving Loan Fund established; maintenance; administration. There is hereby established the State of Alabama Drinking Water Revolving Loan Fund, which shall be maintained in perpetuity and operated by the department as agent for the authority for the purposes stated herein. Grants from the federal government or its agencies allocated, allotted or paid to […]
Section 22-23B-4 Alabama Drinking Water Finance Authority. The Governor, the Lieutenant Governor, the Speaker of the House of Representatives, the director of the department and the Director of Finance may become a public corporation to be known as the Alabama Drinking Water Finance Authority with the power and authority hereinafter provided, by proceeding according to […]
Section 22-23B-5 Alabama Drinking Water Finance Authority – Incorporation. (a) To become a corporation, the Governor, the Lieutenant Governor, the Speaker of the House of Representatives, the director of the department and the Director of Finance shall present to the Secretary of State of Alabama an application signed by them which shall set forth: (1) […]
Section 22-23B-6 Alabama Drinking Water Finance Authority – Powers. (a) The authority shall have the following powers, among others specified by or required to implement the provisions of this chapter: To have succession in its corporate name until the principal of and interest on all bonds issued by it shall have been fully paid; To […]
Section 22-23B-7 Purpose; issuing, selling and refunding of bonds. For the purpose of providing funds for the authority to make loans to public bodies for a project or projects, or for the payment of obligations incurred or temporary loans made for any of said purposes, the authority is hereby authorized, from time to time, to […]
Section 22-23B-8 Funding of a loan. (a) In order to provide for the funding of a loan by the authority for a project to the public body, such public body shall, to the extent required by the authority as a condition precedent to the making of a loan, establish a dedicated source of revenue to […]
Section 22-23B-9 Signature; seal. The bonds of the authority shall be signed by its president or vice-president and attested by its secretary, and the seal of the authority shall be affixed thereto; provided, that a facsimile of the signatures of said officers may be printed or otherwise reproduced on any such bonds in lieu of […]
