Section 22-29-1 Definitions. For the purposes of this chapter, unless otherwise indicated, the following terms shall have the meanings respectively ascribed to them by this section: (1) AUTHORITY. The public corporation organized pursuant to the provisions of this chapter as a public corporation, agency and instrumentality of the state. (2) AUTHORIZING RESOLUTION. A resolution or […]
Section 22-29-10 Bonds – Presumption of validity; contest of validity. Each authorizing resolution or an indenture of trust provided for therein shall contain a recital that the bonds therein authorized are issued pursuant to the provisions of this chapter, which recital shall be conclusive evidence that said bonds have been duly authorized pursuant to the […]
Section 22-29-11 Temporary financing. In anticipation of the issuance of bonds, the authority may borrow such sums as may be needed, not exceeding $500,000.00 to be outstanding at any one time, for any of the purposes enumerated in this chapter and to obligate itself by certificate or promissory note, bearing interest at a rate or […]
Section 22-29-12 Refunding bonds. The authority may, from time to time, and at any 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 […]
Section 22-29-13 Execution of bonds, certificates and promissory notes. The bonds, certificates and promissory notes of the authority shall be signed by either its president or its vice-president, as shall be provided in the authorizing resolution, and the seal of the authority shall be affixed to any bonds so issued and attested by its secretary; […]
Section 22-29-14 Bonds and coupons deemed negotiable instruments. All bonds issued by the authority, while not 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 not registered as to both principal and […]
Section 22-29-15 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, charges or rent, which may, pursuant to the provisions of this chapter, be pledged to the payment thereof, and no […]
Section 22-29-16 Custody of moneys and funds; disposition of same. The State Treasurer shall have custody of all moneys or funds paid or delivered to the authority and shall establish a separate account for each project of each local public body, and such moneys or funds shall be dedicated and used solely for the payment […]
Section 22-29-17 Grants to local public bodies – Authorized. The state is hereby authorized to make grants to any local public body to assist such local public body in the construction of a project. Such grants shall be administered by the authority. The authority acting by and through any authorized officer is hereby authorized to […]
Section 22-29-18 Grants to local public bodies – Appropriations. There are hereby appropriated to the authority for the purpose of making grants to local public bodies the net proceeds of all bonds issued by the authority and any funds provided or made available to the authority to fund any grant made or to be made […]
Section 22-29-19 Grants to local public bodies – Applications. Any local public body which is eligible for federal aid, grant or assistance under the Federal Water Pollution Control Act for a portion of the cost of acquiring or constructing a project may apply also to the authority for a grant. The application shall describe the […]
Section 22-29-2 Purpose of chapter. It is the intent of the Legislature by the passage of this chapter to enable the state, acting by and through the authority, to aid in the prevention and control of water pollution, to provide state financial aid or grants to local public bodies for the prevention and control of […]
Section 22-29-20 Grants to local public bodies – Plan or program. The plan or program for funding the grant by the authority to a local public body for a project may be any one or more of the following, as shall be approved by the authority: (1) An appropriation by the state. (2) A grant […]
Section 22-29-21 Grants to local public bodies – Powers of local public bodies. In order to provide for the funding of the grant by the authority for a project to the local public body, such local public body is hereby authorized and empowered, any existing statute to the contrary notwithstanding, to do and perform any […]
Section 22-29-22 Taxation exemption. All bonds 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 1971, No. 42, p. 279, §19.)
Section 22-29-23 Dissolution. When all bonds issued by the authority and all obligations made or assumed by it under the provisions of this chapter shall have been paid in full, the then officers and directors of the authority shall at such time file with the Secretary of State a written statement, subscribed and sworn to […]
Section 22-29-3 Incorporation – Authorized. The Governor, the State Health Officer and the Director of Finance shall become a public corporation with the power and authority provided in this chapter by proceeding according to the provisions of this chapter. (Acts 1971, No. 42, p. 279, §3.)
Section 22-29-4 Incorporation – Application. The Governor, the State Health Officer and the Director of Finance shall present to the Secretary of State of Alabama an application signed by them which shall set forth: (1) The name, official designation and official residence of each of the applicants; (2) The date on which each applicant was […]
Section 22-29-5 Incorporation – Certificate of incorporation. When the application has been made, filed and recorded as provided in Section 22-29-4, the Secretary of State shall make and issue to the applicants a certificate of incorporation pursuant to this chapter, under the Great Seal of the State, and shall record the certificate with the application, […]
Section 22-29-6 Members, officers and directors; quorum; resolutions and orders. The applicants named in the application and their respective successors in office shall constitute the members of the authority. The Governor shall be president of the authority, the State Health Officer shall be vice-president of the authority and the Director of Finance shall be the […]
