Section 22-30F-1 – Short Title.

Section 22-30F-1 Short title. This chapter shall be known and may be cited as the “Alabama Land Recycling Finance Authority.” (Act 2003-403, p. 1176, §1.)

Section 22-30F-10 – Capitalization Grant Agreements, Operating Agreements, Other Arrangements.

Section 22-30F-10 Capitalization grant agreements, operating agreements, other arrangements. The department is hereby authorized to enter into capitalization grant agreements, operating agreements, and other arrangements required by the United States Environmental Protection Agency, other federal agencies, or other entities as a condition precedent to the receipt of funds necessary to capitalize the revolving loan fund. […]

Section 22-30F-11 – Legislative Intent.

Section 22-30F-11 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 22-30F-2 – Legislative Findings; Purpose and Intent of Chapter; Establishment of Revolving Loan Program for Voluntary Remediation of Environmentally Contaminated Areas.

Section 22-30F-2 Legislative findings; purpose and intent of chapter; establishment of revolving loan program for voluntary remediation of environmentally contaminated areas. (a) The Legislature finds that rural and urban property in Alabama may have areas of contamination which may be addressed via the Alabama Land Recycling and Economic Redevelopment Act, Sections 22-30E-1 through 22-30E-13. The […]

Section 22-30F-3 – Definitions.

Section 22-30F-3 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 this chapter as a public corporation, agency, and instrumentality of the state and known as the “Alabama Land Recycling Finance Authority.” (2) AUTHORIZING […]

Section 22-30F-4 – Revolving Loan Fund Established; Maintenance; Administration.

Section 22-30F-4 Revolving Loan Fund established; maintenance; administration. (a) There is hereby established the State of Alabama Land Recycling 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 […]

Section 22-30F-5 – Alabama Land Recycling Finance Authority. – Generally.

Section 22-30F-5 Alabama Land Recycling Finance Authority. – Generally. 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 Land Recycling Finance Authority with the power and authority hereinafter provided, by proceeding […]

Section 22-30F-6 – Alabama Land Recycling Finance Authority – Incorporation.

Section 22-30F-6 Alabama Land Recycling 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 the […]

Section 22-30F-7 – Alabama Land Recycling Finance Authority – Powers.

Section 22-30F-7 Alabama Land Recycling Finance Authority – Powers. (a) The authority shall have each of the following powers, among others specified by or required to implement this chapter: (1) To sue and be sued and to prosecute and defend, at law and in equity, in any court having jurisdiction of the subject matter and […]

Section 22-30F-8 – Funding of a Loan.

Section 22-30F-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 22-30F-9 – Usury Exemption.

Section 22-30F-9 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, commencing with Section 8-8-1, of Title 8. (Act 2003-403, p. 1176, §1.)