Section 23-1-316 – Payment by State Treasurer of Principal and Interest on Bonds and Notes; Maintenance of Records Pertaining Thereto.
Section 23-1-316 Payment by State Treasurer of principal and interest on bonds and notes; maintenance of records pertaining thereto. Out of the revenues appropriated and pledged and the sinking fund provided pursuant to Sections 23-1-314 and 23-1-315, the State Treasurer is authorized and directed to pay the principal of and interest on the obligations issued […]
Section 23-1-317 – Expenditure of Proceeds; Contracts; Rules and Regulations; Conveyance of Property.
Section 23-1-317 Expenditure of proceeds; contracts; rules and regulations; conveyance of property. (a) If such action shall be necessary in order to comply with any federal legislation relating to federal aid in construction of roads and highways, the authority may authorize the State Department of Transportation to expend directly any portion of proceeds from obligations […]
Section 23-1-318 – Dissolution.
Section 23-1-318 Dissolution. At any time when no securities of any kind of the authority, whether issued under this article or under authorization contained in any other act, are outstanding, the authority may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of […]
Section 23-1-312 – Bonds and Notes – Exemption From Taxation; Use as Security for Deposits; Eligibility as Investment for Fiduciary Funds.
Section 23-1-312 Bonds and notes – Exemption from taxation; use as security for deposits; eligibility as investment for fiduciary funds. (a) Any obligations authorized by this article and the income therefrom shall be exempt from all taxation in the state. (b) Any of the obligations authorized by this article may be used by the holder […]
Section 23-1-313 – Bonds and Notes – Disposition of Proceeds From Sale.
Section 23-1-313 Bonds and notes – Disposition of proceeds from sale. The authority shall pay out of the proceeds from the sale of the obligations authorized by this article all expenses that the board of directors may deem necessary and advantageous in connection with the sale and issuance thereof. The proceeds from the issue of […]
Section 23-1-314 – Bonds and Notes – Payment Generally.
Section 23-1-314 Bonds and notes – Payment generally. THIS SECTION WAS AMENDED BY ACT 2022-122 IN THE 2022 REGULAR SESSION, EFFECTIVE MARCH 10, 2022. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) For the purpose of providing funds to enable the authority to pay at their respective maturities and due dates the principal of […]
Section 23-1-315 – Investment of Funds; Pledge of Interest From Investments.
Section 23-1-315 Investment of funds; pledge of interest from investments. Any funds held as the proceeds of obligations issued by the authority under this article and any funds held by the State Treasurer in the sinking fund provided for the payment of such obligations shall be invested in obligations of the United States of America […]
Section 23-1-300 – Purpose and Construction of Article.
Section 23-1-300 Purpose and construction of article. (a) It is the intention of the Legislature by the passage of this article to authorize the incorporation of the Director of Finance, the Director of Transportation, the Attorney General, the State Treasurer, and the Governor of Alabama for the purposes of establishing the program Roads and Bridges […]
Section 23-1-301 – Definitions.
Section 23-1-301 Definitions. When used in this article, the following words and phrases shall have the following respective meanings unless the context clearly indicates otherwise: (1) AUTHORITY. The Alabama Federal Aid Highway Finance Authority, a public corporation and instrumentality of the state authorized to be organized under the provisions of this article. (2) BOARD OF […]
Section 23-1-302 – Incorporation – Authorization.
Section 23-1-302 Incorporation – Authorization. The Director of Finance, the Director of Transportation, the Attorney General, the State Treasurer, and the Executive Secretary to the Governor may become a corporation with the powers and authorities provided in this article by proceeding according to the provisions of this article. (Acts 1976, No. 565, p. 764, §3.)