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.)
Section 23-1-303 – Incorporation – Application.
Section 23-1-303 Incorporation – Application. (a) To become a corporation, the Director of Finance, the Director of Transportation, the Attorney General, the State Treasurer and the Executive Secretary to the Governor shall present to the Secretary of State of Alabama an application signed by them which will set forth: (1) The name, official designation and […]
Section 23-1-304 – Incorporation – Certificate.
Section 23-1-304 Incorporation – Certificate. (a) When the application has been made, filed and recorded as provided in Section 23-1-303, the applicants shall constitute a corporation under the name proposed in the application and the Secretary of State shall make and issue to the applicants a certificate of incorporation pursuant to this article under the […]
Section 23-1-305 – Corporation – Generally.
Section 23-1-305 Corporation – Generally. (a) The members of the corporation shall be the Governor, the Director of Finance, the Director of Transportation, the Attorney General, and the State Treasurer and their respective successors in office. (b) The Governor shall be the president of the corporation, the Director of Finance shall be the vice-president of […]
Section 23-1-306 – Corporation – Powers.
Section 23-1-306 Corporation – Powers. The corporation shall have the following powers: (1) To have perpetual succession by its corporate name unless sooner dissolved pursuant to Section 23-1-318. (2) To commence actions and have actions commenced against it, provided, however, that the corporation shall be considered a public agency performing state governmental functions and shall […]
Section 23-1-307 – Bonds and Notes – Authorization for Issuance.
Section 23-1-307 Bonds and notes – Authorization for issuance. The authority shall have the power and is hereby authorized and empowered to sell and issue its bonds in order to provide as soon as practicable the federal share of the cost of constructing federal aid projects in anticipation of the receipt by the state of […]
Section 23-1-308 – Bonds and Notes – Form, Denominations, Terms, Redemption, Etc.
Section 23-1-308 Bonds and notes – Form, denominations, terms, redemption, etc. Any obligations authorized by this article shall be in such forms and denominations and of such tenor and maturities, shall bear such rate or rates of interest payable and evidenced in such manner and may contain other provisions not inconsistent with this article as […]