Section 23-6-1 Definitions. Where used in this chapter the following words and terms shall be given the following respective meanings unless the context hereof clearly indicates otherwise: (1) BOARD OF DIRECTORS. The board of directors of the corporation. (2) CODE. The Code of Alabama 1975, as amended. (3) CORPORATION. The public corporation authorized to be […]
Section 23-6-10 Revenues of corporation. For the purpose of providing funds to enable the corporation to pay the principal of, premium, if any, and interest on any bonds issued by it under the provisions of this chapter, and to accomplish the purposes and objects of its creation, there hereby are irrevocably pledged to such purpose […]
Section 23-6-11 State Treasurer to disburse funds. Out of the revenues appropriated and pledged in Section 23-6-10, the State Treasurer is authorized and directed to pay the principal of, premium, if any, and interest on the bonds issued by the corporation under the provisions of this chapter, as such principal, premium, if any, and interest […]
Section 23-6-12 Dissolution of corporation. At any time when no bonds of the corporation are outstanding the corporation may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of the members of the corporation and which shall be sworn to by each such […]
Section 23-6-2 Purposes of public corporation; supervision of construction by State Department of Transportation; department’s power to assign, contract, etc., construction work; construction of chapter. It is the intention of the Legislature to authorize the incorporation of a public corporation for all of the following purposes: (1) To issue bonds to assure the availability of […]
Section 23-6-3 Authority to incorporate. The Director of Transportation, the State Treasurer, and the Director of Finance may become a corporation, with the powers and authorities hereinafter provided, by proceeding according to the provisions of this chapter. (Acts 1985, No. 85-549, p. 833, §3.)
Section 23-6-4 Proceeding to incorporate. To become a corporation, the Director of Transportation, the State Treasurer, 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, together with a […]
Section 23-6-5 Certificate of incorporation; recording; no fees to be paid to Secretary of State on incorporation or dissolution. When the application has been made, filed and recorded, as herein provided, the applicants shall constitute a public corporation under the name proposed in the application and the Secretary of State shall make and issue to […]
Section 23-6-6 Members, officers, and directors of corporation; vacancies; compensation; record of proceedings; record as evidence. The applicants named in the application and their respective successors in office shall constitute the members of the corporation. The Director of Transportation shall be the president of the corporation, the State Treasurer shall be its vice-president, the Director […]
Section 23-6-7 Corporate powers. The corporation shall have the following powers: (1) To have succession by its corporate name without time limit; (2) To sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties; (3) To have and […]
Section 23-6-8 Bonds of corporation; annual appropriation from state Public Road and Bridge Fund. (a) The bonds of the corporation shall be signed by its president and attested by its secretary and the seal of the corporation shall be affixed thereto or a facsimile thereof printed or otherwise reproduced thereon. The signatures of both the […]
Section 23-6-8.1 Annual appropriation from Public Road and Bridge Fund. The annual appropriation from the Public Road and Bridge Fund shall remain a part of the Public Road and Bridge Fund but still be maintained in a special account within the State Treasury. Said funds shall at all times be invested in the same manner […]
Section 23-6-9 Disposition of bond proceeds; industrial access road and bridge construction account; refunding bonds; contracts for construction, etc., of roads and bridges; performance of work done without contract; property acquired by corporation; roads and bridges constructed to be part of public highway system; appropriation for road and bridge construction. The proceeds of all bonds, […]
