Section 23-7-24 – Validity of Signatures on Bonds.
Section 23-7-24 Validity of signatures on bonds. If any of the members or officers of the bank cease to be members before the delivery of any bonds signed by them, their signatures or authorized facsimile signatures are nevertheless valid and sufficient for all purposes as if they had remained in office until the delivery of […]
Section 23-7-25 – Limitation on Amendments.
Section 23-7-25 Limitation on amendments. Subsequent amendments to this chapter may not limit the rights vested in the bank with respect to any agreements made with, or remedies available to, the holders of bonds issued under this chapter before the enactment of the amendments until the bonds, with all premiums and interest on them, and […]
Section 23-7-26 – Taxation of Bonds and Income.
Section 23-7-26 Taxation of bonds and income. Any bonds issued by the bank, the transfer of bonds, and the income from them, are free from taxation and assessment of every kind by the state and by the local governments and other political subdivisions of the state. (Act 2015-50, §26.)
Section 23-7-27 – Construction and Use of Bonds.
Section 23-7-27 Construction and use of bonds. (a) The bonds issued by the bank are legal investments in which all public officers or public bodies of the state, its political subdivisions, all municipalities and political subdivisions, all insurance companies and associations and other persons carrying on insurance business, all banks, bankers, banking associations, trust companies, […]
Section 23-7-28 – Performance of Contracts by Legal Residents of Alabama.
Section 23-7-28 Performance of contracts by legal residents of Alabama. Except as otherwise prohibited by Federal law, all contracts funded with the revenue or bond proceeds which are authorized pursuant to this chapter shall be performed by a workforce which consists of only legal residents of the State of Alabama. (Act 2015-50, §28.)
Section 23-7-29 – Other Financial Assistance Authorized.
Section 23-7-29 Other financial assistance authorized. (a) The granting of other financial assistance by the bank shall be authorized by a resolution of the bank. (b) The bank may execute instruments and enter into financing agreements, including, without limitation, a trust indenture between the bank and a corporate trustee, which may be the State Treasurer […]
Section 23-7-30 – Net Earnings of Bank Not to Inure to Benefit of Any Individual, Firm, or Corporation.
Section 23-7-30 Net earnings of bank not to inure to benefit of any individual, firm, or corporation. The bank shall be a nonprofit corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm, or corporation, except that in the event its board […]
Section 23-7-31 – Dissolution of Bank.
Section 23-7-31 Dissolution of bank. At any time when no bonds, other financial assistance, or other obligations of the bank are outstanding, the bank may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of the directors of the bank and which shall […]
Section 23-7-18 – Liability for Bonds.
Section 23-7-18 Liability for bonds. Bonds, other financial assistance, and other obligations issued by the bank shall not constitute an obligation or debt of this state, or any of its political subdivisions, but shall be limited obligations of the bank payable solely from the revenue, money, or property of the bank pledged for such purpose […]
Section 23-7-19 – Requirements for Bonds.
Section 23-7-19 Requirements for bonds. (a) The bonds of the bank must be authorized by a resolution of the bank. (b) The bonds shall bear the date and mature at the time which the resolution provides, except that no bond may mature more than 40 years from its date of issue. (c) The bonds may […]