Section 24-1A-10 – Bonds Eligible for Investment by State and Local Governments and by Executors, Trustees, Etc.
Section 24-1A-10 Bonds eligible for investment by state and local governments and by executors, trustees, etc. The State Treasurer may invest any idle or surplus moneys of the state in bonds of the authority. The governing body of any county or municipality is authorized in its discretion to invest any idle or surplus money held […]
Section 24-1A-43 – Mortgage Guarantee Fund; Fee; Payment Warrants; Reimbursements; Depletion of Fund.
Section 24-1A-43 Mortgage guarantee fund; fee; payment warrants; reimbursements; depletion of fund. (a) There is hereby established a mortgage guarantee fund to be held in the State Treasury and to be administered by the Alabama Housing Finance Authority that will be available to reimburse foreclosure losses, if any, that arise with respect to a qualified […]
Section 24-1A-11 – Applicability of Certain Provisions of Uniform Commercial Code.
Section 24-1A-11 Applicability of certain provisions of Uniform Commercial Code. The provisions of subsection (d)(14) of Section 7-9A-109, to the contrary notwithstanding, the provisions of Article 9A of Title 7 shall apply with full force and effect to any security interest (whether denominated a pledge, assignment or otherwise) in any tangible or intangible personal property […]
Section 24-1A-44 – Alternative Housing Programs; Certified Amounts; Modification and Depletion.
Section 24-1A-44 Alternative housing programs; certified amounts; modification and depletion. (a) Mortgage guarantee fund. In addition to the uses provided in Section 24-1A-43, commencing on March 3, 2014, the mortgage guarantee fund established by the Alabama Home Buyers Initiative Act, including all funds appropriated for the mortgage guarantee fund and all interest or investment earnings […]
Section 24-1A-12 – Exemption From Taxation.
Section 24-1A-12 Exemption from taxation. The property and income of the authority, all bonds issued by the authority, the interest payable on and the income derived from such bonds, conveyances by or to the authority and leases, mortgages and deeds of trust or trust indentures by or to the authority shall be exempt from all […]
Section 24-1A-13 – Liability of State.
Section 24-1A-13 Liability of state. The state shall not in any event be liable for the payment of the principal of, or interest on, any bonds of the authority or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever which may be undertaken by the authority, and none of the […]
Section 24-1A-14 – Exemption From Usury and Interest Laws.
Section 24-1A-14 Exemption from usury and interest laws. All 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 of Title 8. (Acts 1980, No. 80-585, p. 899, §16.)
Section 24-1A-15 – Freedom of Authority From State Supervision and Control; Authority Deemed Independent Instrumentality.
Section 24-1A-15 Freedom of authority from state supervision and control; authority deemed independent instrumentality. This chapter is intended to aid the state through the furtherance of the purposes of the chapter by providing an appropriate and independent instrumentality of the state with full and adequate powers to fulfill its functions. Except as expressly provided in […]
Section 24-1A-16 – Earnings of Authority; Nonprofit; Excess Paid to State.
Section 24-1A-16 Earnings of authority; nonprofit; excess paid to state. The authority 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 of directors shall determine that sufficient provision […]
Section 24-1A-17 – Dissolution of Authority; Vesting Title to Property in State.
Section 24-1A-17 Dissolution of authority; vesting title to property in state. At any time when an authority has no bonds or other obligations outstanding, its board of directors may by the unanimous vote of all directors present adopt a resolution declaring that the authority shall be dissolved. Upon filing for record of a certified copy […]