Section 24-1A-5 – Powers of Authority.
Section 24-1A-5 Powers of authority. The authority shall have the following powers: (1) To have succession by its corporate name until the principal of and interest on the bonds shall have been fully paid and until it shall have been dissolved as provided in this chapter; (2) To sue and be sued and to prosecute […]
Section 24-1A-6 – Bonds.
Section 24-1A-6 Bonds. (a) General. The authority may from time to time issue its negotiable bonds in such principal amounts as, in the opinion of the authority, shall be necessary to provide sufficient funds for achieving the corporate purposes thereof, the payment of interest on bonds of the authority, establishment of reserves to secure such […]
Section 24-1A-7 – Proceeds From Sale of Bonds; Use; Issuance Procedures; Distribution Percentages; Allocation of Proceeds Available for Single Family Mortgage Loans.
Section 24-1A-7 Proceeds from sale of bonds; use; issuance procedures; distribution percentages; allocation of proceeds available for single family mortgage loans. (a) All moneys derived from the sale of any bonds issued by the authority shall be used solely for the purpose or purposes for which the same are authorized, including costs and expenses of […]
Section 24-1A-8 – Refunding Bonds.
Section 24-1A-8 Refunding bonds. (a) Any bonds issued by the authority may from time to time be refunded by the issuance, by sale or exchange, of refunding bonds payable from the same or different sources for the purpose of paying: (1) All or any part of the principal of the bonds to be refunded; (2) […]
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-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-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-1 – Legislative Findings and Declaration of Purpose of Article.
Section 24-1A-1 Legislative findings and declaration of purpose of chapter. (a) It is hereby found and declared that from time to time there has existed and at the present time there exists an inadequate supply of funds at interest rates sufficiently low to enable the financing of safe and sanitary multi-family dwelling units for citizens […]