Section 33-15-12 – Exemption From Taxation, Etc.
Section 33-15-12 Exemption from taxation, etc. The authority, its income, the property of the authority while owned by it, all bonds issued by the authority, the income from such bonds, conveyances by or to the authority and leases, mortgages and deeds of trust by or to the authority shall be exempt from all taxation in […]
Section 33-15-13 – Monetary Contributions by Certain Counties and Municipalities.
Section 33-15-13 Monetary contributions by certain counties and municipalities. Marion, Colbert, Franklin and Winston Counties and the municipalities named in subdivision (3) of Section 33-15-4 are each hereby authorized and empowered to contribute to the authority any amount or amounts of money, either with or without consideration therefor, that their respective governing bodies, acting in […]
Section 33-15-14 – Freedom of Authority From Supervision and Control.
Section 33-15-14 Freedom of authority from supervision and control. This chapter is intended to aid the State of Alabama in the execution of its duties by providing an appropriate and independent political subdivision of the state with full and adequate powers to fulfill the functions herein authorized. Except as in this chapter expressly otherwise provided, […]
Section 33-15-15 – Annual Reports.
Section 33-15-15 Annual reports. The board of directors of the authority shall report annually to the Governor of Alabama and shall likewise report annually to the governing bodies of Marion, Colbert, Franklin and Winston Counties and the incorporated municipalities named in Section 33-15-4. Such reports shall include a statement of financial receipts and expenditures and […]
Section 33-15-1 – Definitions.
Section 33-15-1 Definitions. The following words and phrases used in this chapter, and others evidently intended as the equivalent thereof, shall, in the absence of clear implication herein otherwise, be given the following respective interpretations herein: (1) AUTHORITY. The public corporation organized pursuant to the provisions of this chapter. (2) BOARD. The board of directors […]
Section 33-15-2 – Authorization and Establishment; Purpose; Public Corporation and Political Subdivision.
Section 33-15-2 Authorization and establishment; purpose; public corporation and political subdivision. In the interest of the unified development of Bear Creek and its tributaries and watershed, for the purposes of navigation, water conservation and supply, flood control, irrigation, industrial development, public recreation and related purposes, there is hereby authorized, and shall be established as hereinafter […]
Section 33-15-3 – Procedure for Incorporation.
Section 33-15-3 Procedure for incorporation. To become a corporation, the persons who are designated to become members of the initial board of directors of the authority, as provided in Section 33-15-4, shall present to the Judge of Probate of Franklin County a certificate of incorporation signed by them which shall contain: (1) The name and […]
Section 33-15-4 – Composition of Board of Directors; Appointment, Qualifications and Terms of Members; Vacancies in Office.
Section 33-15-4 Composition of board of directors; appointment, qualifications and terms of members; vacancies in office. The board of directors of the authority shall consist of 14 members, designated herein as directors, as follows: (1) The governing body of each of the Counties of Marion, Colbert, Franklin, and Winston shall appoint a director of the […]
Section 33-15-5 – Initial Meeting of Board; Expenses of Directors; Quorum; Acquisition by Eminent Domain of Certain Property or Rights Not Authorized.
Section 33-15-5 Initial meeting of board; expenses of directors; quorum; acquisition by eminent domain of certain property or rights not authorized. (a) As soon as may be practicable after completion of the incorporation as provided in Sections 33-15-3 and 33-15-4, the board of directors shall hold its first meeting at Red Bay, Alabama, elect a […]