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 […]
Section 33-15-6 – Powers, Duties and Functions Generally.
Section 33-15-6 Powers, duties and functions generally. The general powers, duties and functions of the authority shall be as follows: (1) GENERAL. The authority: a. Shall have perpetual succession in its corporate name; b. May bring civil actions and have civil actions brought against it in its corporate name; c. May adopt, use, and alter […]
Section 33-15-7 – Rates, Fees and Charges; User Permits.
Section 33-15-7 Rates, fees and charges; user permits. (a) Rates, fees and charges for services rendered by the authority from any of its facilities shall be fixed and from time to time revised by the authority; provided, that such rates, fees and charges shall be so fixed as at all times to provide funds at […]
Section 33-15-8 – Bonds and Other Obligations – Generally.
Section 33-15-8 Bonds and other obligations – Generally. All bonds issued by the authority shall be signed by the chairman of its board of directors and attested by its secretary-treasurer, and the seal of the authority shall be affixed thereto, and any interest coupons applicable to the bonds of the authority shall be signed by […]
Section 33-15-9 – Bonds and Other Obligations – Contracts to Secure Bonds and Other Obligations.
Section 33-15-9 Bonds and other obligations – Contracts to secure bonds and other obligations. As security for payment of the principal of and interest on bonds issued or obligations assumed by it, the authority may enter into a contract or contracts binding itself for the proper application of the proceeds of bonds and other funds, […]
Section 33-15-10 – Bonds and Other Obligations – Statutory Mortgage Lien.
Section 33-15-10 Bonds and other obligations – Statutory mortgage lien. Any resolution of the board of directors or trust indenture, under which bonds may be issued pursuant to the provisions of this chapter may contain provisions creating a statutory mortgage lien, in favor of the holders of such bonds and of the interest coupons applicable […]
Section 33-15-11 – Bonds and Other Obligations – Use of Proceeds From Sale of Bonds.
Section 33-15-11 Bonds and other obligations – Use of proceeds from sale of bonds. 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 and any costs and expenses incidental thereto. Such costs and expenses may include […]
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 […]