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 33-13-10 – Bonds – State Docks Facilities Reserve Fund.
Section 33-13-10 Bonds – State Docks Facilities Reserve Fund. There is hereby created a special fund to be designated the State Docks Facilities Reserve Fund, which shall be held in and constitute a part of the State Treasury and which shall be maintained until the principal of and interest on the bonds (or any refunding […]
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 33-13-11 – Bonds – Refunding Bonds.
Section 33-13-11 Bonds – Refunding Bonds. The authority may from time to time sell and issue refunding bonds for the purpose of refunding any matured or unmatured bonds then outstanding that were originally issued under this chapter. To the extent they may be applicable, the provisions of this chapter pertaining to the authorization, sale, execution, […]
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 33-13-12 – Bonds – Disposition of Proceeds; Investments.
Section 33-13-12 Bonds – Disposition of proceeds; investments. The authority shall pay out of the proceeds from the sale of any of the bonds (other than refunding bonds) those expenses which the board of directors may deem necessary or advantageous in connection with the sale or issuance thereof. The proceeds from the sale of all […]
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 33-13-13 – Bonds – State Treasurer to Pay Principal and Interest of Bonds; Records.
Section 33-13-13 Bonds – State Treasurer to pay principal and interest of bonds; records. The State Treasurer is authorized and directed to pay the principal of and interest on the bonds (or any bonds issued to refund any of the bonds) at the respective maturities of the said principal and interest, out of the special […]
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 […]