Section 41-10-332 – Exemption From Sunset Law.
Section 41-10-332 Exemption from Sunset Law. The authority shall not be governed by the provisions of Chapter 20 of this title of the code (originally enacted as Act No. 512 of the 1976 Regular Session of the Legislature of Alabama). (Acts 1986, No. 86-546, p. 1093, §33.)
Section 41-10-328 – Venue for Actions.
Section 41-10-328 Venue for actions. Any action to protect or enforce any rights under the provisions of this article shall be brought in the Circuit Court of Madison County, Alabama. (Acts 1986, No. 86-546, p. 1093, §29.)
Section 41-10-329 – No Fees for Incorporation or Dissolution.
Section 41-10-329 No fees for incorporation or dissolution. There shall be no fees paid to the Secretary of State for any work done in connection with the incorporation or dissolution of the authority. (Acts 1986, No. 86-546, p. 1093, §30.)
Section 41-10-330 – Dissolution.
Section 41-10-330 Dissolution. When all bonds and securities issued by the authority and all obligations assumed by it under the provisions of this article shall have been paid in full, the then president of the authority may thereupon execute and deliver in the name of, and in behalf of, the authority an appropriate deed or […]
Section 41-10-331 – Exemption of Leases of Facilities From Competitive Bid Laws.
Section 41-10-331 Exemption of leases of facilities from competitive bid laws. All leases of facilities made by the authority shall be exempt from the provisions and requirements of Chapter 16 of this title of the code. (Acts 1986, No. 86-546, p. 1093, §32.)
Section 41-10-316 – Disposition of Proceeds of Bonds.
Section 41-10-316 Disposition of proceeds of bonds. (a) All proceeds derived from the sale of any bonds, except refunding bonds, sold by the authority, remaining after payment of the expenses of issuance thereof, shall be held by the authority and used solely for the purposes of: (1) Acquiring land for and constructing, reconstructing and equipping […]
Section 41-10-317 – Investment of Proceeds.
Section 41-10-317 Investment of proceeds. Any portion of the principal proceeds derived from the sale of the bonds which the board of directors of the authority may determine is not then needed for any of the purposes for which the bonds are authorized to be issued shall, on order of the authority, be invested in […]
Section 41-10-318 – Security for Bonds.
Section 41-10-318 Security for bonds. The principal of, premium, if any, and interest on the bonds of the authority shall be secured by any or all of the following, as the authority may determine: (1) The rent and revenues from the lease or use of one or more facilities of the authority; (2) The proceeds […]
Section 41-10-319 – Rights of Holders of Bonds Upon Default.
Section 41-10-319 Rights of holders of bonds upon default. If there be any default by the authority in the payment of the principal of or interest on the bonds or in any of the agreements on the part of the authority which may properly be included in any resolution or indenture of trust securing such […]
Section 41-10-320 – Bonds and Coupons Deemed Negotiable Instruments.
Section 41-10-320 Bonds and coupons deemed negotiable instruments. All bonds issued by the authority, while not registered, shall be construed to be negotiable instruments even though they are payable from a limited source. All coupons applicable to any bonds issued by the authority, while the applicable bonds are not registered as to both principal and […]