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 […]
Section 41-10-321 Obligations, bonds and notes not debts of state. All obligations incurred by the authority and all bonds and notes issued by it shall be solely and exclusively an obligation of the authority, payable solely from the sources which may under the provisions of this article be pledged to the payment thereof. No obligation […]
Section 41-10-322 Conveyance of property by commission; right to possession. The chairman of the commission is authorized upon direction and authorization of the commission to execute and deliver, at any time and from time to time, an appropriate deed or deeds conveying to the authority: (1) Any facilities belonging to the commission, (2) Any unimproved […]
Section 41-10-323 Plans for construction of facilities. All facilities constructed by the authority shall be constructed according to plans and specifications of architects or engineers, or both, selected by the commission. Such plans and specifications shall be approved by the authority. (Acts 1986, No. 86-546, p. 1093, §24.)
Section 41-10-324 Leasing to commission and other agencies. (a) The authority is hereby authorized to enter into a lease or leases of any one or more facilities constructed, acquired, reconstructed, renovated or improved by the authority under the provisions of this article, to and with the commission or any other agency of the state which […]
Section 41-10-325 Lease of vacant facilities to prevent default on bonds. If at any time any facility constructed or acquired by the authority is, or is about to be, vacant or unused as a result of there being no lease for such facility in effect for the current fiscal year, then, but only in such […]
Section 41-10-326 Special funds for payment of bonds, insurance, and other expenses. In the resolution or proceedings authorizing the issuance of any bonds or any temporary loan or in any indenture of trust, the authority may provide for the establishment of one or more special funds for the payment of the principal of, or interest […]
Section 41-10-327 Exemption from taxation. The properties of the authority and the income therefrom, all lease agreements made by the authority and all bonds and promissory notes issued by the authority, the interest thereon, the coupons, if any, applicable thereto, the income therefrom and all lien notices with respect thereto, and all purchases and uses […]
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. 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. 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. 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 41-10-332 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.)
