Section 41-10-450 Legislative intent. It is the intent of the Legislature by the passage of this article to authorize the incorporation of the Governor, the Director of Finance, and the State Treasurer as a public corporation for the sole purpose of constructing, renovating, reconstructing, improving, altering, adding to, demolishing, equipping, operating and maintaining or contracting […]
Section 41-10-451 Definitions. (1) AUTHORITY. The public corporation organized pursuant to the provisions of this article. (2) BONDS. Those bonds, including refunding bonds, authorized to be issued by the authority pursuant to act of the Legislature. (3) GOVERNMENT SECURITIES. Any bonds or other obligations which as to principal and interest constitute direct obligations of, or […]
Section 41-10-452 Power to incorporate. The Governor, the Director of Finance, and the State Treasurer may become a public corporation with the power and authority hereinafter provided, by proceeding according to the provisions of this article. (Acts 1990, No. 90-602, p. 1079, §3.)
Section 41-10-453 Provisions for incorporation. To become a corporation, the Governor, the Director of Finance, and the State Treasurer shall present to the Secretary of State of Alabama an application signed by them which shall set forth: (1) the name, official designation, and official residence of each of the applicants, together with a certified copy […]
Section 41-10-454 Consummation of incorporation. When the application has been made, filed, and recorded as provided in Section 41-10-453, the Secretary of State shall make and issue to the applicants a certificate of incorporation pursuant to this article, under the Great Seal of the State, and shall record the certificate with the application, whereupon the […]
Section 41-10-455 Members, directors and officers of authority. The applicants named in the application and their respective successors in office shall constitute the members of the authority. The Governor shall be the president of the authority, the Director of Finance shall be the secretary of the authority and the State Treasurer shall be treasurer of […]
Section 41-10-456 Powers of authority. The authority shall have the following powers among others specified in this article: (1) to have succession by its corporate name until dissolved as provided in this article; (2) to sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of […]
Section 41-10-457 Power of condemnation. The authority shall have the same powers of eminent domain which shall be exercised in the same manner and under the same conditions as are provided by law for the exercise of the powers of eminent domain by the State of Alabama. (Acts 1990, No. 90-602, p. 1079, §8.)
Section 41-10-458 Authorization of bonds. The authority is hereby authorized from time to time to sell and issue its bonds, not exceeding $29,500,000.00, exclusive of refunding bonds, in aggregate principal amount, and in such additional aggregate principal amounts as shall be authorized by act of the Legislature, for the purpose of providing funds for the […]
Section 41-10-458.1 Definitions; additional authorization. (a) Definitions. The following terms, whenever used in Act 98-245, shall have the following respective meanings unless the context clearly indicates otherwise: (1) “Authority” means Alabama Building Renovation Finance Authority established pursuant to the 1990 Act. (2) “Bonds” (except where that word is used with reference to bonds issued under […]
Section 41-10-458.2 Issuance of bonds – 2006 authorization. (a) Definitions. The following terms, whenever used in Act 2006-618, shall have the following respective meanings unless the context clearly indicates otherwise: (1) “Authority” means Alabama Building Renovation Finance Authority established pursuant to the 1990 Act. (2) “Bonds” (except where that word is used with reference to […]
Section 41-10-459 Refunding bonds. The authority may from time to time sell and issue its refunding bonds without limit as to principal amount for the purpose of refunding any bonds of the authority at the time outstanding, paying the expenses of issuance thereof and paying any premiums necessary to be paid to redeem any bonds […]
Section 41-10-460 Execution of bonds. All bonds of the authority shall be signed by its president, and the seal of the authority shall be affixed thereto and attested by its secretary. The signatures of the president and secretary may be facsimile signatures and a facsimile of the seal of the authority may be imprinted on […]
Section 41-10-461 Sale of bonds. Bonds may be sold by the authority from time to time in series, and if sold in more than one series may all be authorized in one initial resolution of the board of directors with the pledges therefor made in such initial resolution although some of the details applicable to […]
Section 41-10-462 Bonds of authority. Any bonds of the authority may be executed and delivered by it at any time and from time to time, shall be in such form and denominations and of such tenor and maturities, shall bear such rate or rates of interest, payable and evidenced in such manner, may contain provisions […]
Section 41-10-463 Investment of proceeds from sale of bonds. 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 […]
Section 41-10-464 Exemption from taxation. The properties of the authority and the income therefrom, all lease agreements made by the authority, and all bonds issued by the authority and the income therefrom and all lien notices filed with respect thereto shall be forever exempt from any and all taxation in the State of Alabama. (Acts […]
Section 41-10-465 Bonds constitute negotiable instruments. All bonds issued by the authority shall be construed to have all the qualities and incidents of negotiable instruments subject to the registration provisions pertaining to transfers. (Acts 1990, No. 90-602, p. 1079, §16.)
Section 41-10-466 Obligations not debt of state. All obligations incurred by the authority and all bonds issued by it shall be solely and exclusively an obligation of the authority and shall not create an obligation or debt of the State of Alabama. (Acts 1990, No. 90-602, p. 1079, §17.)
Section 41-10-467 Bonds may be used to secure deposit and for investment of fiduciary funds. The state and all public officers, municipal corporations, political subdivisions, and public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, […]
