Section 41-10-510 Bonds and coupons deemed negotiable instruments. All bonds issued by the authority 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 shall likewise be construed to be negotiable instruments although payable from a limited source. (Acts […]
Section 41-10-511 Obligations, bonds and notes not debt 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 41-10-512 Conveyance of land to corporation; conveyance of improvements back to state. The Governor of Alabama or the officers of any public corporation, as appropriate, are authorized and directed to execute and deliver immediately before or simultaneously with the issuance of the first series of the bonds of the corporation contemplated by this article […]
Section 41-10-513 Facilities – Construction. All facilities constructed by the authority shall be constructed according to plans and specifications of architects or engineers, or both, selected by the authority. The parking deck shall be planned and constructed in such a manner as to accommodate the construction of a mirror image of the Persons Office Building. […]
Section 41-10-514 Leasing to state agencies. (a) The authority is hereby authorized to enter into one or more leases of all or any part or portion of the facilities constructed, acquired, reconstructed, renovated or improved by the authority under the provisions of this article, to any agency of the state. Any agency of the state […]
Section 41-10-515 Leasing to county, municipal corporation, agency of federal government, etc. 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 […]
Section 41-10-516 Special funds. For the purpose of providing funds for the payment of the principal of and interest on the bonds issued by the authority under the provisions of this article, there is hereby created and irrevocably pledged to the payment of such obligations a special and continuing trust fund which shall consist of […]
Section 41-10-517 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 use […]
Section 41-10-518 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 Montgomery County, Alabama. (Acts 1990, No. 90-603, p. 1094, §29.)
Section 41-10-519 Fees of Secretary of State. 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 1990, No. 90-603, p. 1094, §30.)
Section 41-10-520 Interest on bonds exempt from federal income tax. The authority shall have the power to make such payments to the United States of America as the directors deem necessary to cause the interest on any bonds of the authority to be and remain exempt from federal income taxation. The authority shall have the […]
Section 41-10-521 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 41-10-522 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 1990, No. 90-603, p. 1094, §32.)
Section 41-10-523 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 1990, No. 90-603, p. 1094, §33.)
