Section 41-10-590 – Legislative Findings.
Section 41-10-590 Legislative findings. The Legislature finds and declares the following: That the State of Alabama places a high priority on the recruitment of industries to locate or expand their operations in Alabama; that it is a vital economic development tool for the state to be able to offer strategic incentives to such industries in […]
Section 41-10-591 – Definitions.
Section 41-10-591 Definitions. (a) Except as otherwise expressly provided herein, words and phrases used in this division that are defined in Section 41-10-541, shall have the meanings assigned in such section. (b) The following words and phrases used in this division, and others evidently intended as the equivalent thereof, shall, in the absence of clear […]
Section 41-10-592 – Authority to Issue Bonds to Finance Y2k Expenditures.
Section 41-10-592 Authority to issue bonds to finance Y2K expenditures. (a) The authority shall have, in addition to all other powers granted to it in Section 41-10-546, the power to issue bonds for the purpose of financing Y2K expenditures and, as security for the payment thereof, to pledge appropriated funds on a parity with the […]
Section 41-10-593 – Use of Bond Proceeds.
Section 41-10-593 Use of bond proceeds. The proceeds derived from the sale of bonds issued by the authority to finance Y2K expenditures shall be deposited in the State Treasury and shall be carried in a separate fund therein for the account of the authority, which shall pay therefrom the expenses of issuance thereof. The proceeds […]
Section 41-10-594 – Report of Expenditures; Diversity Requirement.
Section 41-10-594 Report of expenditures; diversity requirement. The state Finance Director shall report to the Lieutenant Governor, the President Pro Tempore of the Senate, and the Speaker of the House any purchase of Y2K related equipment or services by the Alabama Incentives Finance Authority within 30 working days after the purchase. Any contract expending Y2K […]
Section 41-10-553 – Exemption From Taxes, Fees, Etc.
Section 41-10-553 Exemption from taxes, fees, etc. The income and property of the authority, all authority obligations and the interest paid on any such authority obligations, all conveyances by or to the authority, and all instruments by or to the authority shall be exempt from all taxation in the state. The authority shall also be […]
Section 41-10-554 – No Notice, Approval, Public Hearing, etc., Required for Issuance of Obligations.
Section 41-10-554 No notice, approval, public hearing, etc., required for issuance of obligations. Except as may be expressly provided in this division, no proceeding, notice, or approval shall be required for the issuance of any authority obligations, the execution of any mortgage and deed of trust, trust indenture, or other document, or the exercise of […]
Section 41-10-555 – Exemption From Competitive Bid Laws.
Section 41-10-555 Exemption from competitive bid laws. Articles 2 and 3 of Chapter 16 of this title or other similar laws, shall not apply to the authority, its directors, or any of its officers, agents, or employees in their capacities as such. (Acts 1995, No. 95-373, p. 747, §16.)
Section 41-10-540 – Legislative Findings; Construction.
Section 41-10-540 Legislative findings; construction. The Legislature finds and declares the following: That the State of Alabama, acting in its own name and through various public corporations, has made substantial financial contractual commitments for incentives to industries agreeing to locate or expand their operations in Alabama; that the creation of a state-level agency with power […]
Section 41-10-556 – Dissolution of Authority.
Section 41-10-556 Dissolution of authority. At any time when no authority obligations are outstanding and the authority has no outstanding obligation with respect to payment of training facility management fees, the authority may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of […]