Section 41-10-550 – Appropriation and Pledge of Funds for Authority Obligations.
Section 41-10-550 Appropriation and pledge of funds for authority obligations. (a) For the purpose of providing funds to enable the authority to pay debt service referable to any bonds issued by it, amounts due on any authority guaranties entered into by it under this division and other obligations incurred by the authority pursuant to this […]
Section 41-10-551 – Manner of Ownership, Operation, Leasing, and Disposition of Facilities Financed by Authority.
Section 41-10-551 Manner of ownership, operation, leasing, and disposition of facilities financed by authority. No authority obligations shall be incurred with respect to any training facility and no funds of the authority shall be applied to payment of training facility management fees pursuant to Section 41-10-550 unless the following conditions are met: (1) Subject to […]
Section 41-10-552 – Publication of Notice; Time Limitation on Actions Contesting Proceedings, Validity of Obligations, Etc.
Section 41-10-552 Publication of notice; time limitation on actions contesting proceedings, validity of obligations, etc. Upon the adoption by the directors of any resolution providing for the issuance of authority obligations, the authority may, in its discretion, cause to be published once a week for two consecutive weeks, in newspapers published or having a general […]
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 […]
Section 41-10-541 – Definitions.
Section 41-10-541 Definitions. (a) The following words and phrases used in this division, and others evidently intended as the equivalent thereof, shall, in the absence of clear implication herein otherwise, be given the following respective interpretations herein: (1) APPROPRIATED FUNDS. Net TVA payments to the extent such payments are pledged and appropriated to the authority […]
Section 41-10-542 – Incorporation of Authority.
Section 41-10-542 Incorporation of authority. The Governor, the State Treasurer and the Director of Finance may become a public corporation and public instrumentality of the state with the powers herein provided, by proceeding according to Section 41-10-543 hereof. (Acts 1995, No. 95-373, p. 747, §3.)