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.)
Section 41-10-543 – Application for Incorporation.
Section 41-10-543 Application for incorporation. (a) To become the public corporation herein authorized, the Governor, the State Treasurer, and the Director of Finance shall present to the Secretary of State of Alabama an application signed by them which shall set forth all of the following: (1) The name, official designation, and official residence of each […]
Section 41-10-544 – Certificate of Incorporation.
Section 41-10-544 Certificate of incorporation. When the application has been made, filed, and recorded, the applicants shall constitute a public corporation and public instrumentality of the state under the name set forth in the application and the Secretary of State shall make and issue to the applicants a certificate of incorporation pursuant to this division, […]
Section 41-10-545 – Members; Officers; Quorum; Vacancies; Salaries; Record of Proceedings.
Section 41-10-545 Members; officers; quorum; vacancies; salaries; record of proceedings. 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 State Treasurer shall be the vice president, and the Director of Finance shall be the secretary. […]
Section 41-10-546 – Powers of Authority.
Section 41-10-546 Powers of authority. The authority shall have, in addition to all other powers granted to it in this division, all of the following powers: (1) To have succession by its corporate name until dissolved as herein provided. (2) To institute and defend legal proceedings in any court of competent jurisdiction and proper venue; […]
Section 41-10-547 – Bonds of the Authority.
Section 41-10-547 Bonds of the authority. (a) The authority is authorized from time to time to sell and issue its bonds for the purpose of financing project costs pertaining to one or more projects or for the purpose of providing funds to pay training facility management fees, or any combination of the foregoing including, without […]
Section 41-10-548 – Use of Proceeds From Bonds.
Section 41-10-548 Use of proceeds from bonds. The authority is authorized and empowered to apply the proceeds of any bonds of the authority, together with any other available funds, (i) for the purposes for which the bonds were issued; (ii) to fund the reserves as the authority deems necessary and desirable; and (iii) to the […]
Section 41-10-549 – Payment or Reimbursement of Training Facility Management Fees.
Section 41-10-549 Payment or reimbursement of training facility management fees. In addition to the power to finance training facility management fees through the issuance of bonds of the authority, the authority may, subject to this division, pay or reimburse such fees from any funds available to it, including, without limitation, appropriated funds. (Acts 1995, No. […]
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 […]