Section 41-10-760 – Notice – Contested Actions.
Section 41-10-760 Notice – Contested actions. (a) Upon the adoption by the directors of any resolution providing for the issuance of bonds, the authority may cause to be published once a week for two consecutive weeks, in newspapers published or having a general circulation in the Cities of Birmingham, Montgomery, Huntsville, and Mobile, a notice […]
Section 41-10-761 – Tax Exemption.
Section 41-10-761 Tax exemption. The income and property of the authority, all bonds of the authority and the interest paid on any such bonds, all conveyances by or to the authority, and all instruments by and to the authority shall be exempt from all taxation in the state. The authority shall also be exempt from […]
Section 41-10-762 – Notice and Hearing Not Required.
Section 41-10-762 Notice and hearing not required. Except as may be expressly provided in this article, no proceeding, notice, or approval shall be required for the issuance of any bonds by the authority, the execution of any mortgage and deed of trust, trust indenture, or other document, or the exercise of any other of the […]
Section 41-10-763 – Applicability of Other Laws.
Section 41-10-763 Applicability of other laws. Articles 2 and 3 of Chapter 16, Title 41, and other similar laws shall not apply to the authority, its directors, or any of its officers, agents, or employees in their capacities as such. (Act 2016-469, 1st Sp Sess., §14.)
Section 41-10-764 – Dissolution.
Section 41-10-764 Dissolution. At any time when no bonds of the authority are outstanding, 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 the directors of the authority and sworn to by each director before an officer authorized to […]
Section 41-10-765 – Diversity.
Section 41-10-765 Diversity. In connection with the sale of its bonds, the authority shall, to the extent practical, utilize businesses and companies that reflect the racial and ethnic diversity of the state. (Act 2016-469, 1st Sp Sess., §16.)
Section 41-10-766 – Services Provided by Department of Finance.
Section 41-10-766 Services provided by Department of Finance. The authority shall utilize all administrative services which may be provided by the state Department of Finance. (Act 2016-469, 1st Sp Sess., §17.)
Section 41-10-767 – Bonds Are Legal Investments.
Section 41-10-767 Bonds are legal investments. Bonds issued by the authority are hereby made a legal investment for savings banks and insurance companies organized under the laws of the state and for trustees, executors, administrators, guardians, persons or organizations acting in a fiduciary capacity, unless otherwise directed by a court having jurisdiction or by a […]
Section 41-10-768 – Legislative Intent.
Section 41-10-768 Legislative intent. It is the intent of the Legislature that payments allocated in Section 41-10-757 to the Alabama Trust Fund for the purpose of repaying amounts transferred to the State General Fund pursuant to Section 4 of Amendment 856 to the Constitution of Alabama of 1901 shall be in lieu of the fiscal […]
Section 41-10-769 – Liberal Construction.
Section 41-10-769 Liberal construction. This article and Section 18 of Act 2015-540, as amended by Act 2016-469 shall be liberally construed to effect its purpose. (Act 2016-469, 1st Sp Sess., §22.)