Section 41-10-20 Definitions. When used in this article, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) AUTHORITY. The public corporation organized pursuant to the provisions of this article. (2) BOARD OF DIRECTORS. The board of directors of the authority. (3) BONDS. The bonds issued under the provisions […]
Section 41-10-21 Legislative findings of fact and declaration of intent; construction of article. The Legislature hereby makes the following findings of fact and declares its intent to be as follows: In recent years changes have taken place in the economy of this state which have had a far-reaching effect on the welfare of its citizens. […]
Section 41-10-22 Authorization and procedure for incorporation. The Secretary of the Alabama Department of Commerce, the Commissioner of Revenue and the Director of Finance may become a public corporation with the powers provided for in this article by proceeding according to the provisions of Section 41-10-23. (Acts 1965, No. 662, p. 1187, §3; Acts 1965, […]
Section 41-10-23 Filing of application for incorporation with Secretary of State; contents and execution thereof; filing and recordation of application by Secretary of State. (a) To become the public corporation authorized by this article, the Secretary of the Alabama Department of Commerce, the Commissioner of Revenue and the Director of Finance shall present to the […]
Section 41-10-24 Issuance and recordation of certificate of incorporation by Secretary of State; Secretary of State to receive no fees in connection with incorporation, dissolution, etc., of authority. (a) When the application has been made, filed and recorded as provided in this article, the applicants shall constitute a corporation under the name proposed in the […]
Section 41-10-25 Composition; recordkeeping; admissibility in evidence. (a) The applicants named in the application and their respective successors in office, the Governor, or his or her designee, an additional person to be designated by the Governor who shall serve at the pleasure of the Governor, the President Pro Tempore of the Senate, or his or […]
Section 41-10-26 Powers of authority generally. The authority shall have the following powers: (1) To have succession by its corporate name until dissolved as provided in this article; (2) To institute and defend legal proceedings in any court of competent jurisdiction and proper venue; provided, that the authority may not be sued in any trial […]
Section 41-10-26.1 Exercise of powers granted to airport authorities. Any industrial development authority organized and incorporated under the provisions of Chapter 10 of Title 41, which owns and utilizes property that has airport facilities is hereby authorized and empowered to exercise those powers granted to airport authorities under Section 4-3-11. (Acts 1988, No. 88-337, p. […]
Section 41-10-27 Issuance and sale of bonds for purpose of making grants for certain purposes authorized; terms and conditions. (a) The authority is hereby authorized from time to time to sell and issue its bonds, not exceeding $2,600,000.00 in aggregate principal amount, for the purpose of making the grants of money authorized in Section 41-10-26. […]
Section 41-10-27.1 State preparation grant money for raw or completely undeveloped sites. Notwithstanding any other provision of law to the contrary, a corporation in Standard Industrial Code Classification 3275 shall qualify to receive in site preparation grant money the sum of one million dollars ($1,000,000) for a site that is raw or completely undeveloped if […]
Section 41-10-27.2 Appropriation of funds for payment of industrial development site grants. Beginning in the fiscal year ending September 30, 2006, the Legislature shall annually appropriate an amount up to $2,000,000 from the Capital Improvement Trust Fund to the State Industrial Development Authority for the purpose of paying industrial development site grants. The bond commission […]
Section 41-10-28 Execution of bonds and interest coupons; form, terms, denominations, etc., of bonds; sale; refunding bonds; liability upon bonds; pledges of certain funds as security for payment of principal and interest on bonds generally; bonds to be deemed negotiable instruments; bonds and income therefrom exempt from taxation; use of bonds as security for deposits […]
Section 41-10-29 Disposition of proceeds from sale of bonds and refunding bonds. The proceeds of all bonds, other than refunding bonds, issued by the authority remaining after paying expenses of their issuance shall be deposited in the State Treasury and shall be carried in the State Treasury in a special or separate account. Such funds […]
Section 41-10-30 Pledge and appropriation of certain tax receipts for sinking fund for payment of principal and interest on bonds. For the purpose of providing funds to enable the authority to pay, at their respective maturities, the principal of and interest on any bonds issued by it under the provisions of this article and to […]
Section 41-10-31 Payment of principal and interest on bonds and maintenance of records pertaining thereto by State Treasurer. Out of the revenues appropriated and pledged in Section 41-10-30, the State Treasurer is hereby authorized and directed to pay the principal of and interest on the bonds issued by the authority under the provisions of this […]
Section 41-10-32 Dissolution of authority; title to property of authority to vest in state upon dissolution of authority. 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 […]
