Section 41-10-44.7 – Proceeds From the Sale of Project Obligations; Revenues and Other Funds.
Section 41-10-44.7 Proceeds from the sale of project obligations; revenues and other funds. (a) After making adequate provision for the payment of the expenses of issuance, the authority is authorized and empowered to use the proceeds of any project obligations, together with any other available funds, (i) to finance project costs as herein authorized; (ii) […]
Section 41-10-44.8 – Tax Credits, Job Development Fees and Other Incentives.
Section 41-10-44.8 Tax credits, job development fees and other incentives. (a) Upon the issuance by the authority of its project obligations for the purpose of financing a project for an approved company with respect to which the authority adopted a resolution accepting the project prior to January 16, 1995, the approved company: (1) Shall receive […]
Section 41-10-44.9 – Establishment of Tax Increment Funds.
Section 41-10-44.9 Establishment of tax increment funds. In order to provide a method of financing project costs other than by the issuance of project obligations payable from the amounts required to be paid by an approved company under a financing agreement, the authority may establish one or more tax increment funds with respect to a […]
Section 41-10-44.10 – Refunding Obligations.
Section 41-10-44.10 Refunding obligations. Any project obligations issued by the authority may from time to time be refunded by the issuance, by sale or exchange, of refunding bonds or obligations payable from the same or different sources for the purpose of paying all or any part of the principal of the project obligations to be […]
Section 41-10-44.11 – Publication of Notice; Time Limitation on Actions Questioning Bonds or Proceedings.
Section 41-10-44.11 Publication of notice; time limitation on actions questioning bonds or proceedings. Upon the adoption by the board of directors of the authority of any resolution providing for the issuance of project obligations, the authority may, in its discretion, cause to be published once a week for two consecutive weeks, in newspapers published or […]
Section 41-10-44.12 – Requirement to Report to the Legislature.
Section 41-10-44.12 Requirement to report to the Legislature. The authority shall report annually to the Legislature as to its outstanding projects. Such report shall be due on the fifth legislative day of each regular session and shall include a detailed accounting of each project approved that year, the value of each outstanding project, the date […]
Section 41-10-44.13 – Exemption From Certain Taxes and Fees.
Section 41-10-44.13 Exemption from certain taxes and fees. The income and property of the authority, all project obligations issued by the authority and the interest paid on any such project 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. […]
Section 41-10-44.14 – No Notice, Approval, Public Hearing Required for Issuance of Obligations.
Section 41-10-44.14 No notice, approval, public hearing required for issuance of obligations. Except as may be expressly provided in this article, no proceeding, notice or approval shall be required for the issuance of any project obligations, the execution of any mortgage and deed of trust, trust indenture or other document or the exercise of any […]
Section 41-10-44.15 – Earnings of the Authority.
Section 41-10-44.15 Earnings of the authority. The authority is a nonprofit corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm or corporation. (Acts 1993, 1st Ex. Sess., No. 93-851, p. 79, §1.)
Section 41-10-44.1 – Legislative Intent With Respect to Additional Powers of the Authority.
Section 41-10-44.1 Legislative intent with respect to additional powers of the authority. The Legislature has found and determined that the economic well-being of the citizens of the State of Alabama will be enhanced by the increased development and growth of industry within the state and that it is in the best interest of the state […]