Section 41-10-804 – Powers of the Board.
Section 41-10-804 Powers of the board. (a) The board shall have all of the powers necessary to carry out and effectuate the purposes of this article. The foregoing sentence shall be construed broadly, so that the failure to state a power of the board shall not be considered a limitation upon the board, so long […]
Section 41-10-805 – Corporation Contracts.
Section 41-10-805 Corporation contracts. The board may enter into contracts, leases, agreements, investments, and may otherwise expend monies without compliance with Article 2, commencing with Section 41-16-20, of Chapter 16 of Title 41, and Chapter 2 of Title 39, or any requirements relating to the procurement of professional service providers in Section 41-16-72. Solely as […]
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 41-10-806 – Alabama Innovation Fund – Created.
Section 41-10-806 Alabama Innovation Fund – Created. (a)(1) For the benefit of the state and the residents thereof, there is created an irrevocable fund named the Alabama Innovation Fund, which shall be funded from all of the following sources: a. Proceeds of any gifts, grants, or contributions. b. Revenue sources as directed by, and at […]
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 41-10-807 – Alabama Innovation Fund – Management.
Section 41-10-807 Alabama Innovation Fund – Management. (a) The fund shall be held in perpetual trust and shall not be appropriated by the Legislature or expended or disbursed for any purpose other than as provided in this article. Earnings on the fund’s investments shall remain a part of the fund. The board may expend the […]
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 41-10-808 – Amendments.
Section 41-10-808 Amendments. At any time, the board, by majority vote, may cause its application for formation to be amended by having three of its directors file an amendment with the Secretary of State, which shall be sworn to by each signatory thereto before an officer authorized to take acknowledgments to deeds. (Act 2021-455, §1.)
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 41-10-809 – Dissolution.
Section 41-10-809 Dissolution. At any time, the board, by three-quarters vote, may dissolve the corporation by having three-quarters of its directors file with the Secretary of State an application for dissolution, which shall be sworn to by each signatory thereto by an officer authorized to take acknowledgments to deeds. Upon the filing of the application […]