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 […]
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.)