Section 45-35A-52.14 – Liability of City.
Section 45-35A-52.14 Liability of city. The city shall not in any event be liable for the payment of the principal of or interest on any bonds of the authority or for the performance of any pledge, mortgage, obligation, or agreement of any kind whatsoever which may be undertaken by the authority, and none of the […]
Section 45-35A-52.15 – Exemption From Usury and Interest Laws.
Section 45-35A-52.15 Exemption from usury and interest laws. The authority shall be exempt from the laws of the State of Alabama governing usury or prescribing or limiting interest rates, including, but without limitation to, Chapter 8 of Title 8, as it may at any time be amended. (Act 82-303, p. 393, §16.)
Section 45-35A-52.16 – Exemption From Competitive Bid Laws.
Section 45-35A-52.16 Exemption from competitive bid laws. (a) The authority and all contracts made by it shall be exempt from the laws of the State of Alabama requiring competitive bids for any contract to be entered into by municipalities or public corporations authorized by them, including, but without limitation to, Article 3, commencing with Section […]
Section 45-35A-52.17 – Freedom of Authority From State Supervision and Control.
Section 45-35A-52.17 Freedom of authority from state supervision and control. (a) This part is intended to aid the state through the furtherance of the purposes of this part by providing an appropriate and independent instrumentality of the state with full and adequate powers to fulfill its functions. Except as expressly provided in this part, no […]
Section 45-35A-52.18 – Earnings of the Authority.
Section 45-35A-52.18 Earnings of the authority. The authority shall be 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, except that in the event a board shall determine that sufficient provision has been made for the full […]
Section 45-35A-52.19 – Dissolution of Corporation; Vesting of Title to Property in the City.
Section 45-35A-52.19 Dissolution of corporation; vesting of title to property in the city. At any time when the authority has no bonds or other obligations outstanding, its board may adopt a resolution, which shall be duly entered upon its minutes, declaring that the authority shall be dissolved. Upon filing for record of a certified copy […]
Section 45-35A-52.20 – Existence of Authority to Prevent Subsequent Incorporation.
Section 45-35A-52.20 Existence of authority to prevent subsequent incorporation. The existence of the authority incorporated under this part shall prevent the subsequent incorporation hereunder of another authority pursuant to authority granted by this part. (Act 82-303, p. 393, §21.)
Section 45-35A-52.21 – Eminent Domain.
Section 45-35A-52.21 Eminent domain. The authority is hereby granted the power of eminent domain and may exercise such power for the purpose of obtaining real property or any interest therein for any project it undertakes in the manner provided by law for the exercise of the power of eminent domain by municipalities. (Act 82-303, p. […]
Section 45-35A-52.22 – Loans, Sales, Grants, etc., of Money, Property, etc., to Authority by Counties, Municipalities, Etc.
Section 45-35A-52.22 Loans, sales, grants, etc., of money, property, etc., to authority by counties, municipalities, etc. For the purpose of effecting the revitalization and redevelopment of the central business district of the city, any county, municipality, or other political subdivision, public corporation, agency, or instrumentality of this state, upon such terms and with or without […]
Section 45-35A-52.23 – Provisions Cumulative.
Section 45-35A-52.23 Provisions cumulative. The provisions of this part are cumulative and shall not be deemed to repeal existing laws, except to the extent such laws are clearly inconsistent with this part. (Act 82-303, p. 393, §24.)