Section 45-38-141.06 – Financial Powers and Rights.
Section 45-38-141.06 Financial powers and rights. (a) The authority organized or operating pursuant to this part, in addition to all other powers now or hereafter granted by law, shall have the following powers and rights: (1) To borrow money for use for any of its corporate purposes. (2) To sell, transfer, convey, grant options to […]
Section 45-38-141.07 – Power to Contract.
Section 45-38-141.07 Power to contract. (a) As security for payment of the principal of and interest on bonds or obligations assumed by it, the authority may enter into a contract or contracts binding itself for the proper application of the proceeds of bonds and other funds, for the continued operation and maintenance of any water […]
Section 45-38-141.08 – Rates, Fees, and Charges.
Section 45-38-141.08 Rates, fees, and charges. Rates, fees, and charges for water service and fire protection service rendered by the authority from any of its water systems or fire protection facilities shall be so fixed and from time to time revised as at all times to provide funds at least sufficient to do all of […]
Section 45-38-141.09 – Assistance From State Bodies.
Section 45-38-141.09 Assistance from state bodies. For the purpose of securing water service and fire protection facilities or aiding or cooperating with the authority in the planning, development, undertaking, construction, extension, improvement, operation, or protection of water systems and fire protection facilities, any county, municipality, or other political subdivision, public corporation, agency, or instrumentality of […]
Section 45-38-141.10 – Use of Public Roads.
Section 45-38-141.10 Use of public roads. The authority is hereby authorized to use the rights-of-way of all public roads in the state without securing the prior approval of the state or of its agencies or departments or the county commission of any county and subject only to the necessity of obtaining the municipal consent required […]
Section 45-38-141.12 – Exemption From Taxation.
Section 45-38-141.12 Exemption from taxation. (a) The authority, the property and income of the authority, the income from bonds, conveyances by or to the authority, and leases, mortgages, and deeds of trust by or to the authority shall be exempt from all taxation in the State of Alabama. (b) The authority shall not be obligated […]
Section 45-38-141.13 – Exemption From Usury Statutes.
Section 45-38-141.13 Exemption from usury statutes. The authority now or hereafter organized under this part is hereby exempted from the laws of the State of Alabama governing usury and prescribing or limiting interest rates, including, without limitation, Chapter 8 of Title 8. (Act 89-472, p. 975, §14.)
Section 45-38-141.14 – Dissolution of Authority.
Section 45-38-141.14 Dissolution of authority. At any time when no bonds or obligations theretofore assumed by the authority are outstanding, the board may adopt a resolution, which shall be duly entered upon its minutes, declaring that the authority shall be dissolved. Upon the filing for record of a certified copy of the resolution in the […]
Section 45-38-141.15 – Validity of Certificate of Incorporation.
Section 45-38-141.15 Validity of certificate of incorporation. In all cases where there is an attempt to incorporate a public corporation under this part, and a certificate of incorporation with respect to such corporation has been filed in the office of the judge of probate of the county in which such corporation was sought to be […]
Section 45-38-141.16 – Notice Requirements, etc.; Regulatory Control and Supervision.
Section 45-38-141.16 Notice requirements, etc.; regulatory control and supervision. (a) Except as expressly otherwise provided in this part, no proceeding, notice, or approval shall be required for the incorporation of the authority or the amendment of its certificate of incorporation, the acquisition of any property, water system, or fire protection facility, or the issuance of […]