Section 45-41A-40.10 – Proceeds From Sale of Bond.
Section 45-41A-40.10 Proceeds from sale of bond. All moneys derived from the sale of any bonds issued by the authority shall be used solely for the purpose or purposes for which the same are authorized, including, but without limitation to, the use of bond proceeds to establish reserve funds as security for the payment of […]
Section 45-41A-40.11 – Refunding Bonds.
Section 45-41A-40.11 Refunding bonds. (a) Any bonds issued by the authority may from time to time be refunded by the issuance, by sale, or exchange, of refunding bonds payable from the same or different sources for the purpose of paying all or any part of the principal of the bonds to be refunded, any redemption […]
Section 45-41A-40.12 – Notice of Bond Resolution.
Section 45-41A-40.12 Notice of bond resolution. (a) Upon the adoption by the board of the authority of any resolution providing for the issuance of bonds, such authority, in its discretion, may cause to be published once a week for two consecutive weeks, in a newspaper published or having a general circulation in the city, a […]
Section 45-41A-40.13 – Exemption From Taxation.
Section 45-41A-40.13 Exemption from taxation. The authority formed under this part, the property and income of the authority, whether used by it or leased to others, all bonds issued by the authority, whether used by it or leased to others, all bonds issued by the authority, the income from such bonds or from any other […]
Section 45-41A-40.14 – Liability of City.
Section 45-41A-40.14 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 45-41A-40.15 – Exemption From Usury and Interest Laws.
Section 45-41A-40.15 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 84-415, p. 981, §16.)
Section 45-41A-40.16 – Exemption From Competitive Bid Laws.
Section 45-41A-40.16 Exemption from competitive bid laws. 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 41-16-50, […]
Section 45-41A-40.17 – Freedom of the Authority From State Supervision and Control.
Section 45-41A-40.17 Freedom of the authority from state supervision and control. 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 45-41A-40.18 – Earnings of the Authority.
Section 45-41A-40.18 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 45-41A-40.19 – Dissolution of Corporation.
Section 45-41A-40.19 Dissolution of corporation. 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 a certified copy of the resolution in the office of the Judge […]