Section 45-41A-40.03 – Application; Authorization of Incorporation.
Section 45-41A-40.03 Application; authorization of incorporation. (a) The authority may be organized pursuant to this part. In order to incorporate such a public corporation, any number of natural persons, not less than three, who are duly qualified electors of the city, shall first file a written application with the governing body of the city, which […]
Section 45-41A-10.12 – Notice of Bond Resolution.
Section 45-41A-10.12 Notice of bond resolution. 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 notice […]
Section 45-41A-10.13 – Exemption From Taxation.
Section 45-41A-10.13 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, the income from such bonds or from any other sources, the interest and other profits from such bonds enuring to and received by […]
Section 45-41A-10.14 – Liability of City.
Section 45-41A-10.14 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-10.15 – Exemption From Usury and Interest Laws.
Section 45-41A-10.15 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 85-185, p. 40, §16.)
Section 45-41A-10.16 – Exemption From Competitive Bid Laws.
Section 45-41A-10.16 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-10.01 – Definitions.
Section 45-41A-10.01 Definitions. The following words and phrases used in this part, and others evidently intended as the equivalent thereof shall in the absence of clear implication herein otherwise, be given the following respective interpretations herein: (1) APPLICANT. A natural person who files a written application with the governing body of the city in accordance […]
Section 45-41A-10.02 – Use of Particular Terms and Phrases.
Section 45-41A-10.02 Use of particular terms and phrases. (a) The following provisions shall be applied wherever appropriate herein: Herein, hereby, hereunder, hereof, and other equivalent words refer to this part as an entirety and not solely to the particular section or portion thereof in which any such word is used. (b) The definitions set forth […]
Section 45-41A-10.03 – Application; Authorization of Incorporation.
Section 45-41A-10.03 Application; authorization of incorporation. (a) The authority may be organized pursuant to this part. In order to incorporate such a public corporation, any number of natural persons not less than three, who are duly qualified electors of the city, shall first file a written application with the governing body of the city, which […]
Section 45-41A-10.04 – Incorporation Procedures; Contents and Execution of Certificate.
Section 45-41A-10.04 Incorporation procedures; contents and execution of certificate. (a) Within 40 days following the adoption of the authorizing resolution, the applicants shall proceed to incorporate the authority by filing for record in the office of the Judge of Probate of Lee County a certificate of incorporation which shall comply in form and substance with […]