Section 16-60-80 – Short Title.
Section 16-60-80 Short title. This article may be cited as the Alabama Trade School and Junior College Authority Act. (Acts 1963, 2nd Ex. Sess., No. 93, p. 259, §18.)
Section 16-60-81 – Definitions.
Section 16-60-81 Definitions. For the purpose of this article, the following words and phrases shall have the respective meanings ascribed to them by this section: (1) AUTHORITY. The Alabama Trade School and Junior College Authority organized under the provisions of this article. (2) BONDS. The bonds issued under the provisions of this article. (3) BUILDING […]
Section 16-60-82 – Legislative Findings of Fact and Declaration of Intent.
Section 16-60-82 Legislative findings of fact and declaration of intent. The Legislature hereby makes the following findings of fact and declares its intent to be as follows: The number of students enrolled in trade schools and colleges supported wholly or in part by the state has increased greatly during recent years. Further increases in enrollment […]
Section 16-60-83 – Authorization to Form Public Corporation.
Section 16-60-83 Authorization to form public corporation. The Governor, the Director of Finance and the State Superintendent of Education may become a public corporation with the powers hereinafter provided by proceeding according to the provisions of Section 16-60-84. (Acts 1963, 2nd Ex. Sess., No. 93, p. 259, §3.)
Section 16-60-84 – Manner of Incorporation.
Section 16-60-84 Manner of incorporation. To become a corporation, the Governor, the Director of Finance and the State Superintendent of Education shall present to the Secretary of State of Alabama an application signed by them which shall set forth: (1) The name, official designation and official residence of each of the applicants, together with a […]
Section 16-60-85 – Issuance of Certificate of Incorporation.
Section 16-60-85 Issuance of certificate of incorporation. When the application has been made, filed and recorded as provided in Section 16-60-84, the applicants shall constitute a corporation under the name proposed in the application, and the Secretary of State shall make and issue to the applicants a certificate of incorporation under the Great Seal of […]
Section 16-60-86 – Members, Officers and Proceedings of Authority.
Section 16-60-86 Members, officers and proceedings of authority. The applicants named in the application and their respective successors in office shall constitute the members of the authority. The Governor shall be the president of the authority, the State Superintendent of Education shall be the vice-president thereof, and the Director of Finance shall be the secretary […]
Section 16-60-87 – Powers of Authority.
Section 16-60-87 Powers of authority. The authority shall have the following powers: (1) To have succession by its corporate name until dissolved as hereinafter provided; (2) To sue and be sued and to prosecute and defend in any court having jurisdiction of the subject matter and of the parties thereto; (3) To have and to […]
Section 16-60-88 – Determining Location of Trade Schools and Junior Colleges; Site Must Be Donated.
Section 16-60-88 Determining location of trade schools and junior colleges; site must be donated. The location of each new trade school or junior college for which the authority provides funds shall be determined by the State Board of Education after consideration of the needs of industry for particular skills in the area under consideration, the […]
Section 16-60-89 – Expenditures for Building and Equipping Trade Schools and Junior Colleges; Competitive Bidding; Approval of Plans.
Section 16-60-89 Expenditures for building and equipping trade schools and junior colleges; competitive bidding; approval of plans. All contracts entered into by the authority involving the expenditure of funds in the preparation of plans and specifications, and all work done with respect to the construction of buildings involving the expenditure of funds of the authority […]
Section 16-60-90 – Authorization to Issue Bonds.
Section 16-60-90 Authorization to issue bonds. The authority may from time to time sell and issue its bonds, not exceeding $15,000,000.00 in aggregate principal amount, for the purpose of providing funds for the construction and equipment of trade schools and junior colleges, including the improvement of sites therefor, the construction of buildings and the reconstruction, […]
Section 16-60-91 – Execution, Form, Terms, Sale, etc., of Bonds; Use of Proceeds; Security; Bonds Legal Investments.
Section 16-60-91 Execution, form, terms, sale, etc., of bonds; use of proceeds; security; bonds legal investments. The bonds of the authority shall be signed by its president and attested by its secretary and the seal of the authority shall be affixed thereto, and any interest coupons applicable to such bonds shall be signed by the […]
Section 16-60-92 – Refunding Bonds.
Section 16-60-92 Refunding bonds. The authority may from time to time issue refunding bonds for the purpose of refunding any matured or unmatured bonds of the authority then outstanding. Any premium that may be necessary to redeem or retire the bonds to be refunded and all expenses of issuing the refunding bonds may be paid […]
Section 16-60-93 – Deposit of and Disbursements From Proceeds of Bonds.
Section 16-60-93 Deposit of and disbursements from proceeds of bonds. The proceeds of all bonds, other than refunding bonds, issued by the authority remaining after paying expenses of their issuance shall be deposited in the State Treasury and shall be carried in the State Treasury in a special or separate account. Such funds shall be […]
Section 16-60-94 – Revenues of Authority.
Section 16-60-94 Revenues of authority. For the purpose of providing funds to enable the authority to pay at their respective maturities the principal of and interest on all bonds issued by it under the provisions of this article, and to accomplish the objects of its creation, there is hereby irrevocably pledged to such purpose and […]
Section 16-60-95 – Disbursement of Funds.
Section 16-60-95 Disbursement of funds. Out of the revenues appropriated and pledged in Section 16-60-94, the State Treasurer is hereby authorized and directed to pay the principal of and interest on the bonds issued by the authority under the provisions of this article, as such principal and interest shall respectively mature, and the State Treasurer […]
Section 16-60-96 – Dissolution of Authority.
Section 16-60-96 Dissolution of authority. 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 members of the authority and sworn to by each member before an officer […]