Section 23-1-170 Purpose and construction of article. It is the intention of the Legislature by the passage of this article to authorize the incorporation of a public corporation for the following purposes: (1) To issue bonds to assure the availability of funds for payment of the state’s share of the cost of constructing roads and […]
Section 23-1-171 Incorporation – Authorization. The Director of Transportation, the Attorney General and the Director of Finance may become a corporation, with the powers and authorities provided in this article, by proceeding according to the provisions of this article. (Acts 1965, No. 228, p. 327, §2.)
Section 23-1-172 Incorporation – Application. To become a corporation, the Director of Transportation, the Attorney General and the Director of Finance 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 23-1-173 Incorporation – Certificate. When the application has been made, filed and recorded, as provided in Section 23-1-172, the applicants shall constitute a public corporation under the name proposed in the application and the Secretary of State shall make and issue to the applicants a certificate of incorporation pursuant to this article, under the […]
Section 23-1-174 Composition; vacancies; compensation; records. The members of the corporation shall consist of the Governor, the Director of Transportation, the Attorney General, and the Director of Finance and their respective successors in office. The Governor shall be the president of the corporation, the Director of Finance shall be its vice-president, the Director of Transportation […]
Section 23-1-175 Powers. The corporation shall have the following powers: (1) To have succession by its corporate name without time limit; (2) To maintain actions and have actions maintained against it and to prosecute and defend in any court having jurisdiction of the subject matter and of the parties; (3) To have and to use […]
Section 23-1-175.1 Infrastructure improvements. (a) In order to accomplish infrastructure improvements contemplated for the benefit of the Alabama State Docks, the Alabama Highway Finance Corporation shall have the following powers, in addition to all powers set forth in this article. (1) To borrow money and issue its bonds in evidence thereof, in a principal amount […]
Section 23-1-176 Contracts; conveyance of property to state. All contracts of the corporation for the construction, reconstruction and relocation of roads and bridges, and work incidental or related thereto and the acquisition of property necessary therefor, shall be in writing, shall be subject to the rules and regulations and shall be let under the supervision […]
Section 23-1-177 Bonds – Generally. (a) The bonds of the corporation shall be signed by its president and attested by its secretary, and the seal of the corporation shall be affixed thereto or printed or otherwise reproduced thereon; provided, that a facsimile of the signature of one, but not both, of the officers may be […]
Section 23-1-178 Bonds – Disposition of proceeds. (a) The proceeds of all bonds, other than refunding bonds, issued by the corporation remaining after paying the expenses of their issuance shall be deposited in the State Treasury and credited to the Road and Bridge Fund, and shall be subject to be drawn on by the corporation, […]
Section 23-1-179 Bonds – Payments by State Treasurer. Out of the revenues appropriated and pledged for such purpose, the State Treasurer is authorized and directed to pay the principal of and interest on the bonds issued by the corporation under the provisions of this article, as such principal and interest shall respectively mature, and he […]
Section 23-1-180 Dissolution. At any time when no bonds of the corporation are outstanding, the corporation 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 corporation and which shall be sworn to by each such member before […]
Section 23-1-181 Appropriations and pledges of revenue for payment of principal and interest on bonds; sinking fund. (a) Where used in this section the following words and terms shall be given the following respective meanings: (1) BONDS. Such term, without qualifying words or phrases, means bonds of the corporation issued under this article. (2) CODE. […]
Section 23-1-182 Diversity requirement. All persons and entities awarded a contract or employed pursuant to Sections 23-1-174, 23-1-177, 23-1-178, and 23-1-181 shall be inclusive and reflect the geographic, gender, racial, and ethnic diversity of the state. (Act 2013-80, p. 172, §2.)
