Section 41-10-670 – Short Title.
Section 41-10-670 Short title. This division shall be known and may be cited as the “Job Development Act of 2001.” (Act 2001-691, p. 1430, §2.)
Section 41-10-671 – Legislative Findings and Purpose.
Section 41-10-671 Legislative findings and purpose. (a) The Legislature finds and declares the following: (1) That it is appropriate and necessary that measures be taken to secure to the citizens of the state the benefits of a strengthening economy resulting from increased industrial development. That among these benefits are diversification of available job opportunities, higher […]
Section 41-10-672 – Definitions.
Section 41-10-672 Definitions. When used in this division, the following terms shall have the following meanings unless the context clearly indicates otherwise: (1) ANCILLARY COSTS shall mean the costs incurred in acquiring and constructing public improvements that benefit all or any part of the projects including, without limitation, (i) improvements to streets, roads, and bridges, […]
Section 41-10-673 – Powers and Duties of the Authority.
Section 41-10-673 Powers and duties of the authority. The authority shall have, in addition to all powers heretofore granted to the authority pursuant to the enabling act, the following powers: (1) To sell and issue the bonds authorized herein for the purposes specified herein. (2) To pledge the pledged revenues as security for the payment […]
Section 41-10-674 – Authorization to Issue Bonds.
Section 41-10-674 Authorization to issue bonds. (a) General. The authority is authorized from time to time to sell and issue the bonds in one or more series in an aggregate principal amount of up to one hundred three million seven hundred sixty thousand dollars ($103,760,000) in order to provide the funds to pay project costs, […]
Section 41-10-675 – Pledge and Appropriation of Pledged Revenues.
Section 41-10-675 Pledge and appropriation of pledged revenues. There is hereby irrevocably pledged and appropriated such amount of pledged revenues deposited in the special fund, and earnings thereon, as may be necessary to pay and to redeem prior to their respective maturities the principal, interest, and premium, if any, on the bonds; provided, however that […]
Section 41-10-676 – Use of Bond Proceeds.
Section 41-10-676 Use of bond proceeds. (a) The proceeds derived from the sale of the bonds shall be deposited in the State Treasury and shall be carried in a separate fund therein for the account of the authority. The proceeds from the sale of the bonds remaining after payment of the expenses of issuance thereof […]
Section 41-10-677 – Payment of Training Costs Directly Out of Pledged Revenues.
Section 41-10-677 Payment of training costs directly out of pledged revenues. In addition to the power to finance the payment of training costs through the issuance of the bonds, the authority may, if it determines that it is in the best interests of the state to do so, pay such training costs directly out of […]
Section 41-10-678 – Appointments.
Section 41-10-678 Appointments. The authority shall attempt to hire or contract with businesses or individuals which reflect the racial and ethnic diversity of the state. (Act 2001-691, p. 1430, §9.)
Section 41-10-679 – Competitive Bid.
Section 41-10-679 Competitive bid. Notwithstanding any contrary provision set forth in the Enabling Act, the contracts awarded by the authority with respect to the acquisition, construction, and equipping of any project shall be subject to all applicable competitive bid provisions of Alabama law pertaining to state contracts, including without limitation, those contained in Chapter 16 […]
Section 41-10-680 – Liberal Construction.
Section 41-10-680 Liberal construction. This division being remedial in nature, it shall be liberally construed to effect its purpose. (Act 2001-691, p. 1430, §12.)