Section 41-16A-1 – Short Title.
Section 41-16A-1 Short title. This chapter shall be known and may be cited as the Alabama Governmental Leasing Act. (Acts 1993, No. 93-261, p. 389, §1.)
Section 41-16A-10 – Reliance of Grantor Party on Legal Authority of Entity.
Section 41-16A-10 Reliance of grantor party on legal authority of entity. Any grantor party and each person claiming by, through, or under a grantor party may conclusively rely on the legal authority of a governmental entity to enter into an alternative financing contract and to perform the obligations of such governmental entity thereunder. (Acts 1993, […]
Section 41-16A-11 – Chapter Declaratory of Existing Law.
Section 41-16A-11 Chapter declaratory of existing law. It is hereby found, determined, and declared that the provisions of this chapter are declaratory of existing law and the provisions of this chapter shall not be construed adversely to the legality, authorization, or validity of any contract, agreement, or arrangement heretofore entered into by any governmental entity. […]
Section 41-16A-2 – Legislative Intent.
Section 41-16A-2 Legislative intent. It is hereby found and declared by the Legislature of Alabama that it is in the public interest that the state, political subdivisions, agencies, boards, commissions, and departments thereof, the various counties of the state, the various municipal corporations within the state, county boards of education, city boards of education, instrumentalities […]
Section 41-16A-3 – Definitions.
Section 41-16A-3 Definitions. For the purposes of this chapter, the following terms shall have the respective meanings provided by this section: (a) ALTERNATIVE FINANCING CONTRACT. A lease, lease-purchase, lease with option to purchase, installment-sale agreement or arrangement, or other similar agreement or arrangement. (b) GOVERNMENTAL ENTITY. The state; any political subdivision of the state; any […]
Section 41-16A-4 – Authorization to Utilize Alternative Financing Contracts; Scope of Contracts.
Section 41-16A-4 Authorization to utilize alternative financing contracts; scope of contracts. In addition to and not as a limitation upon other powers and authority, any governmental entity shall have the power and authority to execute, perform, and authorize payments under any alternative financing contract relating to any eligible property deemed by such governmental entity to […]
Section 41-16A-5 – Permissible Contract Provisions; General and Limited Obligation Distinction May Be Made; Allowable Pledge Payment Sources; Classification of Entity’s Contracting and Contracts.
Section 41-16A-5 Permissible contract provisions; general and limited obligation distinction may be made; allowable pledge payment sources; classification of entity’s contracting and contracts. (a) Alternative financing contracts may be for such term, provide for such renewal or extension options, provide for such terminating events, provide for the payment of such rentals, purchase installments, purchase price, […]
Section 41-16A-6 – Proprietary Function Contracting Not Restricted.
Section 41-16A-6 Proprietary function contracting not restricted. Nothing in this chapter shall restrict governmental entities from executing contracts arising out of their proprietary functions. (Acts 1993, No. 93-261, p. 389, §6.)
Section 41-16A-7 – Impact of Other State Laws Upon Interpretation of Contracts Executed Pursuant to This Chapter.
Section 41-16A-7 Impact of other state laws upon interpretation of contracts executed pursuant to this chapter. The provisions of any alternative financing contract that are either permitted or required to be included therein pursuant to this chapter shall be valid and enforceable in accordance with their terms notwithstanding any other laws of the state to […]
Section 41-16A-8 – Investment Status of Contracts.
Section 41-16A-8 Investment status of contracts. Alternative financing contracts or any interest therein shall be a legal and authorized investment for banks, savings and loan associations, insurance companies, fiduciaries, and trustees. (Acts 1993, No. 93-261, p. 389, §8.)
Section 41-16A-9 – Construction.
Section 41-16A-9 Construction. To the extent of any conflict or inconsistency between any provisions of this chapter and any provisions of any other law as applied to alternative financing contracts entered into in accordance with this chapter, the provisions of this chapter shall prevail and control. Subject to the immediately preceding sentence, this chapter does […]