Section 41-29-501 Definitions. (a) For the purposes of this article, the following words and phrases shall have the following meanings: (1) AUTHORITY. The public corporation organized pursuant to the provisions of Sections 41-10-20 through 41-10-32. (2) AUTHORIZED PURPOSE. Any one or more of the purposes for which grants are herein authorized to be made as […]
Section 41-29-502 Authorization to issue additional bonds; exemption from usury laws. (a) In addition to all powers heretofore conferred on it by acts heretofore enacted by the Legislature of Alabama, and in addition to all other powers conferred on it in this article, the authority is hereby authorized to sell and issue its bonds, not […]
Section 41-29-503 Authorization to make grants of money. (a) The authority is hereby authorized to make grants of money derived from the sale of its bonds, to grantees for use by the grantees for any one or more of the following purposes: (1) The making of surveys to determine the location of suitable project sites […]
Section 41-29-504 Details respecting the bonds. 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 or a facsimile of such seal shall be printed or otherwise reproduced thereon; provided, that: (a) a facsimile of the signature of one, […]
Section 41-29-505 Deposit and investment of and disbursements from bond proceeds. (a) 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 or accounts. […]
Section 41-29-506 Revenues of the authority. For the purpose of providing funds to enable the authority to pay at their respective maturities the principal of and interest on any bonds issued by it under the provisions of this article and to accomplish the objects of this article, there are hereby irrevocably pledged to such purpose […]
Section 41-29-507 Disbursements of funds. Out of the revenues appropriated and pledged in Section 41-29-506, 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 the said principal and interest shall respectively mature, and the state […]
