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https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-3/section-11-54-54/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 3 - Acquisition, etc., of Projects for Provision of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain N... | Section 11-54-54
Bonds - Form, terms, denominations, etc.; execution, sale, delivery, redemption, etc.
All bonds issued by a municipality under authority of this article shall be limited obligations of the municipality, the principal of and interest on which shall be payable solely out of the revenues derived from the ... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-3/section-11-54-55/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 3 - Acquisition, etc., of Projects for Provision of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain N... | Section 11-54-55
Bonds - Security for payment of principal and interest.
The principal of and interest on any bonds issued under the authority of this article shall be secured by a pledge of the revenues out of which such bonds shall be made payable, may be secured by a mortgage covering all or any part of the project ... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-3/section-11-54-56/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 3 - Acquisition, etc., of Projects for Provision of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain N... | Section 11-54-56
Bonds - Disposition of proceeds from sale.
(a) The proceeds derived from the sale of any bonds issued under authority of this article, other than refunding bonds, shall be used only to pay the cost of acquiring, constructing, improving, enlarging, equipping and furnishing one or more projects as may be... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-3/section-11-54-57/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 3 - Acquisition, etc., of Projects for Provision of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain N... | Section 11-54-57
Refunding bonds.
Any bonds issued under this article and at any time outstanding may at any time and from time to time be refunded by a municipality by the issuance of its refunding bonds in such amount as the governing body may deem necessary but not exceeding an amount sufficient to refund the princi... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-3/section-11-54-58/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 3 - Acquisition, etc., of Projects for Provision of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain N... | Section 11-54-58
Notice to, consent or approval of governmental body, etc., not to be required for issuance or sale of bonds or execution of mortgages.
No notice to or consent or approval by any governmental body or public officer shall be required as a prerequisite to the sale or issuance of any bonds or the making of... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-3/section-11-54-59/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 3 - Acquisition, etc., of Projects for Provision of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain N... | Section 11-54-59
Investment in bonds by savings banks and insurance companies.
Bonds issued under the provisions of this article shall be legal investments for savings banks and insurance companies organized under the laws of this state.
(Acts 1973, No. 812, p. 1251, §10.) |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-3/section-11-54-60/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 3 - Acquisition, etc., of Projects for Provision of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain N... | Section 11-54-60
Municipalities not to contribute to costs of acquisition of projects or use municipal lands for projects.
No municipality shall have the power to pay out of its general funds or otherwise contribute any part of the costs of acquiring a project and shall not have the power to use land already owned by t... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-3/section-11-54-61/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 3 - Acquisition, etc., of Projects for Provision of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain N... | Section 11-54-61
Exemption from taxation of projects, bonds, etc.
The bonds authorized by this article and the income therefrom, all mortgages executed as security therefor, all lease agreements made pursuant to the provisions of this article, any deeds or other documents whereby properties are acquired by a municipali... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-3/section-11-54-62/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 3 - Acquisition, etc., of Projects for Provision of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain N... | Section 11-54-62
Construction of article.
Neither this article nor anything contained in this article shall be construed as a restriction or limitation upon any powers which a municipality might otherwise have under any laws of this state, but shall be construed as cumulative, and this article shall not be construed as... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-80/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-80 - Defin... | Section 11-54-80
Definitions.
Wherever used in this division, unless a different meaning clearly appears in the context, the following terms shall be given the following respective meanings:
(1) INDUSTRIAL DEVELOPMENT BOARD or BOARD. Any industrial development board organized pursuant to the provisions of this division... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-81/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-81 - Legis... | Section 11-54-81
Legislative intent; construction of division generally.
(a) It is the intent of the Legislature by the passage of this division to authorize the incorporation in the several municipalities in this state of industrial development boards to acquire, enlarge, improve, replace, own, lease, and dispose of p... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-82/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-82 - Appli... | Section 11-54-82
Application for authority to incorporate industrial development board; adoption of resolution by governing body authorizing incorporation; execution, acknowledgment, and filing of certificate of incorporation generally.
Whenever any number of natural persons, not less than three, each of whom shall be ... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-83/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-83 - Certi... | Section 11-54-83
Certificate of incorporation - Contents; execution and acknowledgment.
(a) The certificate of incorporation shall set forth:
(1) The names and residences of the applicants together with a recital that each of them is an elector of and taxpayer in the municipality;
(2) The name of the board which shall ... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-84/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-84 - Certi... | Section 11-54-84
Certificate of incorporation - Filing with probate judge; examination, approval, and recordation by probate judge.
When executed and acknowledged in conformity with Section 11-54-83, the certificate of incorporation shall be filed with the judge of probate of any county in which may be located any port... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-85/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-85 - Certi... | Section 11-54-85
Certificate of incorporation - Amendment.
The certificate of incorporation may at any time and from time to time be amended so as to make any changes therein and add any provisions thereto which might have been included in the certificate of incorporation in the first instance.
Any such amendment shall... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-86/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-86 - Board... | Section 11-54-86
Board of directors.
The industrial development board shall have a board of directors in which all powers of the board shall be vested and which shall consist of any number of directors, not less than seven, five of whom shall be duly qualified electors of and taxpayers in the municipality. At the discr... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-87/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-87 - Power... | Section 11-54-87
Powers of boards generally; location and operation of projects of boards generally; meetings of board of directors.
(a) The industrial development board shall have the following powers together with all powers incidental thereto or necessary for the performance of those stated in this subsection:
(1) T... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-88/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-88 - Addit... | Section 11-54-88
Additional powers as to pollution control facilities.
(a)(1) In addition to all other powers at any time conferred on them by law, each industrial development board shall have the following powers:
a. To acquire, whether by construction, purchase, exchange, gift, lease, or otherwise and to enlarge, imp... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-89/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-89 - Bonds... | Section 11-54-89
Bonds - Form, terms, denominations, etc.; execution, sale, delivery, redemption, etc.; refunding of bonds.
All bonds issued by the industrial development board shall be payable solely out of the revenues and receipts derived from the leasing or sale by the board of its projects or of any thereof as may... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-90/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-90 - Bonds... | Section 11-54-90
Bonds - Security for payment of principal and interest; remedies upon default.
The principal of and interest on any bonds issued by the industrial development board shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable and may be secured by a mortgage or ... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-91/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-91 - Borro... | Section 11-54-91
Borrowing of money for temporary use and issuance of temporary revenue bonds as evidence thereof.
(a) Any industrial development board organized under the provisions of this division, as amended, may, in addition to the other powers granted in the other provisions of this division, borrow money for tem... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-92/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-92 - Liabi... | Section 11-54-92
Liability of municipalities upon bonds, agreements, obligations, etc., of boards.
The municipality shall not in any event be liable for the payment of the principal of or interest on any bonds of the industrial development board or for the performance of any pledge, mortgage, obligation or agreement of... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-93/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-93 - Dispo... | Section 11-54-93
Disposition of net earnings of boards.
The industrial development board shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall enure to the benefit of any individual, firm, or corporation; except, that in the event the board of directors of the b... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-94/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-94 - Autho... | Section 11-54-94
Authority and procedure for dissolution of boards; vesting of title to funds and properties thereof in municipalities upon dissolution.
Whenever the board of directors of the industrial development board shall by resolution determine that the purposes for which the board was formed have been substantia... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-95/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-95 - Docum... | Section 11-54-95
Documents of boards may be filed for record without payment of taxes or certain fees.
The certificate of incorporation of the industrial development board, any deeds or other documents whereby properties are conveyed to the board, any mortgages or deeds of trust executed by the board, any leases or agr... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-96/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-96 - Exemp... | Section 11-54-96
Exemptions of boards - Taxation.
The industrial development board and all properties at any time owned by it and the income therefrom and all bonds issued by it and the income therefrom shall be exempt from all taxation in the State of Alabama.
(Acts 1949, No. 648, p. 991, §11.) |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-96-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-96.1 - Ad ... | Section 11-54-96.1
Ad valorem taxes required of hotels, etc., built under Section 11-54-80.
All hotels and motor inns built under Section 11-54-80 shall not be exempt from ad valorem taxes.
(Acts 1983, 2nd Ex. Sess., No. 83-199, p. 372, §3.) |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-97/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-97 - Exemp... | Section 11-54-97
Exemption of boards - Usury and interest laws.
Each industrial development board now or hereafter organized under the provisions of this division is hereby exempted from the laws of the State of Alabama governing usury or prescribing or limiting interest rates, including, without limitation, the provis... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-98/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-98 - Exemp... | Section 11-54-98
Exemption of boards - Competitive bid laws.
The industrial development board and all contracts made by it shall be exempt from the provisions and requirements of Sections 41-16-50 through 41-16-63, which provide for competitive bids in connection with certain contracts.
(Acts 1971, No. 48, p. 297, §3.) |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-99/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-99 - Valid... | Section 11-54-99
Validation of attempted incorporation of certain industrial development boards.
In all cases where there has heretofore been an attempt to incorporate a municipal industrial development board under the provisions of this article and a certificate of incorporation with respect to such board has been fil... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-100/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-100 - Cons... | Section 11-54-100
Construction of division.
(a) Neither this division nor anything contained in this division shall be construed as a restriction or limitation upon any powers which the industrial development board might otherwise have under any laws of this state, but shall be construed as cumulative of any such power... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-1/section-11-54-101/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 1 - Gene... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-101 - Powe... | Section 11-54-101
Powers cumulative; administrative fees.
(a) The powers conferred by this division shall be cumulative of and in addition to all powers heretofore conferred on industrial development boards by the Industrial Development Board Act.
(b) In addition to any other powers conferred by this division, in order... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-2/section-11-54-120/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 2 - Anci... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 2 - Ancillary Facilities. › Section 11-54-120 - De... | Section 11-54-120
Definitions.
Wherever used in this division, unless a different meaning clearly appears in the context, the following terms, whether used in the singular or plural, shall be given the following respective interpretations:
(1) INDUSTRIAL DEVELOPMENT BOARD. Any public corporation now in existence or her... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-2/section-11-54-121/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 2 - Anci... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 2 - Ancillary Facilities. › Section 11-54-121 - Le... | Section 11-54-121
Legislative intent; liberal construction.
It is the intent of the Legislature by passage of this division to confer on industrial development boards now or hereafter organized, in addition to those powers heretofore or hereafter conferred on them, the power to sell and issue their bonds for, and to ac... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-2/section-11-54-122/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 2 - Anci... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 2 - Ancillary Facilities. › Section 11-54-122 - Ad... | Section 11-54-122
Additional powers of industrial development boards; powers with respect to ancillary facilities.
In addition to all other powers at any time conferred on it by law, each industrial development board shall have the following powers:
(1) To acquire, whether by construction, purchase, exchange, gift, lea... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-2/section-11-54-123/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 2 - Anci... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 2 - Ancillary Facilities. › Section 11-54-123 - Po... | Section 11-54-123
Powers cumulative.
The powers conferred by this division shall be cumulative of and in addition to all powers heretofore conferred on industrial development boards by the Industrial Development Board Act.
(Acts 1982, No. 82-510, p. 843, §4.) |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-3/section-11-54-125/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 3 - Endo... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 3 - Endowment Trust Funds. › Section 11-54-125 - D... | Section 11-54-125
Definitions.
As used in this division, the following terms shall have the following meanings:
(1) AUTHORIZING RESOLUTION. A resolution adopted by the directors and authorizing the execution and delivery of a trust agreement.
(2) DIRECTORS. The board of directors of an industrial development board.
(3)... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-3/section-11-54-126/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 3 - Endo... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 3 - Endowment Trust Funds. › Section 11-54-126 - L... | Section 11-54-126
Legislative findings and intent.
(a) The Legislature hereby finds and declares all of the following:
(1) That industrial development boards have been, and may hereafter be, organized, under the provisions of either industrial development board act, to promote industry, develop trade, and further the u... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-3/section-11-54-127/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 3 - Endo... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 3 - Endowment Trust Funds. › Section 11-54-127 - A... | Section 11-54-127
Additional powers of boards.
(a) In addition to all other powers conferred on it by law, and subject to any express provisions of its certificate of incorporation to the contrary, any industrial development board shall have all of the following powers, together with all powers incidental thereto or ne... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-3/section-11-54-128/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 3 - Endo... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 3 - Endowment Trust Funds. › Section 11-54-128 - A... | Section 11-54-128
Authorizing resolution.
(a) In order to provide for the establishment of an endowment trust fund, the directors shall adopt an authorizing resolution authorizing the execution and delivery, on behalf of the industrial development board, of a trust agreement under which such fund shall be established a... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-3/section-11-54-129/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 3 - Endo... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 3 - Endowment Trust Funds. › Section 11-54-129 - U... | Section 11-54-129
Use of assets.
(a) Subject to succeeding provisions hereof with respect to the investment of moneys held in and forming a part of an endowment trust fund, and the management, use, and disposition of other properties, whether real or personal, tangible or intangible, contributed to such fund, all money... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-3/section-11-54-130/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 3 - Endo... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 3 - Endowment Trust Funds. › Section 11-54-130 - I... | Section 11-54-130
Investment committee.
(a) There shall be, with respect to an endowment trust fund, one investment committee consisting of the following:
(1) Not less than two members of the directors, each of whom shall serve ex officio during his or her term of office as a member of the directors, and each of whom s... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-3/section-11-54-131/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 3 - Endo... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 3 - Endowment Trust Funds. › Section 11-54-131 - I... | Section 11-54-131
Investment of moneys; duties of fund manager.
(a) Moneys held in and forming a part of an endowment trust fund, including, without limitation, proceeds of investments held in and forming a part of the fund, shall, to the extent practicable and feasible, be kept fully and continuously invested, pending... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-3/section-11-54-132/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 3 - Endo... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 3 - Endowment Trust Funds. › Section 11-54-132 - T... | Section 11-54-132
Trust agreement.
Each trust agreement shall obligate each trustee bank that is a party to the agreement to accept custody of contributions to the endowment trust fund created under the trust agreement, and the agreement shall obligate each trustee bank to administer the fund in accordance with the ter... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-3/section-11-54-133/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 3 - Endo... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 3 - Endowment Trust Funds. › Section 11-54-133 - T... | Section 11-54-133
Termination or dissolution of fund.
Upon the termination or dissolution of an endowment trust fund, all properties held in and forming a part of such fund, whether real or personal, tangible or intangible, and whether characterized as principal or income of such fund, shall continue to be or shall bec... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-3/section-11-54-134/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 3 - Endo... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 3 - Endowment Trust Funds. › Section 11-54-134 - L... | Section 11-54-134
Liability.
No member of an investment committee shall in any way be personally liable for any liability, loss, or expense suffered by the endowment trust fund supervised and administered by the committee unless such liability, loss, or expense arises out of or results from the wilful misconduct or wro... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-4/division-3/section-11-54-135/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 4 - Industrial Development Boards.›Division 3 - Endo... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 3 - Endowment Trust Funds. › Section 11-54-135 - P... | Section 11-54-135
Powers cumulative.
The powers conferred by this division shall be cumulative of and in addition to all powers heretofore conferred on industrial development boards by the industrial development board act.
(Act 2000-730, p. 1569, §12.) |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-5/section-11-54-140/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 5 - Acquisition, etc., of Projects for Promotion of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generall... | Section 11-54-140
Definitions.
Wherever used in this article, unless a different meaning clearly appears in the context, the following terms, whether used in the singular or plural, shall be given the following respective interpretations:
(1) MUNICIPALITY. Either, as the case may be, any Class 1, 2, 3, 4, 5, 6, 7, or 8... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-5/section-11-54-141/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 5 - Acquisition, etc., of Projects for Promotion of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generall... | Section 11-54-141
Legislative intent; liberal construction.
It is the intent of the Legislature by the passage of this article to authorize municipalities to acquire, own, and lease projects for the purpose of promoting trade by inducing commercial enterprises to locate in this state. It is intended that each project b... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-5/section-11-54-142/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 5 - Acquisition, etc., of Projects for Promotion of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generall... | Section 11-54-142
Additional powers conferred on municipalities.
In addition to any other powers which it may now have, each municipality shall have the following powers:
(1) To acquire, whether by construction, purchase, gift, or lease, one or more projects, which shall be located within this state and may be located ... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-5/section-11-54-143/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 5 - Acquisition, etc., of Projects for Promotion of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generall... | Section 11-54-143
Bonds issued to finance projects.
All bonds issued by a municipality under authority of this article shall be limited obligations of the municipality the principal of and interest on which shall be payable solely out of the revenues derived from the leasing of the project to finance which the bonds ar... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-5/section-11-54-144/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 5 - Acquisition, etc., of Projects for Promotion of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generall... | Section 11-54-144
Security for bonds.
The principal of and interest on any bonds issued under the authority of this article shall be secured by a pledge of the revenues out of which such bonds shall be made payable, may be secured by a mortgage covering all or any part of the project from which the revenues so pledged ... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-5/section-11-54-145/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 5 - Acquisition, etc., of Projects for Promotion of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generall... | Section 11-54-145
Requirements respecting leases.
Prior to the leasing of any project, the governing body must determine and find the following: The amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance such project; the amount necessary to be paid each yea... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-5/section-11-54-146/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 5 - Acquisition, etc., of Projects for Promotion of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generall... | Section 11-54-146
Refunding bonds.
Any bonds issued hereunder and at any time outstanding may at any time and from time to time be refunded by a municipality by the issuance of its refunding bonds in such amount as the governing body may deem necessary but not exceeding an amount sufficient to refund the principal of t... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-5/section-11-54-147/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 5 - Acquisition, etc., of Projects for Promotion of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generall... | Section 11-54-147
Use of proceeds from sale of bonds; cost of acquiring project.
The proceeds from the sale of any bonds issued under authority of this article shall be applied only for the purpose for which the bonds were issued; provided, however, that any accrued interest and premium received in any such sale shall ... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-5/section-11-54-148/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 5 - Acquisition, etc., of Projects for Promotion of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generall... | Section 11-54-148
No contribution by municipality.
No municipality shall have the power to pay out of its general funds or otherwise contribute any part of the costs of acquiring a project, and shall not have the power to use land already owned by the municipality, or in which the municipality has an equity, for constr... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-5/section-11-54-149/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 5 - Acquisition, etc., of Projects for Promotion of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generall... | Section 11-54-149
Bonds made legal investments.
Bonds issued under the provisions of this article shall be legal investments for saving banks and insurance companies organized under the laws of the state.
(Acts 1979, No. 79-722, p. 1277, §10.) |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-5/section-11-54-150/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 5 - Acquisition, etc., of Projects for Promotion of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generall... | Section 11-54-150
Exemption from taxation.
The bonds authorized by this article and the income therefrom, all mortgages executed as security therefor, all lease agreements made pursuant to the provisions hereof, and all projects and the revenue derived from any lease thereof shall be exempt from all taxation in the Sta... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-5/section-11-54-151/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 5 - Acquisition, etc., of Projects for Promotion of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generall... | Section 11-54-151
Construction of article.
Neither this article nor anything herein contained shall be construed as a restriction or limitation upon any powers which a municipality might otherwise have under any laws of this state, but shall be construed as cumulative; and this article shall not be construed as requiri... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-5/section-11-54-152/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 5 - Acquisition, etc., of Projects for Promotion of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generall... | Section 11-54-152
No notice or publication required.
No notice to or consent or approval by any governmental body or public officer shall be required by a prerequisite to the sale or issuance of any bonds or the making of a mortgage under the authority of this article.
(Acts 1979, No. 79-722, p. 1277, §13.) |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-5/section-11-54-153/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 5 - Acquisition, etc., of Projects for Promotion of ... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generall... | Section 11-54-153
Exemption from requirements of Sections 41-16-50 through 41-16-63.
Any municipality when acting pursuant to the authority of this article, and all contracts entered into incident to any project acquired, constructed, or financed under this article shall be exempt from the provisions and requirements o... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-170/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-170 - Legislative Intent; Liberal Constr... | Section 11-54-170
Legislative intent; liberal construction.
It is the intent of the Legislature by the passage of this article to authorize the incorporation in any municipality of commercial development authorities to acquire, own, and lease projects for the purpose of promoting trade and commerce by inducing commerci... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-171/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-171 - Definitions. | Section 11-54-171
Definitions.
The following words and phrases used in this article shall, in the absence of clear implication otherwise, be given the following interpretations:
(1) APPLICANT. A person who files a written application with the governing body of any municipality in accordance with Section 11-54-173.
(2) ... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-172/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-172 - Meaning of "Herein," etc.; Constru... | Section 11-54-172
Meaning of "herein," etc.; construction of definitions.
The following provisions shall be applied wherever appropriate herein:
(1) "Herein," "hereby," "hereunder," "hereof," and other equivalent words refer to this article as an entirety and not solely to the particular section or portion thereof in w... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-173/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-173 - Filing of Application; Contents; A... | Section 11-54-173
Filing of application; contents; authorization or denial of incorporation by governing body of authorizing municipality.
(a) A public corporation may be organized pursuant to the provisions of this article in any municipality. In order to incorporate such a public corporation, any number of persons sh... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-174/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-174 - Procedure to Incorporate; Contents... | Section 11-54-174
Procedure to incorporate; contents and execution of certificate of incorporation; filing.
Within 40 days following the adoption of an authorizing resolution the applicants shall proceed to incorporate an authority by filing for record in the office of the judge of probate of the county or one of the c... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-175/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-175 - Amendments to Certificate of Incor... | Section 11-54-175
Amendments to certificate of incorporation; filing of application; approval or denial by governing body; filing and recordation.
The certificate of incorporation of any authority incorporated under the provisions of this article may at any time and from time to time be amended in the manner provided i... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-176/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-176 - Board of Directors; Composition; E... | Section 11-54-176
Board of directors; composition; election; terms; vacancies; qualifications; expenses; removal.
Each authority shall be governed by a board of directors. All powers of the authority shall be exercised by the board or pursuant to its authorization. The board shall consist of five directors who shall be... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-177/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-177 - Officers of the Authority. | Section 11-54-177
Officers of the authority.
The officers of an authority shall consist of a chairman, vice chairman, secretary, treasurer, and such other officers as its board shall deem necessary or appropriate. The offices of secretary and treasurer may, but need not, be held by the same person. The chairman and vic... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-178/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-178 - Powers of Authority; Location of P... | Section 11-54-178
Powers of authority; location of projects; public meetings.
(a) An authority shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof in corporate form:
(1) To have succession by its corporate name for the duration of time (which may be perpetu... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-179/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-179 - Bonds of Authority Generally. | Section 11-54-179
Bonds of authority generally.
(a) Source of payment. All bonds issued by an authority shall be payable solely out of the revenues and receipts derived from the leasing or sale by the board of its projects or of any thereof as may be designated in the proceedings of the board under which the bonds shal... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-180/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-180 - Proceeds From Sale of Bonds. | Section 11-54-180
Proceeds from sale of bonds.
All moneys derived from the sale of any bonds issued by an authority shall be used solely for the purpose or purposes for which the same are authorized, including, but without limitation to, the use of bond proceeds to establish reserve funds as security for the payment of... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-181/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-181 - Refunding Bonds. | Section 11-54-181
Refunding bonds.
Any bonds issued by an authority may from time to time be refunded by the issuance, by sale or exchange, of refunding bonds payable from the same or different sources for the purpose of paying all or any part of the principal of the bonds to be refunded, any redemption premium require... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-182/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-182 - Notice of Bond Resolution; Limitat... | Section 11-54-182
Notice of bond resolution; limitation on proceedings questioning or attacking bonds.
Upon the adoption by the board of any authority of any resolution providing for the issuance of bonds, such authority may, in its discretion, cause to be published once a week for two consecutive weeks, in a newspaper... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-183/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-183 - Exemption From Certain Taxes and F... | Section 11-54-183
Exemption from certain taxes and fees.
The income of any authority, all bonds issued by an authority and the interest paid on any such bonds, all conveyances by or to an authority, and all leases, mortgages, and deeds of trust by or to an authority shall be exempt from all taxation in the State of Ala... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-184/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-184 - Nonliability of Authorizing Munici... | Section 11-54-184
Nonliability of authorizing municipality.
The authorizing municipality shall not in any event be liable for the payment of the principal of or interest on any bonds of an authority or for the performance of any pledge, mortgage, obligation, or agreement of any kind whatsoever which may be undertaken b... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-185/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-185 - Exemption From Usury and Interest ... | Section 11-54-185
Exemption from usury and interest laws.
Each authority shall be exempt from the laws of the State of Alabama governing usury or prescribing or limiting interest rates, including, but without limitation to, the provisions of Chapter 8 of Title 8.
(Acts 1980, No. 80-648, p. 1235, §16.) |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-186/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-186 - Exemption From Competitive Bid Law... | Section 11-54-186
Exemption from competitive bid laws.
Any authority and all contracts made by it shall be exempt from the laws of the State of Alabama requiring competitive bids for any contract to be entered into by municipalities or public corporations authorized by them, including, but without limitation to, the pr... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-187/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-187 - Freedom of Authority From State Su... | Section 11-54-187
Freedom of authority from state supervision and control.
This article is intended to aid the state through the furtherance of the purposes of the article by providing appropriate and independent instrumentalities of the state with full and adequate powers to fulfill their functions. Except as expressl... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-188/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-188 - Earnings of an Authority. | Section 11-54-188
Earnings of an authority.
An authority shall be a nonprofit corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm, or corporation, except that in the event a board shall determine that sufficient provision has been made f... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-189/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-189 - Dissolution of Authority and Vesti... | Section 11-54-189
Dissolution of authority and vesting of title to property in authorizing municipality.
At any time when an authority has no bonds or other obligations outstanding, its board may adopt a resolution, which shall be duly entered upon its minutes, declaring that the authority shall be dissolved. Upon fili... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-190/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-190 - Incorporation of Another Authority... | Section 11-54-190
Incorporation of another authority by same municipality.
The existence of an authority incorporated under the provisions of this article shall prevent the subsequent incorporation hereunder of another authority pursuant to authority granted by the same municipality. Notwithstanding this section, an au... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-191/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-191 - Continued Existence of Authority N... | Section 11-54-191
Continued existence of authority notwithstanding reclassification of municipalities.
Any authority created hereunder shall continue in existence and shall have all powers conferred upon an authority organized pursuant to this article notwithstanding the fact that due to a reclassification of municipal... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-6/section-11-54-192/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 6 - Commercial Development Authorities.›Section 11-5... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 6 - Commercial Development Authorities. › Section 11-54-192 - Provisions of Article Cumulative. | Section 11-54-192
Provisions of article cumulative.
The provisions of this article are cumulative and shall not be deemed to repeal existing laws, except to the extent such laws are clearly inconsistent with provisions of this article.
(Acts 1980, No. 80-648, p. 1235, §23.) |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-7/section-11-54-210/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 7 - Donation of Property to United States for Defens... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 7 - Donation of Property to United States for Defense Purposes. › Section 11-54-210 - Legislativ... | Section 11-54-210
Legislative findings and declarations.
The Legislature hereby finds and declares as follows:
(1) The location of defense facilities of the United States of America within the State of Alabama provides a substantial benefit to the economy of the State of Alabama;
(2) The Legislature deems it necessary ... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54/article-7/section-11-54-211/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.›Article 7 - Donation of Property to United States for Defens... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 7 - Donation of Property to United States for Defense Purposes. › Section 11-54-211 - Authority ... | Section 11-54-211
Authority of municipalities to acquire real property for donation to United States for defense purposes; issuance of bonds, etc., to fund purchase; conveyance to "related public corporation."
Each municipality in this state is hereby authorized (a) to acquire any real property located within the corpo... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54a/section-11-54a-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54A - Downtown Redevelopment Authorities.›Section 11-54A-1 - Legislative Intent. | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54A - Downtown Redevelopment Authorities. › Section 11-54A-1 - Legislative Intent. | Section 11-54A-1
Legislative intent.
The revitalization and redevelopment of any business district of any city in Alabama develops and promotes for the public good and general welfare trade, commerce, industry, and employment opportunities and promotes the general welfare of the city and state by creating a climate fav... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54a/section-11-54a-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54A - Downtown Redevelopment Authorities.›Section 11-54A-2 - Definitions. | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54A - Downtown Redevelopment Authorities. › Section 11-54A-2 - Definitions. | Section 11-54A-2
Definitions.
The following words and phrases used in this chapter, and others evidently intended as the equivalent thereof, in the absence of clear implication herein otherwise, shall be given the following respective interpretations herein:
(1) APPLICANT. A natural person who files a written applicati... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54a/section-11-54a-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54A - Downtown Redevelopment Authorities.›Section 11-54A-3 - Use of Phrases. | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54A - Downtown Redevelopment Authorities. › Section 11-54A-3 - Use of Phrases. | Section 11-54A-3
Use of phrases.
The following provisions shall be applied wherever appropriate herein:
"Herein," "hereby," "hereunder," "hereof," and other equivalent words refer to this chapter as an entirety and not solely to the particular section or portion thereof in which any such word is used.
The definitions s... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54a/section-11-54a-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54A - Downtown Redevelopment Authorities.›Section 11-54A-4 - Filing of Application; Authorization of Incorporation by Governing... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54A - Downtown Redevelopment Authorities. › Section 11-54A-4 - Filing of Application; Authorization of Incorporation by Governing Body of City. | Section 11-54A-4
Filing of application; authorization of incorporation by governing body of city.
An authority may be organized pursuant to the provisions of this chapter. In order to incorporate such a public corporation, any number of natural persons, not less than three, who are duly qualified electors of the city, ... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54a/section-11-54a-5/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54A - Downtown Redevelopment Authorities.›Section 11-54A-5 - Procedure to Incorporate; Contents and Execution of Certificate of... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54A - Downtown Redevelopment Authorities. › Section 11-54A-5 - Procedure to Incorporate; Contents and Execution of Certificate of Incorporation. | Section 11-54A-5
Procedure to incorporate; contents and execution of certificate of incorporation.
Within 40 days following the adoption of the authorizing resolution, the applicants shall proceed to incorporate the authority by filing for record in the office of the judge of probate of the county wherein the city is l... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54a/section-11-54a-6/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54A - Downtown Redevelopment Authorities.›Section 11-54A-6 - Amendments to Certificate of Incorporation; Procedure. | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54A - Downtown Redevelopment Authorities. › Section 11-54A-6 - Amendments to Certificate of Incorporation; Procedure. | Section 11-54A-6
Amendments to certificate of incorporation; procedure.
The certificate of incorporation of the authority incorporated under the provisions of this chapter may at any time and from time to time be amended in the manner provided in this section. The board shall first adopt a resolution proposing an amend... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54a/section-11-54a-7/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54A - Downtown Redevelopment Authorities.›Section 11-54A-7 - Board of Directors; Election, Terms, Eligibility, Etc. | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54A - Downtown Redevelopment Authorities. › Section 11-54A-7 - Board of Directors; Election, Terms, Eligibility, Etc. | Section 11-54A-7
Board of directors; election, terms, eligibility, etc.
Each authority shall be governed by a board of directors. All powers of the authority shall be exercised by the board or pursuant to its authorization. The board shall consist of any number of directors, not less than three, who shall be elected by... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54a/section-11-54a-8/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54A - Downtown Redevelopment Authorities.›Section 11-54A-8 - Officers of Authority. | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54A - Downtown Redevelopment Authorities. › Section 11-54A-8 - Officers of Authority. | Section 11-54A-8
Officers of authority.
The officers of the authority shall consist of a chairman, vice chairman, secretary, treasurer, and such other officers as its board shall deem necessary or appropriate. The offices of secretary and treasurer may, but need not, be held by the same person. The chairman and vice ch... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54a/section-11-54a-9/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54A - Downtown Redevelopment Authorities.›Section 11-54A-9 - Powers of Authority; All Projects to Be in Development Area. | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54A - Downtown Redevelopment Authorities. › Section 11-54A-9 - Powers of Authority; All Projects to Be in Development Area. | Section 11-54A-9
Powers of authority; all projects to be in development area.
(a) The authority shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof in corporate form:
(1) To have succession by its corporate name for the duration of time, which may be perpet... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54a/section-11-54a-10/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54A - Downtown Redevelopment Authorities.›Section 11-54A-10 - Bonds of Authority. | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54A - Downtown Redevelopment Authorities. › Section 11-54A-10 - Bonds of Authority. | Section 11-54A-10
Bonds of authority.
(a) Source of payment. All bonds issued by the authority shall be payable solely out of the revenues and receipts derived from the leasing or sale by the board of its projects or of any thereof as may be designated in the proceedings of the board under which the bonds shall be auth... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54a/section-11-54a-11/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54A - Downtown Redevelopment Authorities.›Section 11-54A-11 - Proceeds From Sale of Bonds. | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54A - Downtown Redevelopment Authorities. › Section 11-54A-11 - Proceeds From Sale of Bonds. | Section 11-54A-11
Proceeds from sale of bonds.
All moneys derived from the sale of any bonds issued by the authority shall be used solely for the purpose or purposes for which the same are authorized, including, but without limitation to, the use of bond proceeds to establish reserve funds as security for the payment o... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54a/section-11-54a-12/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54A - Downtown Redevelopment Authorities.›Section 11-54A-12 - Refunding Bonds. | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54A - Downtown Redevelopment Authorities. › Section 11-54A-12 - Refunding Bonds. | Section 11-54A-12
Refunding bonds.
Any bonds issued by the authority may from time to time be refunded by the issuance, by sale or exchange, of refunding bonds payable from the same or different sources for the purpose of paying all or any part of the principal of the bonds to be refunded, any redemption premium requir... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54a/section-11-54a-13/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54A - Downtown Redevelopment Authorities.›Section 11-54A-13 - Notice of Bond Resolution; 30 Days to Bring Action to Question Bo... | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54A - Downtown Redevelopment Authorities. › Section 11-54A-13 - Notice of Bond Resolution; 30 Days to Bring Action to Question Bond Validity. | Section 11-54A-13
Notice of bond resolution; 30 days to bring action to question bond validity.
Upon the adoption by the board of the authority of any resolution providing for the issuance of bonds, the authority may cause to be published once a week for two consecutive weeks, in a newspaper published or having general... |
https://law.justia.com/codes/alabama/title-11/title-2/chapter-54a/section-11-54a-14/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 11 - Counties and Municipal Corporations.›Title 2 - Provisions Applicable to Municipal Corporations Only.›Chapter 54A - Downtown Redevelopment Authorities.›Section 11-54A-14 - Exemption From Taxation. | 2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54A - Downtown Redevelopment Authorities. › Section 11-54A-14 - Exemption From Taxation. | Section 11-54A-14
Exemption from taxation.
The authority formed under this chapter, the property and income of the authority (whether used by it or leased to others), all bonds issued by the authority, the income from such bonds or from other sources, the interest and other profits from such bonds enuring to and receiv... |
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