Title 41 — Title 41

Income. Any portion of the principal proceeds derived from the sale of the bonds which the board of directors may determine is not then needed for any of the purposes for which the bonds are authorized to be issued shall, on order of the authority, be invested by the State Treasu…

Any bonds issued by the authority may from time to time thereafter be refunded by the issuance of refunding bonds of the authority. Any such refunding bonds may be issued regardless of whether the bonds to be refunded shall have then matured or shall thereafter mature, and such r…

Action Challenging Validity. Any resolution authorizing any bonds hereunder shall contain a recital that they are issued pursuant to the provisions of this article, which recital shall be conclusive evidence that said bonds have been duly authorized pursuant to the provisions of …

The properties of the authority and the income therefrom, all lease agreements made by the authority, all bonds issued by the authority and the income therefrom and all lien notices, mortgages, assignments, and financing statements filed with respect thereto shall be forever exem…

Denominations, Etc., of Bonds; Sale; Refunding Bonds; Liability Upon Bonds; Pledges of Certain Funds as Security for Payment of Principal and Interest on Bonds Generally; Bonds to Be Deemed Negotiable Instruments; Bonds and Income Therefrom Exempt from Taxation; Use of Bonds as S…

All bonds (and income therefrom) issued by the authority shall be construed to be negotiable instruments subject to the registration provisions pertaining to transfers, even though they are payable from a limited source. History: (Acts 1986, No. 86-420, p. 627, §21.)

All contracts made, obligations incurred and bonds issued by the authority shall be solely and exclusively obligations of the authority and shall not create obligations or debts of the state. History: (Acts 1986, No. 86-420, p. 627, §22.)

Retirement, and Other Fiduciary Funds in Bonds of Authority. Any bonds issued by the authority may be used by the holders thereof as security for deposits of any funds belonging to the state or to any instrumentality, agency, or political subdivision of the state in any instance …

The 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 private entity. History: (Acts 1986, No. 86-420, p. 627, §24.)

At any time when the bonds and other obligations of the authority have been paid in full, the authority may be dissolved upon the filing with the Secretary of State of a written statement for dissolution, reciting payment in full of all bonds and other obligations of the authorit…

The proceeds of all bonds, other than refunding bonds, issued by the authority remaining after paying expenses of their issuance shall be deposited in the State Treasury and shall be carried in the State Treasury in a special or separate account. Such funds shall be subject to be…

To the extent that such have not been heretofore exercised or discharged, all rights, powers, duties, and liabilities of the Alabama Building Corporation created by Act No. 477 of the 1951 Legislature, page 845, Acts of 1951, approved August 17, 1951, are hereby continued in full…

Payment of Principal and Interest on Bonds. For the purpose of providing funds to enable the authority to pay, at their respective maturities, the principal of and interest on any bonds issued by it under the provisions of this article and to accomplish the objects of this articl…

For the purposes of this article, the following terms shall have the meanings respectively ascribed to them by this section: (1) AUTHORITY. The public corporation organized pursuant to the provisions of this article. (2) COMMISSION. The Alabama Space Science Exhibit Commission es…

It is the intent of the Legislature, by the passage of this article, to authorize the incorporation of a public corporation for the purposes of acquiring land, constructing and equipping facilities, leasing such facilities to the commission (or others, to the extent provided for …

Any three individual citizens of the state selected for such purpose by the commission and approved by the Governor of the state may become a public corporation with the power and authority provided in this article by proceeding according to the provisions hereof. History: (Acts …

(a) To become a corporation, the three individuals selected pursuant to Section 41- 10-302 shall present to the Secretary of State of Alabama an application signed by them which shall set forth: (1) The name and residence of each of the applicants, together with a certified copy …

When the application has been made, filed and recorded as provided in Section 41- 10-303 hereof, the Secretary of State shall make and issue to the applicants a certificate of incorporation pursuant to this article, under the Great Seal of the State, and shall record the certific…

Expenses; Liability. The applicants named in the application and their respective successors in office shall constitute the members of the authority. At the time of initial selection by the commission of the individual citizens to incorporate the authority pursuant to Section 41-…

All resolutions adopted by the board of directors shall constitute actions of the authority, and all proceedings of the board of directors shall be reduced to writing by the secretary of the authority, shall be signed by the members of the authority, and shall be recorded in a su…

The authority shall have the following powers among others specified in this article: (1) To have succession in its corporate name until the principal of and interest on all bonds issued by it shall have been fully paid and until it shall have been dissolved as provided herein; (…

In anticipation of issuance of bonds under this article, the authority may, from time to time, borrow such sums as may be needed for any of the purposes for which bonds are authorized to be issued under this article, and in evidence of the moneys so borrowed may issue its promiss…

The bonds and notes of the authority shall be executed by the manual or facsimile signature of either its president or its treasurer, as shall be provided in the resolution under which such securities shall be issued, and the seal of the authority or a facsimile thereof shall be …

Records Pertaining Thereto by State Treasurer. Out of the revenues appropriated and pledged in Section 41-10-30, the State Treasurer is hereby authorized and directed to pay the principal of and interest on the bonds issued by the authority under the provisions of this article, a…

For the purpose of providing funds for the acquisition of sites, for the construction, reconstruction, alteration, and improvement of facilities, for the procurement and installation of equipment therefor, and for payment of obligations incurred and the principal of and interest …

The authority may, from time to time, sell and issue its refunding bonds for the purpose of refunding any matured or unmatured bonds of the authority at the time outstanding and paying any premiums necessary to be paid to redeem any such bonds so to be refunded and all expenses i…

Any bonds of the authority may be executed and delivered by it at any time and from time to time, shall be in such form and denominations and of such tenor and maturities, shall bear such rate or rates of interest, fixed or floating, payable and evidenced in such manner, may cont…

Bonds of the authority may be sold at such price or prices and at such time or times as the board of directors of the authority may consider advantageous, at public or private sale. If bonds are to be sold by competitive bid on sealed bids or at public auction, the bonds may be s…

Any trust fund, where the investment thereof is permitted or required by law, may be invested in bonds issued by the authority. Unless otherwise directed by the court having jurisdiction thereof or the document which is the source of authority, a trustee, executor, administrator,…

Any bonds issued by the authority may be used by the holders thereof as security for deposits of any funds belonging to the state or to any instrumentality, agency, or political subdivision of the state in any instance where security for such deposits may be required or permitted…

(a) All proceeds derived from the sale of any bonds, except refunding bonds, sold by the authority, remaining after payment of the expenses of issuance thereof, shall be held by the authority and used solely for the purposes of: (1) Acquiring land for and constructing, reconstruc…

Any portion of the principal proceeds derived from the sale of the bonds which the board of directors of the authority may determine is not then needed for any of the purposes for which the bonds are authorized to be issued shall, on order of the authority, be invested in such ma…

The principal of, premium, if any, and interest on the bonds of the authority shall be secured by any or all of the following, as the authority may determine: (1) The rent and revenues from the lease or use of one or more facilities of the authority; (2) The proceeds from any sal…

If there be any default by the authority in the payment of the principal of or interest on the bonds or in any of the agreements on the part of the authority which may properly be included in any resolution or indenture of trust securing such bonds, any holder of any of the bonds…

Upon Dissolution of Authority. At any time when no bonds of the authority are outstanding, the authority may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of the members of the authority and sworn to …

All bonds issued by the authority, while not registered, shall be construed to be negotiable instruments even though they are payable from a limited source. All coupons applicable to any bonds issued by the authority, while the applicable bonds are not registered as to both princ…

All obligations incurred by the authority and all bonds and notes issued by it shall be solely and exclusively an obligation of the authority, payable solely from the sources which may under the provisions of this article be pledged to the payment thereof. No obligation incurred …

The chair of the commission is authorized upon direction and authorization of the commission to execute and deliver, at any time and from time to time, an appropriate deed or deeds conveying to the authority: (1) Any facilities belonging to the commission, (2) Any unimproved real…

All facilities constructed by the authority shall be constructed according to plans and specifications of architects or engineers, or both, selected by the commission. Such plans and specifications shall be approved by the authority. History: (Acts 1986, No. 86-546, p. 1093, §24.…

(a) The authority is hereby authorized to enter into a lease or leases of any one or more facilities constructed, acquired, reconstructed, renovated, or improved by the authority under the provisions of this article, to and with the commission or any other agency of the state whi…

If at any time any facility constructed or acquired by the authority is, or is about to be, vacant or unused as a result of there being no lease for such facility in effect for the current fiscal year, then, but only in such event, in order to prevent default on its bonds, the au…

In the resolution or proceedings authorizing the issuance of any bonds or any temporary loan or in any indenture of trust, the authority may provide for the establishment of one or more special funds for the payment of the principal of, or interest on, the bonds or notes, one or …

The properties of the authority and the income therefrom, all lease agreements made by the authority and all bonds and promissory notes issued by the authority, the interest thereon, the coupons, if any, applicable thereto, the income therefrom and all lien notices with respect t…

Any action to protect or enforce any rights under the provisions of this article shall be brought in the Circuit Court of Madison County, Alabama. History: (Acts 1986, No. 86-546, p. 1093, §29.)

There shall be no fees paid to the Secretary of State for any work done in connection with the incorporation or dissolution of the authority. History: (Acts 1986, No. 86-546, p. 1093, §30.)

When all bonds and securities issued by the authority and all obligations assumed by it under the provisions of this article shall have been paid in full, the then president of the authority may thereupon execute and deliver in the name of, and in behalf of, the authority an appr…

All leases of facilities made by the authority shall be exempt from the provisions and requirements of Chapter 16 of this title of the code. History: (Acts 1986, No. 86-546, p. 1093, §32.)

The authority shall not be governed by the provisions of Chapter 20 of this title of the code (originally enacted as Act No. 512 of the 1976 Regular Session of the Legislature of Alabama). History: (Acts 1986, No. 86-546, p. 1093, §33.)

The Internal Revenue Code of 1986, as amended, imposes a “state ceiling” upon the aggregate principal amount of “private activity bonds” which may be issued in any calendar year by or on behalf of a state and its political subdivisions and instrumentalities, and establishes a met…

The Legislature hereby finds and declares that it is necessary, desirable and in the public interest that additional facilities be made available in this state for mental health purposes. It is the intention of the Legislature by the passage of this article to authorize the forma…