Title 41 — Title 41

The authority shall have the following powers among others specified in this article: (1) To have succession by its corporate names until dissolved as provided in this article; (2) To institute or maintain legal proceedings in any court of competent jurisdiction to enforce its co…

The 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 affixed to…

Rent Adjustments Necessary to Meet Obligations. For the purpose of providing funds for the acquisition and preparation of sites, for the construction, reconstruction, alteration, and improvement of facilities, for the procurement and installation of equipment therefor, and for pa…

Recorded and Filed; Copies Received in All Courts as Prima Facie Evidence. 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, whi…

The properties of the authority and the income therefrom, all lease agreements made by the authority, and all lien notices, mortgages, assignments, and financing statements filed with respect thereto shall be forever exempt from any and all taxation of the State of Alabama and it…

All allocations of state ceiling applicable to the state made prior to September 27, 1988, pursuant to executive orders of the Governor of the state are hereby ratified and confirmed. History: (Acts 1988, 1st Ex. Sess., No. 88-870, p. 382, §10.)

All contracts made and obligations incurred by the authority shall be solely and exclusively obligations of the authority and shall not create debts of the State of Alabama. History: (Acts 1990, No. 90-293, p. 396, §11.)

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 person or entity. History: (Acts 1990, No. 90-293, p. 396, §12.)

Authority Fund; State to Have No Further Obligations or Rights After Property, Contracts, Etc., Assigned, Transferred, or Conveyed. Upon issuance of the certificate of incorporation, all funds appropriated from the Real Estate Commission Fund for purposes of capital outlay by Act…

At any time when the incorporators named in this article determine that the services provided by the authority are no longer of benefit to the entities served by the authority and that all obligations of the authority have been paid in full, the authority may be dissolved upon th…

The Legislature has found and determined that the economic well-being of the citizens of the State of Alabama will be enhanced by the increased development and growth of industry within the state and that it is in the best interest of the state to induce the location or expansion…

Any project obligations issued by the authority may from time to time be refunded by the issuance, by sale or exchange, of refunding bonds or obligations payable from the same or different sources for the purpose of paying all or any part of the principal of the project obligatio…

Proceedings. Upon the adoption by the board of directors of the authority of any resolution providing for the issuance of project obligations, the authority may, in its discretion, cause to be published once a week for two consecutive weeks, in newspapers published or having a ge…

The authority shall report annually to the Legislature as to its outstanding projects. Such report shall be due on the fifth legislative day of each regular session and shall include a detailed accounting of each project approved that year, the value of each outstanding project, …

The income and property of the authority, all project obligations issued by the authority and the interest paid on any such project obligations, all conveyances by or to the authority, and all instruments by or to the authority shall be exempt from all taxation in the state. The …

Obligations. Except as may be expressly provided in this article, no proceeding, notice, or approval shall be required for the issuance of any project obligations, the execution of any mortgage and deed of trust, trust indenture, or other document, or the exercise of any other of…

The authority is 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. History: (Acts 1993, 1st Ex. Sess., No. 93-851, p. 79, §1.)

In addition to the definitions contained in Sections 41-10-20 and 41-10-36, the following terms shall have the following meanings, respectively, when used in this Article 2A unless the context clearly requires otherwise: (1) APPROVED COMPANY. Any corporation, partnership, trust o…

In addition to the powers granted to it in Section 41-10-26 and in Sections 41-10-37 through 41-10-43, the authority shall have the following powers: (1) To adopt and alter bylaws for the regulation and conduct of its affairs and business; (2) To borrow money and to issue project…

The authority shall promulgate criteria for the determination and selection of approved companies and the approval of projects proposed by such companies. Such criteria shall give greatest weight to the creditworthiness of the project sponsors, the number, type, and quality of ne…

The criteria promulgated by the authority for the selection of approved companies shall be subject to prior approval by the Legislative Council. The Legislative Council shall approve or disapprove the general criteria proposed by the authority within 30 days after the submission …

(a) Issuance of project obligations. The authority is authorized and empowered to issue its project obligations from time to time for the purpose of financing one or more projects in such aggregate principal amount as the board of directors shall determine to be necessary to prov…

Funds. (a) After making adequate provision for the payment of the expenses of issuance, the authority is authorized and empowered to use the proceeds of any project obligations, together with any other available funds, (i) to finance project costs as herein authorized; (ii) to fu…

(a) Upon the issuance by the authority of its project obligations for the purpose of financing a project for an approved company with respect to which the authority adopted a resolution accepting the project prior to January 16, 1995, the approved company: (1) Shall receive a cre…

In order to provide a method of financing project costs other than by the issuance of project obligations payable from the amounts required to be paid by an approved company under a financing agreement, the authority may establish one or more tax increment funds with respect to a…

The following words and phrases shall have the following meanings when used in this article: (a) AUTHORITY. The State Industrial Development Authority, a public corporation of the state, organized and existing under Articles 2, 2A, and 2B of this Chapter. (b) DEPARTMENT. The Alab…

(a) There is created the Accelerate Alabama Fund, which may consist of monies appropriated or otherwise made available by the Legislature in any manner, proceeds of project obligations issued by the authority, and monies from any other source designated for deposit into such fund…

Investment of Funds. (a) The authority may provide loans to an eligible borrower to pay for all or part of the eligible expenses of a qualifying project pursuant to a targeted county financing agreement. A loan may have a maturity or maturities not exceeding 20 years from its dat…

(a) In order to provide for the repayment of a loan by a qualifying borrower for a project, the qualifying borrower is hereby authorized and empowered to do and perform any one or more of the following: (1) To obligate itself to pay to the authority at periodic intervals a sum su…

(a) The authority shall make an annual report to the Legislature as to the loans granted during, or outstanding at the end of, each fiscal year. The report shall be due on the fifth legislative day of each regular session and shall state, for each qualifying project, the county i…

(a) The department and the authority may enter into contracts and other agreements in connection with the operation of the fund, including but not limited to agreements appointing the department as the agent of the authority for administration of the fund and the lending program …

It is the intent of the Legislature by the passage of this article to authorize the incorporation of the Governor, the Director of Finance, and the State Treasurer as a public corporation for the sole purpose of constructing, renovating, reconstructing, improving, altering, addin…

(1) AUTHORITY. The public corporation organized pursuant to the provisions of this article. (2) BONDS. Those bonds, including refunding bonds, authorized to be issued by the authority pursuant to act of the Legislature. (3) GOVERNMENT SECURITIES. Any bonds or other obligations wh…

The Governor, the Director of Finance, and the State Treasurer may become a public corporation with the power and authority hereinafter provided, by proceeding according to the provisions of this article. History: (Acts 1990, No. 90-602, p. 1079, §3.)

To become a corporation, the Governor, the Director of Finance, and the State Treasurer shall present to the Secretary of State of Alabama an application signed by them which shall set forth: (1) the name, official designation, and official residence of each of the applicants, to…

When the application has been made, filed, and recorded as provided in Section 41-10-453, 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 certificate wit…

The applicants named in the application and their respective successors in office shall constitute the members of the authority. The Governor shall be the president of the authority, the Director of Finance shall be the secretary of the authority, and the State Treasurer shall be…

The authority shall have the following powers among others specified in this article: (1) to have succession by its corporate name until dissolved as provided in this article; (2) to sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdictio…

The authority shall have the same powers of eminent domain which shall be exercised in the same manner and under the same conditions as are provided by law for the exercise of the powers of eminent domain by the State of Alabama. History: (Acts 1990, No. 90-602, p. 1079, §8.)

The authority is hereby authorized from time to time to sell and issue its bonds, not exceeding $29,500,000.00, exclusive of refunding bonds, in aggregate principal amount, and in such additional aggregate principal amounts as shall be authorized by act of the Legislature, for th…

(a) Definitions. The following terms, whenever used in Act 98-245, shall have the following respective meanings unless the context clearly indicates otherwise: (1) “Authority” means Alabama Building Renovation Finance Authority established pursuant to the 1990 Act. (2) “Bonds” (e…

(a) Definitions. The following terms, whenever used in Act 2006-618, shall have the following respective meanings unless the context clearly indicates otherwise: (1) “Authority” means Alabama Building Renovation Finance Authority established pursuant to the 1990 Act. (2) “Bonds” …

(a) Definitions. The following terms, whenever used in this section, have the following respective meanings unless the context clearly indicates otherwise: (1) “Authority” means the Alabama Building Renovation Finance Authority established pursuant to the 1990 Act. (2) “Bonds” (e…

The authority may from time to time sell and issue its refunding bonds without limit as to principal amount for the purpose of refunding any bonds of the authority at the time outstanding, paying the expenses of issuance thereof and paying any premiums necessary to be paid to red…

(a) Any qualified fund may invest at least three percent of its corpus in one or more approved opportunity funds. (b) The following terms shall have the following meanings: (1) “ADECA” shall mean the Department of Economic and Community Affairs. (2) “Approved opportunity fund” sh…

All bonds of the authority shall be signed by its president, and the seal of the authority shall be affixed thereto and attested by its secretary. The signatures of the president and secretary may be facsimile signatures and a facsimile of the seal of the authority may be imprint…

Bonds may be sold by the authority from time to time in series, and if sold in more than one series may all be authorized in one initial resolution of the board of directors with the pledges therefor made in such initial resolution although some of the details applicable to each …

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, payable and evidenced in such manner, may contain provisions for …

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 by the Sta…

The properties of the authority and the income therefrom, all lease agreements made by the authority, and all bonds issued by the authority and the income therefrom and all lien notices filed with respect thereto shall be forever exempt from any and all taxation in the State of A…