Title 9

For the purpose of refunding any bonds or refunding bonds of the authority issued under this chapter or any other state law or any combination thereof, whether such refunding shall occur before, at, or after the maturity of the bonds refunded and for the purpose of paying all pre…

All bonds, including refunding bonds, issued pursuant to this chapter, and the income therefrom, including the interest income thereon, shall be free from all taxation by the state or any county, municipality, or other political subdivision or instrumentality of the state, except…

All contracts of the authority for the improvement, renovation, equipping, acquisition, provision, construction, and maintenance of Alabama state parks under the jurisdiction of the Alabama Department of Conservation and Natural Resources and public historical sites and public hi…

(a) Except as provided otherwise in this act, the proceeds from the bonds issued by the authority and interest income thereon are appropriated as follows: Eighty million dollars ($80,000,000) of the bonds shall be used for the improvement, renovation, equipping, acquisition, prov…

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

The authority, on behalf of the state, shall have the power to provide for payments to the United States of America as the directors deem necessary to cause the interest on any bonds to be and remain exempt from federal income taxation. The authority shall have the power to make …

The Legislature hereby finds and declares all of the following: (1) That the state parks, public historical sites, and public historical parks provide essential services and outdoor recreation opportunities to Alabama residents and visitors. (2) State parks, public historical sit…

(a) For purposes of this chapter, the following terms have the following meanings: (1) AMENDMENT. The amendment to the Constitution of Alabama of 1901, proposed in Act 2021-326, authorizing the issuance of the bonds to be issued by the authority. (2) AUTHORITY. The Alabama State …

(a)(1) The Governor, the Lieutenant Governor or his or her designee, the President Pro Tempore of the Senate or his or her designee, the Speaker of the House of Representatives or his or her designee, the Commissioner of the Department of Conservation and Natural Resources, the D…

The authority shall have the following powers: (1) To have succession by its corporate name without time limit. (2) To sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties. (3) To have and to u…

In addition to any other powers provided in this chapter, the authority shall also have all of the following powers: (a) To improve, renovate, equip, acquire, provide, construct, and maintain Alabama state parks under the jurisdiction of the Department of Conservation and Natural…

The bonds issued pursuant to this chapter shall not be obligations of the authority but shall be general obligations of the state with the full faith and credit and taxing power of the state to be pledged to the prompt and faithful payment of the principal thereof and the interes…

The State Treasurer is authorized and directed to pay the principal, premium, if any, and interest on the bonds issued under this chapter, as the principal, premium, if any, and interest shall respectively mature, and he or she is further authorized and directed to maintain appro…

(a) The bonds of each series issued pursuant to this chapter may be issued as serial bonds payable in annual installments or as term bonds or as a combination thereof, and the principal of the bonds of each such series shall mature or be subject to mandatory redemption according …