Title 14

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 any premiums necessary to be paid to redeem any such bonds so to be refunded. Such refunding bonds sha…

It is hereby further provided that no refunding bonds as provided for by Section 14-2-13 shall be issued unless the present value of all debt service on the refunding bonds (computed with a discount rate equal to the bond yield of the refunding bonds and taking into account all u…

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 r…

(a) Any resolution or indenture of trust authorizing any bonds under this chapter shall contain a recital that they are issued pursuant to the provisions of this chapter, which recital shall be conclusive evidence that said bonds have been duly authorized pursuant to the provisio…

Bonds of the authority may be sold at such price or prices and at such time or times as the authority may consider advantageous, at public sale, private sale, or via negotiation. Bonds of the authority sold by competitive bid must be sold, whether on sealed bids or at public auct…

The bonding authority provided herein must file a report, in concise, simple language to each legislator between the first and the twelfth legislative day of each legislative session which shall reflect the date of the issuance of the bonds, total amount of the bonds, maturity da…

Any surplus in any state fund and any retirements or 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 …

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 turned over to the State Treasurer, shall be carried in a special account to the credit of the authority, and …

It is the intent of the Legislature, by the passage of this chapter, to authorize the incorporation of the Governor, the Commissioner of Corrections, the Director of Finance, the Lieutenant Governor and the Attorney General as a public corporation for the purposes of acquiring la…

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…

(a) 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 revenue for the use of one or more facilities of the authority; (2) The net rent or sale proceeds fr…

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…

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 revenues and income which may under the provisions of this chapter be pledged to the payment thereof. No obligati…

The Governor of the state is authorized to execute and deliver, at any time and from time to time, an appropriate deed or deeds conveying to the authority: (Acts 1965, No. 678, p. 1226, §22; Acts 1985, 1st Ex. Sess., No. 85-125, p. 187, §11.)

(a) The authority shall have the power to sell, convey and lease all or any part of the Kilby property and, as an aid to such sale or lease, to cause to be prepared by competent real estate experts a land use map and plan. No such sale or lease shall be made, however, except at p…

Notwithstanding the provisions of this chapter to the contrary, the authority is authorized, in its discretion, to continue to lease to the Environmental Protection Agency of the United States of America approximately 11.8 acres of land, bounded on the north by Federal Drive, on …

(a)(1)a. Notwithstanding any other provision of law, the contract for the design and construction of the specialized men’s prison facility and the Escambia men’s prison facility authorized in Section 14-2-12(c)(2)a. may be awarded to either of the following: 1. Any person that wa…

When a facility is constructed with the proceeds from any bonds issued under this chapter, a determination on the provider of telephone service for the facility shall be made by the Joint Legislative Oversight Committee on Corrections. (Acts 1992, No. 92-587, p. 1209, §6.)

(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 chapter to and with the department and any other agency, board, commissio…

The Governor, the Commissioner of Corrections, the Director of Finance, the Lieutenant Governor and the Attorney General may become a public corporation with the power and authority provided in this chapter by proceeding according to the provisions of this chapter. (Acts 1965, No…

If at any time any facility constructed 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 authority is h…

The state, through any of its departments or agencies or a subdivision thereof, shall lease or purchase upon commercially reasonable terms, or a combination thereof, the existing prison facility in Perry County to be utilized by the department or any other state department or age…

In the resolution or proceedings authorizing the issuance of any bonds, any temporary loans 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, certificates or n…

The properties of the authority and the income therefrom, all lease agreements made by the authority and all bonds issued by the authority, the coupons applicable thereto, the income therefrom and all lien notices with respect thereto shall be forever exempt from any and all taxa…

Any action to protect or enforce any rights under the provisions of this chapter shall be brought in the circuit court of Montgomery County, Alabama. (Acts 1965, No. 678, p. 1226, §28.)

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

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. (Acts 1965, No. 678, p. 1226, §5.)

All leases of facilities made by the authority shall be exempt from the provisions and requirements of Chapter 16 of Title 41 of this Code. (Acts 1985, 1st Ex. Sess., No. 85-125, p. 187, §16.)

Notwithstanding any other provision of law, including without limitation Article 3, commencing with Section 41-1-40, of Chapter 1 of Title 41, the Alabama Corrections Institution Finance Authority shall not enter into any swap agreement involving the bonds authorized to be issued…

A person or entity submitting a proposal for any project under this act shall disclose both of the following: (1) The names of all lobbyists, attorneys, or other professionals or professional firms hired or retained by the person or entity on or after December 6, 2019. (2) The na…

Nothing in Act 2021-546 shall be construed to limit the department from continuing to use third party or private facilities for any program or housing of inmates that are not under medium, maximum, or close security supervision. (Act 2021-546, §6.)

To become a corporation, the Governor, the Commissioner of Corrections, the Director of Finance, the Lieutenant Governor and the Attorney General shall present to the Secretary of State of Alabama an application signed by them which shall set forth: (1) The name, official designa…

(a) Prior to the closure of any facility as the result of the provisions of this act, there shall be established a commission to study the economic impact of the closure of the facility, any possible repurposing of the facility, and any outstanding obligations of the facility to …

When the application has been made, filed and recorded as provided in Section 14-2-4, the Secretary of State shall make and issue to the applicants a certificate of incorporation pursuant to this chapter, under the great seal of the state, and shall record the certificate with th…

(a) The membership of the authority shall be as follows: The Governor shall be the president of the authority, the Commissioner of Corrections shall be the vice president of the authority, and the Director of Finance shall be the secretary of the authority. In addition to these t…

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 sub…

The authority shall have the following powers among others specified in this chapter: (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 in this c…

(a) Separate and apart from the power granted to the authority in regard to the Kilby property in Sections 14-2-26 and 14-2-27, and in addition to those powers, the authority shall have the power to sell, convey, and lease all or any part of any real and personal property now or …

The authority shall have the same power of eminent domain as the state. Such power shall be exercised in the same manner and under the same conditions as is provided by law for the exercise of the power of eminent domain by the state. (Acts 1965, No. 678, p. 1226, §8.)