143 chapters · 3,669 sections in this title.
Ala. Code § 11-49B-1 Declaration of Purpose and Legislative Findings
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The Legislature finds that it is estimated that by the year 2040, 40 percent of the economy of this nation, both people and jobs, will be located in a 14-state region between Texas and Virginia. Alabama, and in particular the Class 1 municipality and surrounding counties, will be…
Ala. Code § 11-49B-10 Contracts to Secure Bonds and Assumed Obligations
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As security for payment of the principal of and the interest on bonds issued or obligations assumed by it, the authority may do the following: (1) Enter into a contract or contracts binding itself for the proper application of the proceeds of bonds and other funds, for the contin…
Ala. Code § 11-49B-11 Statutory Mortgage Lien
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The resolution of the board or trust indenture that provides for the issuance of bonds may contain provisions creating a statutory mortgage lien, in favor of the holders of the bonds and of the interest coupons on the transit systems, including any after acquired property out of …
Ala. Code § 11-49B-12 Proceeds from Sale of Bonds
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All moneys derived from the sale of bonds issued by the authority shall be used solely for the purpose for which the bonds are authorized and any costs and expenses incidental to the bonds. The costs and expenses may include, but shall not be limited to: (1) The fiscal, engineeri…