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Alabama Statutes, Title 11

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Alabama/Statutes

← All Alabama coverage

Title 11

143 chapters · 3,669 sections in this title.

All chapters in Title 113,669 Ch 50, Public Utilities264 Ch 81, Municipal and County Bonds173 Ch 51, Taxation144 Ch 42, Alteration of Corporate Limits124 Ch 47, Powers, Duties and Liabilities Generally117 Ch 54, Promotion of Industry, Trade, Commer…108 Ch 43A, Council-Manager Form of Government103 Ch 88, Water, Sewer and Fire Protection Aut…103 Ch 43, Mayor and Council, Other Officers, E…101 Ch 44C, Government of Class 2 Municipalities100 Ch 43C, Mayor-Council Form of Government in …92 Ch 48, Public Improvements and Assessments …78 Ch 44E, Adoption of Mayor/Commission/City Ma…77 Ch 46, Elections65

13 sections·Filtered byTitle 11✕Ch 55✕

Ala. Code § 11-55-1 Definitions
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Wherever used in this chapter, unless a different meaning clearly appears in the context, the following terms shall be given the following respective meanings: (1) MUNICIPALITY. Any incorporated city or town in the State of Alabama. (2) PROJECT. Any land and any building or other…
Ala. Code § 11-55-10 Requirements as to Leases of Projects
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(a) Prior to the leasing of any project, the governing body must determine and find the following: (1) The amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance such project; (2) The amount necessary to be paid each y…
Ala. Code § 11-55-11 Exemption from Taxation of Projects, Bonds, Etc
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The bonds authorized by this chapter and the income therefrom, all mortgages executed as security therefor, all lease agreements made pursuant to the provisions of this chapter and all projects and the revenues derived from any lease thereof shall be exempt from all taxation in t…
Ala. Code § 11-55-12 Construction of Chapter
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Neither this chapter nor anything contained in this chapter shall be construed as a restriction or limitation upon any powers which a municipality might otherwise have under any laws of this state, but shall be construed as cumulative, and this chapter shall not be construed as r…

Ala. Code § 11-55-13 Authority of Cities or Towns to Acquire, Etc., and Lease Facilities to United States Postal Service; Issuance of Bonds, Etc., to Finance Acquisitions

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Any city or town in this state (1) May acquire (by construction, purchase or otherwise), improve and equip land, buildings and other facilities for use by the United States Postal Service; (2) May lease any such land, buildings or facilities to the United States Postal Service on…

Ala. Code § 11-55-2 Powers of Municipalities Generally as to Acquisition and Leasing of Projects for Post Offices and Issuance of Bonds Therefor

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In addition to any other powers which it may now have, any municipality in this state may hereafter acquire, whether by purchase, construction, or gift, a project, as defined in Section 11-55-1, located within the corporate limits, may lease such project to the United States gove…

Ala. Code § 11-55-3 Bonds - Form, Terms, Denominations, Etc.; Execution, Sale, Delivery, Redemption, Etc

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All bonds issued by a municipality under authority of this chapter shall be limited obligations of the municipality, the principal of and interest on which shall be payable solely out of the revenues derived from the leasing of the project to finance which the bonds are issued. B…

Ala. Code § 11-55-4 Bonds - Security for Payment of Principal and Interest

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The principal of and interest on any bonds issued under the authority of this chapter shall be secured by a pledge of the revenues out of which such bonds shall be made payable, may be secured by a mortgage covering all or any part of the project from which the revenues so pledge…

Ala. Code § 11-55-5 Bonds - Disposition of Proceeds from Sale

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(a) The proceeds from the sale of any bonds issued under authority of this chapter shall be applied only for the purpose for which the bonds were issued; provided, however, that any accrued interest and premium received in any such sale shall be applied to the payment of the prin…

Ala. Code § 11-55-6 Refunding Bonds

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Any bonds issued under this chapter and at any time outstanding may at any time and from time to time be refunded by a municipality by the issuance of its refunding bonds in such amount as the governing body may deem necessary but not exceeding an amount sufficient to refund the …

Ala. Code § 11-55-7 Notice To, Approval or Consent of Governmental Body, Etc., Not to Be Required for Sale or Issuance of Bonds or Execution of Mortgages

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No notice to or consent or approval by any governmental body or public officer shall be required as a prerequisite to the sale or issuance of any bonds or the making of a mortgage under the authority of this chapter. (Acts 1955, No. 491, p. 1107, §12.)

Ala. Code § 11-55-8 Investment in Bonds by Savings Banks and Insurance Companies

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Bonds issued under the provisions of this chapter shall be legal investments for savings banks and insurance companies organized under the laws of this state. (Acts 1955, No. 491, p. 1107, §9.)

Ala. Code § 11-55-9 Contribution by Municipalities to Costs of Acquisition of Projects or Use of Municipal Lands Therefor; Acceptance of Donations of Property or Money for Projects

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A municipality may pay out of its general funds or otherwise contribute any part of the costs of acquiring a project and may use land already owned by the municipality, or in which the municipality has an equity for construction thereon of a project, and the municipality may acce…