Title 11

The Legislature hereby makes the following findings of fact and declares its intent to be as follows: (1) The Legislature acknowledges the key role of public corporations in the state in promoting public interest through acquiring, enlarging, improving, expanding, owning, operati…

Any number of natural persons, not less than three, residing in the county of incorporation may incorporate an authority as provided in this article. The incorporators shall file a written application in accordance with Section 11-81-263. (Act 2021-408, §3.)

(a) The written application of the incorporators shall be filed with the probate judge, which application shall: (1) Contain a statement that the incorporators propose to incorporate an authority pursuant to this article. (2) State that each of the incorporators is a resident of …

(a) The articles of an authority shall state all of the following: (1) The names of the incorporators and that each is a resident of the county of incorporation. (2) The name of the authority, which may be a name indicating in a general way the geographic area proposed to be serv…

(a) In any county containing a Class 4 municipality incorporated under Chapter 44B of Title 11, where there has been an attempt to create a road improvement commission by general or local legislation, but the attempted creation or incorporation is or may be invalid because of an …

A road improvement commission created or attempted to be created prior to June 1, 2021, in a county containing a Class 4 municipality incorporated under Chapter 44B of Title 11, may seek authority to reincorporate pursuant to the procedure established in Section 11-81-265 if a ma…

(a) The articles shall be filed with the probate judge. The proposed authority shall constitute a de jure corporation upon acceptance of filing. The acceptance of the articles for filing by the probate judge shall be conclusive of the valid incorporation of a proposed authority o…

(a) All powers of an authority shall be vested in its board of directors. (b) The initial board of directors of an authority shall be specified in the articles, or as provided in Section 11-81-265. (c) The board shall elect from its own membership a chair, vice-chair, and secreta…

(a) Except as provided in Section 11-81-265, the board of directors shall be composed of the number of directors provided for in the articles, appointed as provided in the articles for the terms designated therein. (b) All directors shall serve until their successors are appointe…

(a) The articles of an authority may be amended in the manner provided in this section. The board of directors shall adopt a resolution proposing an amendment to the articles. The amendment shall be fully set forth in the resolution and may include any matters that might have bee…

An authority shall have the following powers: (1) To have succession by its corporate name until dissolved as provided in this article. (2) To institute and defend legal proceedings in any court of competent jurisdiction and proper venue; provided further, that the officers and d…

An authority may sell at public or private sale and issue bonds as provided in Section 11-81-273 for the purposes authorized in Section 11-81-271. (Act 2021-408, §13.)

(a) Bonds of an authority shall be signed by the chair and attested by the secretary, the seal of the authority shall be affixed thereto, and any interest coupons applicable to the bonds shall be signed by the chair; provided that a facsimile of the signature of the officers may …

(a) In the discretion of the board of directors of an authority, any bonds may be secured by an indenture between an authority and a trustee, which may be a trust company or bank having trust powers, whether the trust company or bank is located within or outside of the state. In …

(a) The proceeds from the sale of any bonds shall be applied as provided in the proceedings in which the bonds are authorized to be issued, including, without limitation, the payment of all legal, fiscal, and recording fees and expenses incurred in connection with the authorizati…

An authority shall be exempt from all laws of the state now or hereafter governing usury or prescribing or limiting interest rates, including, without limitation, Chapter 8 of Title 8. (Act 2021-408, §17.)

All properties of an authority, whether real, personal, or mixed, and the income therefrom, all bonds and other securities issued by an authority and the coupons applicable thereto and the income therefrom, and all indentures and other instruments executed as security therefor, a…

Any public person may transfer and convey to an authority, with or without consideration any properties, real, personal, or mixed, and all funds and assets, tangible or intangible, that may be owned by a public person or that may be jointly owned by any two or more thereof, and a…

(a) At any time when no bonds of an authority are outstanding, the authority may be dissolved by the adoption of a resolution by the board of directors recommending dissolution and by the approval of the dissolution by the governing body of the county of incorporation and each pa…