Title 11

(a) Any authority formed under this chapter, a cooperative district of which the authority is a constituent member, the sales, property, and income of the authority or cooperative district, whether used by it or leased to others, all bonds issued by the authority or cooperative d…

An authorizing subdivision shall not in any event be liable for the payment of the principal of, or interest on, any bonds of the authority or for the performance of any pledge, mortgage, obligation, or agreement of any kind whatsoever which may be undertaken by an authority, and…

If any user, lessee, or owner of the project fails to pay when due, with time being of the essence, any assessments or fees due under this chapter, including, but without limitation, any payments in lieu of taxes, collectively “past due assessment,” then the authorizing subdivisi…

An authority shall be exempt from the laws of the State of Alabama governing usury or prescribing or limiting interest rates, including, but without limitation to, Chapter 8 of Title 8 as it may at any time be amended. (Act 2020-72, §16.)

An authority, a cooperative district of which the authority is a member, and any private user, and all contracts made by them are exempt from the laws of the State of Alabama requiring competitive bids for any contract to be entered into by municipalities or public corporations a…

This chapter is intended to aid the state through the furtherance of the purposes of this chapter by providing an appropriate and independent instrumentality of the state with full and adequate powers to fulfill its functions. Except as expressly provided in this chapter, no proc…

An authority shall be a nonprofit corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm, or corporation, except that in the event the board shall determine that sufficient provision has been made for…

For the purposes of this chapter, the following words have the following meanings: (1) APPLICANT. A natural person who files a written application with the governing body of any authorizing subdivision in accordance with Section 11-92C-3. (2) AUTHORITY. Any local redevelopment au…

At any time when an authority has no bonds or other obligations outstanding, its board may adopt a resolution, which shall be duly entered upon its minutes, declaring that the authority shall be dissolved. Upon filing for record of a certified copy of the resolution in the office…

The existence of one or more authorities incorporated under this chapter shall not prevent the subsequent incorporation under this chapter of another authority or the amendment of the certificate of incorporation of another authority pursuant to authority granted by the same coun…

Rates, fees, charges, rentals, and licenses for services rendered by an authority, a cooperative district of which the authority is a member, or a private user or facilities provided by the authority, a cooperative district of which the authority is a member, or a private user fr…

(a) For the purpose of securing services of or the right to use or the use by its citizens or customers of one or more projects of an authority, a cooperative district of which the authority is a member, or any private user, or aiding or cooperating with the authority, a cooperat…

(a) An authority may be organized pursuant to this chapter. In order to incorporate a public corporation, any number of natural persons, not less than three, who are duly qualified electors of the authorizing subdivision, shall first file a written application with the governing …

(a) Within 40 days following the adoption of the authorizing resolution, the applicants shall proceed to incorporate the authority by filing for record in the office of the judge of probate of the county in which the proposed local redevelopment area is located a certificate of i…

(a) The certificate of incorporation of an authority incorporated under this chapter may at any time and from time to time be amended in the manner provided in this section. The board shall first adopt a resolution proposing an amendment to the certificate of incorporation which …

(a) All powers of an authority shall be exercised by the board or pursuant to its authorization. The board shall consist of three or more directors, who shall be elected by the governing body of the authorizing subdivision for staggered terms as provided in this section. (b) At t…

The officers of an authority shall consist of a chair, vice chair, secretary, treasurer, and other officers as its board shall deem necessary or appropriate. The offices of secretary and treasurer may, but need not, be held by the same person. The chair and vice chair of an autho…

(a) The authority shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof in corporate form: (1) To have succession by its corporate name for the duration of time, which may be in perpetuity, subject to Section 11-92C-20,…

(a) Source of payment. All bonds issued by an authority shall be payable solely out of the revenues and receipts derived from the leasing or sale by the board of its projects, or from any other source as may be designated in the proceedings of the board under which the bonds are …