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Article 1 - General Provisions.
Section 11-81-1 - Execution of Mortgages to Secure Bonds and Indebtedness Incurred in Purchase, Construction, Extension, etc., of School Buildings or Waterworks, Gas, Light, etc., Plants. - Any city or town of the State of Alabama that...
Section 11-81-2 - Execution of Mortgages or Deeds of Trust Upon Property Acquired, etc., With Proceeds of Bond Issues; Recordation of Same. - Any municipal corporation in this state shall have power and...
Section 11-81-3 - Issuance of Refunding or Funding Bonds as to Adjustment, etc., of Indebtedness. - The governing body of any county, city or town, or...
Section 11-81-4 - Issuance of Refunding Interest-Bearing Certificates of Indebtedness, Warrants or Notes by Municipalities; Pledge of Tax, Revenues, etc., for Payment of Principal and Interest on Same. - The governing body of any municipality in this state is...
Section 11-81-5 - Places of Payment. - All bonds may be made payable at such place or...
Section 11-81-6 - Maturity and Payment - Generally. - The principal of all bonds issued under this chapter, except...
Section 11-81-7 - Maturity and Payment - Bonds Issued and Sold in Series. - In any case where general obligation bonds of a county...
Section 11-81-8 - Estimate as to Period of Usefulness of Improvement or Property for Which Bonds Issued. - The governing body shall estimate the period of usefulness of...
Section 11-81-9 - Form; Appointment of Registrar and Provision for Registration and Transfer. - Bonds issued under this chapter may be issued either in...
Section 11-81-10 - Sale Price. - All bonds, except revenue bonds, issued under this chapter shall...
Section 11-81-11 - Sale. - All bonds issued under the authority of this chapter shall...
Section 11-81-12 - Determination of Highest Bidder. - In determining the highest bidder for bonds offered for sale...
Section 11-81-13 - Disposition of Proceeds From Sale. - The principal proceeds received in the sale of any bonds...
Section 11-81-14 - Presumption as to Validity of Issuance, Sale, etc.; Limitation Period for Actions to Contest Validity Thereof. - Any bonds reciting that they are issued pursuant to this...
Section 11-81-15 - Levy, Collection and Disposition of Special Tax for Payment of Principal and Interest on Bonds and Sinking Fund Payments. - In every county and municipality the officers charged by law...
Section 11-81-16 - Pledge of Revenues From Certain Taxes, Utilities, etc., for Payment of Principal and Interest on Bonds. - In any case in which a county or municipality may...
Section 11-81-17 - Pledge of Revenues From Waterworks System to Secure Payment of Bonds. - Any municipality or county may pledge the net revenues of...
Section 11-81-18 - Pledge of Revenues From License, Privilege, or Excise Taxes for Payment of Principal and Interest on Bonds. - In any case in which a municipality or county may...
Section 11-81-19 - Investment of Sinking Funds Generally; Reports as to Investment or Deposit of Sinking Funds; Contracts for Purchase of Savings Certificates. - All sinking funds provided for the retirement of bonds shall...
Section 11-81-20 - Investment of Funds Received to Credit of Sinking Fund. - Any funds of any municipality or county which may come...
Section 11-81-21 - Investment of Funds Obligation in Which Sinking Funds May Be Invested. - THIS SECTION WAS AMENDED BY ACT 2022-146 IN THE 2022...
Section 11-81-22 - Sinking Fund Bonds - Issuance, Etc. - Any city which has power to issue bonds to refund...
Section 11-81-23 - Sinking Fund Bonds - Designation; Maturity and Interest; Disposition. - Bonds issued to and placed in such a sinking fund...
Section 11-81-24 - Sinking Fund Bonds - Creation of Sinking Fund; Employment and Duties of Trustee of Sinking Fund. - Any city which desires to issue bonds as provided by...
Section 11-81-25 - Sinking Fund Bonds - Powers of Trustee of Sinking Fund. - Any trustee of a sinking fund established under Sections 11-81-22...
Section 11-81-26 - Mandamus Proceedings. - Any court having jurisdiction shall issue mandamus for the levy...
Section 11-81-27 - Mortgages of Public Property for Payment of Debts. - Any county or municipality of this state may mortgage any...
Section 11-81-28 - Issuance, Sale, etc., of Negotiable Notes in Anticipation of Sale of Bonds. - Whenever bonds of any county or municipality shall have been...
Section 11-81-29 - Bonds and Interest Coupons Exempt From Taxation. - All bonds and interest coupons attached to the same issued...
Section 11-81-30 - Irregularities in Proceedings for Issuance, etc., Not to Affect Validity of Bonds; Properties, etc., of Bonds. - No irregularity in the proceedings to authorize the issue of...
Section 11-81-31 - Ratification of Certain Irregular Elections for Issuance of Bonds. - Every election heretofore held in any municipality or in any...
Section 11-81-32 - Issuance of Duplicates for Lost, Mutilated or Destroyed Bonds. - Whenever it shall be made to appear to the governing...
Section 11-81-33 - Execution of Bonds, etc., With Engraved or Otherwise Reproduced Facsimile of Signature, Seal or Other Means of Authentication, Etc. - Any bonds, notes or other obligations for the payment of...
Article 2 - Municipal Bonds Generally.
Section 11-81-50 - Municipality Defined. - In this article "municipality" means and includes any city or...
Section 11-81-51 - Purposes for Which Bonds May Be Issued. - All municipalities shall have full and continuing power and authority...
Section 11-81-52 - Ordering of Election for Determination as to Issuance of Bonds. - The governing body of any municipality in this state may...
Section 11-81-53 - Notice of Election. - Notice of any election held under the provisions of this...
Section 11-81-54 - Ballots. - The ballot used at such election shall be prepared under...
Section 11-81-55 - Conduct of Election Generally. - The governing body of any municipality in which an election...
Section 11-81-56 - Expenses of Election; Compensation of Managers, Clerks, and Returning Officers. - All expenses for holding such election shall be paid out...
Section 11-81-57 - Board of Canvassers. - The governing body of such municipality in which an election...
Section 11-81-58 - Recordation of Election Results. - The record of the result of the election as ascertained...
Section 11-81-59 - Election Contest - Authorized; Bond Required. - Any election held under the provisions of this article can...
Section 11-81-60 - Election Contest - Notice and Hearing. - Notice of contest shall be served on the mayor or...
Section 11-81-61 - Election Contest - Limitation of Action. - No civil action shall be commenced to test the validity...
Section 11-81-62 - Issuance of Bonds. - If at any election held under and according to the...
Section 11-81-63 - Execution and Delivery of Bonds. - Bonds of a municipality shall be signed by two or...
Section 11-81-64 - Bonds for Refunding or Funding of Bonds Outstanding - Authority for Issuance; Sale or Exchange; Rights, etc., of Holders Thereof. - The governing body of any municipality may, without any election,...
Section 11-81-65 - Bonds for Refunding or Funding of Bonds Outstanding - Security. - Where the indebtedness to be funded or refunded is secured...
Section 11-81-66 - Bonds and Coupons Receivable for Payment of Taxes and Dues. - Such bonds and coupons shall, after the maturity thereof, be...
Section 11-81-67 - Applicability of Provisions of General Election Laws; Mandatory and Directory Provisions of Article. - Where no provisions are otherwise made in this article, the...
Section 11-81-68 - Audits. - There shall be an annual audit by a certified public...
Article 3 - County Bonds Generally.
Section 11-81-80 - Purposes for Which Bonds May Be Issued. - All counties shall have full and continuing power and authority...
Section 11-81-81 - Ordering of Election for Determination as to Issuance of Bonds. - The county commission may order an election to be held...
Section 11-81-82 - Notice of Election. - Notice of such election shall be given by publication in...
Section 11-81-83 - Ballots. - The ballot used at such election shall be prepared under...
Section 11-81-84 - Conduct of Election Generally. - The probate judge, the circuit clerk, and the sheriff of...
Section 11-81-85 - Expenses of Election; Compensation of Managers, Clerks, and Returning Officers. - All expenses for holding such election shall be paid out...
Section 11-81-86 - Board of Canvassers. - The clerk of the circuit court, the probate judge and...
Section 11-81-87 - Recordation of Election Results. - The record of the result of the election held under...
Section 11-81-88 - Election Contest - Authorized; Bond Required. - A contest of the election held under this article in...
Section 11-81-89 - Election Contest - Notice and Hearing; Representation of County. - Notice of the contest shall be served on the district...
Section 11-81-90 - Election Contest - Limitation of Action. - No civil action shall be commenced to test the validity...
Section 11-81-91 - Issuance of Bonds. - If at an election held under and according to the...
Section 11-81-92 - Execution and Delivery of Bonds. - Bonds of a county shall be signed by the manually...
Section 11-81-93 - Bonds for Refunding of Bonds Outstanding or Installments on Serial Bonds Outstanding - Authority for Issuance. - (a) The county commission of any county having bonds outstanding,...
Section 11-81-94 - Bonds for Refunding of Bonds Outstanding or Installments on Serial Bonds Outstanding - Security. - All bonds issued under the authority of Section 11-81-93 shall...
Section 11-81-95 - Bonds for Refunding of Bonds Outstanding or Installments on Serial Bonds Outstanding - Special Tax Levy for Payment of Principal and Interest. - Where the levy of a special tax was or is...
Section 11-81-96 - Applicability of Provisions of General Election Laws; Mandatory and Directory Provisions of Article. - Where no provisions are otherwise made in this article, the...
Section 11-81-97 - Applicability of Provisions Pertaining to Municipal Bonds. - The provisions of Sections 11-81-5 through 11-81-20 and 11-81-22 through...
Article 4 - Public Improvement Bonds.
Division 1 - Bonds for Street and Sidewalk Improvements, Sewer Systems or Other Improvements Generally.
Section 11-81-110 - Issuance Generally; Pledge of Proceeds of Assessments, etc., as Security for Payment. - (a) For the purpose of providing funds to pay the...
Section 11-81-111 - Maturity and Payment; Sale or Delivery in Payment for Work. - Such bonds shall be subject to the provisions of Sections...
Section 11-81-112 - Disposition of Proceeds From Sale. - The proceeds from the sale of bonds authorized to be...
Section 11-81-113 - Grouping of Improvements for Issuance of Bonds. - Any municipality desiring to issue bonds under this division shall...
Section 11-81-114 - Maintenance and Disposition of Sinking Fund Account for Bond Issues; Enforcement of Maintenance of Accounts, Payment of Bonds, etc.; Disposition of Assessments Securing Bonds in Certain Cities. - (a) The official charged with the duty of collecting assessments...
Section 11-81-115 - Bond of Officer Charged With Collection of Assessments; Liability of Officer and Members of Governing Body for Diversion, Misappropriation, etc., of Funds. - (a) The official charged with the duty of collecting assessments...
Section 11-81-116 - Redemption of Bonds. - At any time when the amount of any particular fund...
Section 11-81-117 - Refunding of Excess Assessments - Authority and Procedure Generally. - In the event the amount collected from the assessment under...
Section 11-81-118 - Refunding of Excess Assessments - Limitation Period for Presentation of Claims; Disposition of Amounts Not Refunded. - If such claims are not presented within 12 months from...
Section 11-81-119 - Settlement, Adjustment or Refunding of Bonds. - The governing body of any municipality shall have the power...
Section 11-81-120 - Sale or Issuance to Custodian of Special Fund, etc., of Refunding Bonds. - Where the municipality has used any part of its waterworks...
Section 11-81-121 - Consolidation of Separate Outstanding Issues for Issuance of Refunding Bonds. - In exercising the powers conferred by Sections 11-81-119 and 11-81-120,...
Section 11-81-122 - Maintenance and Disposition of Sinking Fund Accounts for Refunding Bond Issues. - A separate sinking fund account shall be provided and kept...
Section 11-81-123 - Liability, etc., Upon Bonds, etc., When Municipalities Consolidated. - When any two or more municipalities are consolidated by special...
Division 2 - Bonds for Certain Revenue-Producing Undertakings.
Section 11-81-140 - Definitions. - When used in this division, the following words and phrases...
Section 11-81-141 - Powers of Municipalities or Counties Generally; Provisions in Instruments or Deeds of Trust Creating Pledges, Mortgages, Liens, etc., for Payment of Bonds; Determination of Costs of Acquisition, Construction, etc., of Undertakings... - (a) In addition to the powers which it may now...
Section 11-81-142 - Authorization of Acquisition, Construction, etc., of Undertaking Taking and Issuance of Bonds in Anticipation of Revenues. - The acquisition, construction, reconstruction, improvement, betterment or extension of any...
Section 11-81-143 - Covenants in Bond Authorization Resolutions; Enforcement of Provisions of Division and Bond Resolutions. - (a) Any resolution or resolutions authorizing the issuance of revenue...
Section 11-81-144 - Form, Terms, Denominations, etc., of Bonds; Maturity and Sale; Execution and Delivery; Issuance of Revenue Refunding Bonds. - (a) Revenue anticipation bonds may be issued under this division...
Section 11-81-145 - Evidence of Validity of Bonds. - Any resolution or resolutions authorizing said bonds may provide that...
Section 11-81-146 - Lien of Bonds. - All revenue anticipation bonds of the same series issued under...
Section 11-81-147 - Liability of Municipalities or Counties on Bonds. - Revenue anticipation bonds issued under this division shall not be...
Section 11-81-148 - Exercise of Municipal or County Taxing Power, etc., for Payment of Bonds. - No holder or holders of any bonds issued under this...
Section 11-81-149 - Exemption From Taxation of Undertakings, Bonds, Etc. - So long as the municipality or county shall own or...
Section 11-81-150 - Establishment, Collection, etc., of Rates, Fees, Tolls, etc., for Services, Facilities, etc., of Undertakings. - The governing body shall prescribe and collect reasonable rates, fees,...
Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.
Section 11-81-160 - Definitions. - When used in this article, the following words and phrases...
Section 11-81-161 - Acquisition, Extension, Repair, Consolidation, etc., of Waterworks, Sewer, Gas or Electric Systems by Counties or Municipalities Authorized. - (a) Any county or incorporated municipality in the State of...
Section 11-81-162 - Estimate of Cost of Acquisition, Extension, Repair, Consolidation, Etc. - Whenever the governing body of any borrower shall determine to...
Section 11-81-163 - Adoption, Amendment, Recordation, etc., of Ordinances or Resolutions for Issuance of Bonds, Segregation of Revenues, Etc. - For the purpose of this article, any borrower is authorized...
Section 11-81-164 - Notice of Adoption of Authorization Proceedings for Issuance of Bonds; Limitation Period for Actions to Set Aside Authorization Proceedings, Restrain Issuance of Bonds, Etc. - (a) After the adoption of authorizing proceedings providing for the...
Section 11-81-165 - Borrowing in Anticipation of Sale and Issuance of Bonds Authorized; Procedure Therefor. - (a) Any municipality or county in the state may at...
Section 11-81-166 - Revenue Bonds - Authority for Issuance; Authorization Proceedings Generally; Form, Terms, Denominations, etc.; Execution and Delivery Generally; Maturity and Sale; Payment Generally; Trust Indentures. - (a) Any borrower may issue its revenue bonds for the...
Section 11-81-167 - Revenue Bonds - Execution and Delivery. - In case any of the officers whose signature or countersignature...
Section 11-81-168 - Revenue Bonds - Negotiability. - Such bonds shall have all of the qualities and incidents...
Section 11-81-169 - Revenue Bonds - Disposition of Proceeds From Sale - Generally. - The governing body, where practicable, shall require that the proceeds...
Section 11-81-170 - Revenue Bonds - Disposition of Proceeds From Sale - Proceeds to Be Used Only for Purposes for Which Bonds Authorized; Excess Proceeds. - All moneys derived from the sale of any revenue bonds...
Section 11-81-171 - Revenue Bonds - Redemption. - The governing body of the borrower authorizing bonds under the...
Section 11-81-172 - Revenue Bonds - Exemption From Taxation. - The bonds and interest coupons issued under this article are...
Section 11-81-172.1 - Revenue Bonds - Issuance of Bonds for Refunding of Principal of General or Limited Obligation Warrants, Etc. - Any county or incorporated municipality in the State of Alabama...
Section 11-81-173 - Issuance of Additional Bonds; Payment of Same. - (a) Any borrower acquiring, improving, enlarging, extending or repairing any...
Section 11-81-174 - Refunding Bonds. - Any bonds issued under this article solely for refunding purposes...
Section 11-81-175 - Applicability of Limitations, etc., in Certain Other Provisions of Chapter as to Bonds Generally. - The bonds authorized under this article shall not be subject...
Section 11-81-176 - Elections and Publication of Ordinances, Resolutions, etc., Not Required for Issuance and Sale of Bonds. - This article shall be construed as authorizing the issuance and...
Section 11-81-177 - Investment in Bonds by Executors, Trustees, Savings Banks, Etc. - Bonds issued under the provisions of this article are legal...
Section 11-81-178 - Statutory Mortgage Lien of Bondholders - Creation Generally; Filing, Recordation, etc., of Notice Thereof. - (a) In the authorizing proceedings or in the trust indenture,...
Section 11-81-179 - Statutory Mortgage Lien of Bondholders - Duration; Enforcement. - (a) Any system or systems that shall be made subject...
Section 11-81-180 - Appointment of Receiver Upon Default in Payment of Principal and Interest on Bonds; Powers of Receiver. - If there shall be any default in the payment of...
Section 11-81-181 - Pledge of Revenues From Systems for Payment of Principal and Interest on Bonds; Disposition of Gross Revenues From Operation of System Generally. - (a) In the authorizing proceedings the borrower shall pledge for...
Section 11-81-182 - Payment of Expenses of Operation or Maintenance of System Out of General Funds. - Nothing in this article shall be construed to prohibit the...
Section 11-81-183 - Designation of Depository; Disposition and Disbursement of Gross Revenue Account and Special Funds by Depository. - The governing body of the borrower shall designate as depository...
Section 11-81-184 - Establishment, etc., of Rates for Services Furnished by System. - Rates for services furnished by any such system or combined...
Section 11-81-185 - Rates Not Subject to State Supervision or Regulation; Supervision, etc., of Operation, etc., of Sewer Systems by State Board of Health. - Rates charged for services furnished by any system or combined...
Section 11-81-186 - Payment by Counties, Municipalities, etc., for Services Furnished by System. - The governing body may provide in the ordinance authorizing the...
Section 11-81-187 - Determination as to Operation of System Upon Calendar, Operating or Fiscal Year Basis, Etc. - The ordinance authorizing the issuance of such bonds shall definitely...
Section 11-81-188 - Maintenance of Books of Record and Accounts, Balance Sheets, etc., as to Properties, Financial Condition, etc., of System; Inspection and Examination of Same. - (a) Any borrower issuing revenue bonds under the provisions of...
Section 11-81-189 - Impairment, etc., of Valid Liens or Contracts Not Authorized by Article. - Nothing in this article shall be construed as authorizing any...
Section 11-81-190 - Construction of Article. - This article, being necessary for and to secure the public...
Article 6 - Alternate Borrowing for Electric Systems.
Section 11-81-200 - Acquisition, Extension, Operation, etc., of Power Plants, Power Lines, Electric Systems, etc., by Counties or Municipalities Authorized; Acquisition of Rights-of-Way. - (a) Any county or municipal corporation within this state is...
Section 11-81-201 - Election as to Proposed Undertaking. - Whenever any county or municipal corporation through its governing body...
Section 11-81-202 - Borrowing of Money for Acquisition, Extension, etc., of Plants, etc., by Counties or Municipalities Authorized; Limitations. - For the purpose of defraying the cost of acquiring such...
Section 11-81-203 - Pledges, etc., of Plants, etc., as Security for Repayment of Money Borrowed With Interest. - Any such county or municipal corporation which borrows money under...
Section 11-81-204 - Contracts for Security of Lender; Limitation as to Charges for Electric Energy and Service by Counties or Municipalities. - (a) In addition and for the further security of the...
Section 11-81-205 - Form, Terms, etc., of Instrument Evidencing Loan. - Any such county or municipal corporation which borrows money under...
Section 11-81-206 - Construction of Article. - Neither this article nor anything contained in this article shall...
Article 7 - Validation of Bonds Prior to Issuance.
Section 11-81-220 - Definitions. - As used in this article, the following words and phrases...
Section 11-81-221 - Filing of Complaint for Determination as to Legality of Proposed Issuance of Obligations. - When any unit desiring to issue any obligations shall, by...
Section 11-81-222 - Contents of Complaint; Order and Notice of Hearing to Show Cause Why Obligations Not Valid. - (a) The complaint by appropriate allegations, references or exhibits shall...
Section 11-81-223 - Hearing and Entry of Judgment; Appeals From Judgment of Circuit Court. - At the time and place designated in said order, the...
Section 11-81-224 - When Judgment of Circuit Court Final and Conclusive as to Validity of Obligations, Etc. - If the circuit court shall enter a judgment validating and...
Section 11-81-225 - Legend to Appear on Validated Obligations. - Obligations validated under the provisions of this article shall have...
Section 11-81-226 - Costs of Proceedings. - The costs in any proceeding under this article shall be...
Section 11-81-227 - Article Not Applicable Where Validity of Obligations in Controversy in Pending Actions or Proceedings. - No action shall be taken under this article for the...
Article 8 - Property Insurance and Energy Reduction Act of Alabama.
Section 11-81-240 - Short Title. - This article shall be known and may be cited as...
Section 11-81-241 - Definitions. - For the purposes of this article, the following words shall...
Section 11-81-242 - Designation of Regions for Qualified Projects; Issuance of Bonds, Notes, Etc. - (a)(1) The governing body of a local government may designate...
Section 11-81-243 - Establishment and Amendment of Programs. - (a) To establish a program under this article, the governing...
Section 11-81-244 - Application for Funding; Administration of Program; Powers and Duties of Local Governments; Installation of Improvements; Assessments. - (a) A real property owner in a designated region may...
Section 11-81-245 - Consent Requirements; Disclosure Statement. - (a)(1) Before entering into a written contract with a local...
Section 11-81-246 - Assessment Lien; Enforcement. - (a) An assessment under this article and any interest or...
Section 11-81-247 - Loss Reserve Fund. - A local government, combination of local governments, the State or...
Section 11-81-248 - Regulatory Jurisidiction. - The Governor may appoint an existing state agency to exercise...
Section 11-81-249 - Imposition of Assessment. - The imposition of an assessment pursuant to this article is...
Section 11-81-250 - Construction of Article. - Nothing in this article, nor any program adopted in accordance...
Article 9
Section 11-81-260 - Definitions. - When used in this article, the following terms shall have...
Section 11-81-261 - Legislative Findings of Fact and Declaration of Intent; Construction of Article. - Legislative findings of fact and declaration of intent; construction of...
Section 11-81-262 - Authorization and Procedure for Incorporation Generally. - Any number of natural persons, not less than three, residing...
Section 11-81-263 - Filing of Application for Incorporation With Probate Judge; Contents Thereof; Recordation of Application by Probate Judge; Approval or Disapproval by Governing Body of County of Incorporation and Each Participating Municipality. - (a) The written application of the incorporators shall be filed...
Section 11-81-264 - Contents, Signing, and Filing of Articles. - (a) The articles of an authority shall state all of...
Section 11-81-265 - Authorization and Procedure for Reincorporation of Existing Road Improvement Commissions; Continuation in Office of Directors; Effect of Reincorporation. - (a) In any county containing a Class 4 municipality incorporated...
Section 11-81-266 - Further Authorization and Procedure for Reincorporation of Existing Road Improvement Commissions. - A road improvement commission created or attempted to be created...
Section 11-81-267 - Recordation of Articles by Judge of Probate; Judge of Probate to Receive No Fees in Connection With Incorporation, Reincorporation, Dissolution, etc., of Authority. - (a) The articles shall be filed with the probate judge....
Section 11-81-268 - Powers of Authority Vested in Board of Directors; Officers and Directors; Recordkeeping; Admissibility of Evidence; Adoption of Bylaws; Meetings; Qualifications. - (a) All powers of an authority shall be vested in...
Section 11-81-269 - Members of the Board of Directors; Terms; Meetings; Removal From Office. - (a) Except as provided in Section 11-81-265, the board of...
Section 11-81-270 - Amendment of Articles. - (a) The articles of an authority may be amended in...
Section 11-81-271 - Powers of Authority Generally. - An authority shall have the following powers: (1) To have...
Section 11-81-272 - Issuance and Sale of Bonds. - An authority may sell at public or private sale and...
Section 11-81-273 - Execution of Bonds and Interest Coupons; Form, Terms, Denominations, etc., of Bonds; Validation of Bonds; Sale; Refunding Bonds. - (a) Bonds of an authority shall be signed by the...
Section 11-81-274 - Security for Bonds. - (a) In the discretion of the board of directors of...
Section 11-81-275 - Disposition of Funds; Negotiability of Bonds; Exemption From Taxation; Security; Investment in Bonds. - (a) The proceeds from the sale of any bonds shall...
Section 11-81-276 - Exemption From Usury and Interest Laws. - An authority shall be exempt from all laws of the...
Section 11-81-277 - Exemptions From Taxation. - All properties of an authority, whether real, personal, or mixed,...
Section 11-81-278 - Transfer of Funds and Assets to Authority. - Any public person may transfer and convey to an authority,...
Section 11-81-279 - Dissolution of Authority; Title to Property of Authority to Vest in County of Incorporation Upon Dissolution of Authority Unless Otherwise Provided. - (a) At any time when no bonds of an authority...