(a) It is the intent of the Legislature by the passage of this article to authorize counties to acquire, own and lease projects for the purpose of promoting industry and trade by inducing manufacturing, industrial and commercial enterprises to locate in this state or to expand, enlarge or modernize existing enterprises or both, promoting the use of the agricultural products and natural resources of this state and promoting a sound and proper balance in this state between agriculture, commerce and industry. It is the further intent of the Legislature by the passage of this article to authorize counties having populations of not less than 54,500 nor more than 56,000, according to the most recent federal decennial census, to acquire, own and lease projects for the purpose of inducing the federal government or its departments or agencies to locate or to enlarge existing facilities and operations of any kind within the county, thus contributing to the general prosperity of the area and providing greater opportunities for employment of inhabitants of the surrounding area. It is intended that each project be self-liquidating. It is not intended hereby to authorize any county itself to operate any manufacturing, industrial or commercial enterprise.
(b) This article shall be liberally construed in conformity with the said intent.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 1 - Provisions Applicable to Counties Only.
Chapter 20 - Promotion of Industry and Trade.
Article 1 - Acquisition, Ownership, and Lease of Projects by Counties.
Section 11-20-1 - Definitions.
Section 11-20-2 - Legislative Intent; Construction of Article Generally.
Section 11-20-3 - Powers of Counties as to Acquisition, Leasing, etc., of Projects Generally.
Section 11-20-4 - Requirements as to Leasing of Projects.
Section 11-20-6 - Bonds - Security for Payment of Principal and Interest; Remedies Upon Default.
Section 11-20-7 - Bonds - Disposition of Proceeds From Sale.
Section 11-20-8 - Refunding Bonds.
Section 11-20-10 - Investment in Bonds by Savings Banks and Insurance Companies.
Section 11-20-12 - Exemption From Taxation of Projects, Bonds, Etc.