Prior to the issuance of any bonds, the county shall lease the project to a lessee under an agreement providing for payment to the county of such rentals as will be sufficient:
(1) To pay the principal of and interest on the bonds issued to finance the project as such principal and interest respectively mature;
(2) To build up and maintain any reserves deemed by the county commission to be advisable in connection therewith; and
(3) To pay the cost of maintaining the project in good repair and keeping it properly insured unless the agreement of lease obligates the lessee to pay for the maintenance and insurance of the project.
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.