Code of Alabama
Article 12 - Gas Districts.
Section 11-50-415 - Exemption From Usury and Interest Statutes.

Each gas district now or hereafter organized under the provisions of this article is hereby exempted from the laws of the State of Alabama governing usury or prescribing or limiting interest rates, including, without limitation, the provisions of Chapter 8 of Title 8 of this Code.

Structure Code of Alabama

Code of Alabama

Title 11 - Counties and Municipal Corporations.

Title 2 - Provisions Applicable to Municipal Corporations Only.

Chapter 50 - Public Utilities.

Article 12 - Gas Districts.

Section 11-50-390 - Definitions.

Section 11-50-391 - Creation.

Section 11-50-392 - Contents, Acknowledgment, Filing, and Recordation of Certificate of Incorporation; Procedure for Amendment Thereof; Dissolution of District and Disposition of Systems, etc., Upon Payment of Indebtedness of District in Full.

Section 11-50-393 - Board of Directors - Composition; Compensation; Removal Actions.

Section 11-50-394 - Board of Directors - Organization; Officers.

Section 11-50-395 - Board of Directors - Powers Generally; Resolutions.

Section 11-50-396 - Powers Generally.

Section 11-50-397 - Exercise of Powers of Eminent Domain Generally.

Section 11-50-398 - Acquisition, Construction, Operation, etc., of Gas Distribution Systems Outside Territory of Municipalities by Which Incorporated.

Section 11-50-399 - Acquisition of Competing Gas Systems, Etc.

Section 11-50-400 - Use of Public Highway Rights-of-Way.

Section 11-50-401 - Promulgation of Rules and Regulations as to Installation, Maintenance, etc., of Gas Fixtures, Pipes, etc., Served by District - Authorized.

Section 11-50-402 - Promulgation of Rules and Regulations as to Installation, Maintenance, etc., of Gas Fixtures, Pipes, etc., Served by District - Procedure.

Section 11-50-403 - Rules and Regulations Not to Supersede Rules, Regulations, etc., of Municipalities in Territory Served by District; Municipal Rules, Regulations, etc., to Govern in Event of Conflict.

Section 11-50-404 - Transfer of Systems to District by Municipalities.

Section 11-50-405 - Bonds - Authorization for Issuance; Form, Terms, Denominations, etc.; Execution and Delivery; Sale; Refunding and Exchange; Issuance of Interim Receipts or Temporary Bonds.

Section 11-50-406 - Bonds - Disposition of Proceeds From Sale.

Section 11-50-407 - Provisions in Mortgages, Deeds of Trust, etc., Executed as Security for Bonds as to Rights of Parties Thereto, etc.; Execution, etc., of Contracts as Security for Repayment of Moneys Borrowed.

Section 11-50-408 - When Mortgages or Pledges of Property or Revenues and Liens Thereof Effective; Properties, Persons, etc., Subject Thereto.

Section 11-50-409 - Liability Upon Bonds, etc.; Payment of Bonds.

Section 11-50-410 - Rights and Remedies of Bondholders and Trustees.

Section 11-50-411 - Disposition of Net Profits of District; "Net Income" Defined; Distribution of Less Than Net Income for Fiscal Year; Availability for Payment in Future Fiscal Years.

Section 11-50-412 - Taxation - Exemption of Property, Income, Bonds, etc., of District Generally.

Section 11-50-413 - Taxation - Levy and Collection of Privilege License Tax by Certain Municipalities.

Section 11-50-414 - Validation of Proceedings to Incorporate Gas Districts.

Section 11-50-415 - Exemption From Usury and Interest Statutes.

Section 11-50-416 - Purpose of Article; Proceedings, Notices, etc., Required by Article for Incorporation, etc., Exclusive; Exemption of Districts From Jurisdiction and Regulation of State Public Service Commission.

Section 11-50-417 - Provisions of Article Exclusive.