Any municipality incorporated under the laws of Alabama which is situated within the territorial limits of any power district proposed to be served by any public nonprofit corporation now or hereafter organized under the laws of Alabama for the purpose of acquiring and operating facilities for the production, transmission, and distribution of electricity and related service within a power district composed of all or parts of any three or more connecting counties shall have the power to advance funds to such corporation for the purpose of paying the preliminary organization and administration expenses of such corporation. Any funds so advanced shall be repayable within such time, not exceeding one year from the date of such advancement, and on such terms as may be provided by the governing body of such municipality and agreed to by such corporation.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 50 - Public Utilities.
Article 16 - District Electric Corporations.
Section 11-50-520 - Definitions.
Section 11-50-521 - Authority to Incorporate.
Section 11-50-522 - Procedure for Incorporation.
Section 11-50-523 - Amendment of Certificate of Incorporation.
Section 11-50-524 - Corporate Powers.
Section 11-50-525 - Board of Directors.
Section 11-50-526 - Bonds - Sale or Issuance Generally.
Section 11-50-527 - Bonds - Consent of Department of Finance.
Section 11-50-528 - Bonds - Nature of Obligations.
Section 11-50-529 - Bonds - Rights and Remedies of Bondholders.
Section 11-50-530 - Rates and Charges for Services Rendered.
Section 11-50-531 - Exemption From Taxation.