It is the intent of the Legislature by the passage of this article to authorize municipalities to acquire, own, and lease projects for the purpose of promoting trade by inducing commercial enterprises to locate in this state. It is intended that each project be self-liquidating. It is not intended hereby to authorize any municipality itself to operate any commercial enterprise. This article shall be liberally construed in conformity with the said intent.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.
Section 11-54-140 - Definitions.
Section 11-54-141 - Legislative Intent; Liberal Construction.
Section 11-54-142 - Additional Powers Conferred on Municipalities.
Section 11-54-143 - Bonds Issued to Finance Projects.
Section 11-54-144 - Security for Bonds.
Section 11-54-145 - Requirements Respecting Leases.
Section 11-54-146 - Refunding Bonds.
Section 11-54-147 - Use of Proceeds From Sale of Bonds; Cost of Acquiring Project.
Section 11-54-148 - No Contribution by Municipality.
Section 11-54-149 - Bonds Made Legal Investments.
Section 11-54-150 - Exemption From Taxation.
Section 11-54-151 - Construction of Article.
Section 11-54-152 - No Notice or Publication Required.
Section 11-54-153 - Exemption From Requirements of Sections 41-16-50 Through 41-16-63.