In addition to any other powers which it may now have, each municipality shall have the following powers:
(1) To acquire, whether by construction, purchase, gift, or lease, one or more projects, which shall be located within this state and may be located within or without the municipality, or partially within or partially without the municipality, but which shall not be located more than 15 miles outside of the corporate limits of the municipality;
(2) To lease to others any or all of its projects for such rentals and upon such terms and conditions as the governing body may deem advisable and as shall not conflict with the provisions of this article; and
(3) To issue revenue bonds for the purpose of defraying the cost of acquiring, by construction and purchase, or either, any project, and to secure the payment of such bonds, all as hereinafter provided. No municipality shall have the power to operate any project as a business or in any manner except as lessor thereof.
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.