No municipality shall have the power to pay out of its general funds or otherwise contribute any part of the costs of acquiring a project, and shall not have the power to use land already owned by the municipality, or in which the municipality has an equity, for construction thereon of a project or any part thereof; provided, however, that municipal property which is not needed for public or municipal purposes may be sold for fair market value or leased for fair market rental for a project; such fair market values to be conclusively determined by the governing body of the municipality owning such property. The entire cost of acquiring any project must be paid out of the proceeds from the sale of bonds issued under the authority of this article; provided, however, that this provision shall not be construed to prevent a municipality from accepting donations of property to be used as a part of any project or money to be used for defraying any part of the cost of any project.
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.