Any authority and all contracts made by it shall be exempt from the laws of the state governing usury or prescribing or limiting interest rates, including, but without limitation to, the provisions of Chapter 8 of Title 8, as such laws may at any time be amended. Further, any payment payable directly or indirectly by any user pursuant to any lease, installment sale contract, loan agreement, or other contract to which an authority is a party, any payment pursuant to any authorized purpose obligation or any payment pursuant to any other obligation constituting the source of payment for any obligation of an authority which, in any such case under the laws of the state in effect at the time, constitutes interest, or a payment in the nature of interest, shall be exempt from all such laws of the state governing usury or prescribing or limiting interest rates.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 62 - Municipal Special Health Care Facility Authorities.
Section 11-62-1 - Definitions.
Section 11-62-2 - Legislative Findings and Declarations.
Section 11-62-4 - Amendment of Certificate of Incorporation.
Section 11-62-5 - Board of Directors.
Section 11-62-7 - Powers of Authority Generally; Operation of Facilities by Authority.
Section 11-62-10 - Refunding Bonds and Notes.
Section 11-62-11 - Investment in Bonds and Notes by State, Counties, Municipalities, Etc.
Section 11-62-12 - Establishment and Maintenance of Special Debt Service Reserve Funds, Etc.
Section 11-62-15 - Disposition of Net Earnings of Authority.
Section 11-62-18 - Exemptions of Authority - Taxation.
Section 11-62-19 - Exemptions of Authority - Usury and Interest Laws.
Section 11-62-20 - Exemptions of Authority - Competitive Bid Laws.