Any public person may transfer and convey to an authority, with or without consideration any properties, real, personal, or mixed, and all funds and assets, tangible or intangible, that may be owned by a public person or that may be jointly owned by any two or more thereof, and any funds owned or controlled by a public person or jointly by any two or more thereof, whether or not the property or funds are considered necessary for the conduct of the governmental or public functions, if any, of a public person. The transfer or conveyance shall be authorized by an ordinance or resolution duly adopted by the governing body of a public person. The ordinance or resolution need not be published or posted and need not be offered for more than one reading.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 81 - Municipal and County Bonds.
Section 11-81-260 - Definitions.
Section 11-81-261 - Legislative Findings of Fact and Declaration of Intent; Construction of Article.
Section 11-81-262 - Authorization and Procedure for Incorporation Generally.
Section 11-81-264 - Contents, Signing, and Filing of Articles.
Section 11-81-269 - Members of the Board of Directors; Terms; Meetings; Removal From Office.
Section 11-81-270 - Amendment of Articles.
Section 11-81-271 - Powers of Authority Generally.
Section 11-81-272 - Issuance and Sale of Bonds.
Section 11-81-274 - Security for Bonds.
Section 11-81-276 - Exemption From Usury and Interest Laws.
Section 11-81-277 - Exemptions From Taxation.
Section 11-81-278 - Transfer of Funds and Assets to Authority.