Rates, fees, charges, rentals, and licenses for services rendered by an authority, a cooperative district of which the authority is a member, or a private user or facilities provided by the authority, a cooperative district of which the authority is a member, or a private user from any of their projects shall be so fixed and, from time to time, revised as at all times to provide funds at least sufficient, taking into account other sources for the payment thereof, to:
(1) Pay the cost of operating, maintaining, repairing, replacing, extending, and improving the project or projects of the authority, a cooperative district of which the authority is a member, or any private user.
(2) Pay the principal of and the interest on all bonds issued and obligations assumed by the authority, a cooperative district of which the authority is a member, or any private user that are payable out of the revenues derived from operation of the project or projects of the authority, a cooperative district of which the authority is a member, or any private user as the principal and interest become due and payable.
(3) Create and maintain reserves for the purposes of subdivision (1) or (2) or any purpose as may be provided in any trust indenture executed by the authority, a cooperative district of which the authority is a member, or any private user under this chapter or in any resolutions or agreements of the board authorizing the issuance of bonds, the assumption of any obligation, or the acquisition of the project.
(4) Make annual payments, if any, to the United States of America or any agency or instrumentality thereof, the state, municipalities, counties, departments, authorities, agencies, and political subdivisions of the state, and any public corporations organized under the laws of the state as the authority, a cooperative district of which the authority is a member, or any private user may have contracted to make.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Section 11-92C-1 - Legislative Intent.
Section 11-92C-2 - Definitions.
Section 11-92C-4 - Procedure to Incorporate; Contents and Execution of Certificate of Incorporation.
Section 11-92C-5 - Amendments to Certificate of Incorporation.
Section 11-92C-6 - Board of Directors to Govern Each Authority.
Section 11-92C-7 - Officers of Authority.
Section 11-92C-8 - Powers of Authority.
Section 11-92C-9 - Bonds of Authority.
Section 11-92C-10 - Proceeds From the Sale of Bonds.
Section 11-92C-11 - Refunding Bonds.
Section 11-92C-12 - Notice of Bond Resolution.
Section 11-92C-13 - Exemption From Taxation.
Section 11-92C-14 - Liability of Authorizing Subdivision.
Section 11-92C-15 - Failure to Pay Past Due Assessments.
Section 11-92C-16 - Exemption From Usury Laws.
Section 11-92C-17 - Exemption From Competitive Bid Laws.
Section 11-92C-18 - Freedom of Authority From State Supervision and Control.
Section 11-92C-19 - Earnings of Authority.
Section 11-92C-20 - Dissolution of Authority and Vesting of Title to Property.