Any corporation and all contracts made by it shall be exempt from the laws of the State of Alabama governing usury or prescribing or limiting interest rates, including, but without limitation to, the provisions of Chapter 8 of Title 8. Further, any payment payable directly or indirectly by any provider pursuant to any lease, installment sale contract, loan agreement, or other contract to which a corporation is a party, any payment pursuant to any utility service agreement or any payment pursuant to any other obligation constituting the source of payment for any obligation of a corporation 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 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 97 - Construction and Improvement of Utility Services Facilities.
Section 11-97-1 - Legislative Declarations and Findings.
Section 11-97-2 - Definitions.
Section 11-97-5 - Amendments to Certificate of Incorporation.
Section 11-97-7 - Officers of Corporation.
Section 11-97-8 - Powers of Corporation; Location of Facilities of Corporation.
Section 11-97-9 - Bonds of Corporation Generally.
Section 11-97-10 - Security for Payment of Bonds; Contracts and Agreements to Secure.
Section 11-97-11 - Proceeds From Sale of Bonds.
Section 11-97-12 - Refunding Bonds.
Section 11-97-14 - Power of Eminent Domain.
Section 11-97-15 - Contacts; Cooperation; Aid and Agreements From Other Bodies.
Section 11-97-18 - Exemption From Taxation.
Section 11-97-19 - Exemption From Usury and Interest Laws.
Section 11-97-20 - Exemption From Competitive Bid Laws.
Section 11-97-21 - Disposition of Net Earnings of Corporation.
Section 11-97-22 - Bonds of Corporation as Legal Investments.
Section 11-97-24 - Incorporation of Another Corporation by Same Determining Subdivision.
Section 11-97-25 - Notice of Bond Resolution; Contest to Validity of Bonds, Etc.