The corporation on behalf of the state shall have the power to provide for such payments to the United States of America as the directors deem necessary to cause the interest on any bonds to be and remain exempt from federal income taxation. The corporation shall have the power to make agreements respecting the investment of the proceeds of the bonds or other funds of the corporation necessary in order that the interest income on bonds of the corporation be and remain exempt from federal income taxation.
Structure Code of Alabama
Chapter 18B - Alabama Forensic Sciences Bond Authority.
Section 16-18B-1 - Legislative Findings.
Section 16-18B-2 - Definitions.
Section 16-18B-3 - Authorization and Procedure for Incorporations; Application.
Section 16-18B-4 - Certificate of Incorporation.
Section 16-18B-5 - Members; Officers; Quorum; Vacancies; Salaries; Record of Proceedings.
Section 16-18B-6 - Powers of Authority.
Section 16-18B-7 - Bonds - Issuance and Sale.
Section 16-18B-8 - Bonds - Payment of Principal, Premium, and Interest; Records.
Section 16-18B-9 - Bonds - Redemption.
Section 16-18B-10 - Bonds - Execution; Facsimiles; Validity.
Section 16-18B-11 - Alabama Forensic Sciences Bond Fund.
Section 16-18B-12 - Use of Proceeds From Bonds.
Section 16-18B-13 - Refunding Bonds.
Section 16-18B-14 - Exemption From Taxes; Use of Bonds as Security; Investment of Funds.
Section 16-18B-15 - Contracts to Be in Writing.
Section 16-18B-16 - Appropriation and Allocation of Funds.
Section 16-18B-17 - Dissolution of Corporation.