(a) It is the intent of the Legislature by passage of this chapter to enable the state, acting by and through the authority, to aid educational institutions in the financing of capital equipment on a tax-exempt basis. To this end, the Legislature intends to authorize the authority to issue bonds for the purpose of providing funds to enable the authority to make equipment loans to educational institutions to pay equipment costs; and to provide that educational institutions shall secure the payment of such equipment loans out of a dedicated source of revenue not appropriated by the state.
(b) This chapter shall be liberally construed in conformity with the intentions of the Legislature expressed above.
Structure Code of Alabama
Chapter 65 - Alabama Higher Education Equipment Loan Authority.
Section 16-65-1 - Short Title.
Section 16-65-2 - Legislative Intent.
Section 16-65-3 - Definitions.
Section 16-65-4 - Creation of Authority; Members, Organization, Etc.
Section 16-65-5 - Powers of Authority.
Section 16-65-6 - Bonds Generally.
Section 16-65-7 - Proceeds From the Sale of Bonds, Revenues, and Other Funds.
Section 16-65-8 - Dedicated Source of Revenue as Security for the Repayment of Equipment Loans.
Section 16-65-9 - Refunding Bonds.
Section 16-65-10 - Investment in Bonds.
Section 16-65-11 - Exemptions From Taxation, Fees, and Costs.
Section 16-65-12 - Venue and Jurisdiction.
Section 16-65-13 - Interest of Bondholders Protected; Enforceability.