The Board of Agriculture and Industries has the power and hereby delegates power to the Commissioner of Agriculture and Industries to cause appropriate reports to be prepared and payments submitted to the United States of America as shall be deemed necessary to cause the interest on any bonds of the Department of Agriculture and Industries to be and remain exempt from federal income taxation. The commissioner shall have the power to make agreements respecting the investment of funds of the Department of Agriculture and Industries necessary in order that the interest income on bonds of the Department of Agriculture and Industries be and remain exempt from federal income taxation.
Structure Code of Alabama
Chapter 5A - Farmers' Marketauthority.
Article 2 - Bond Issuance Authorized.
Section 2-5A-30 - Definitions.
Section 2-5A-31 - Authorization to Issue Bonds.
Section 2-5A-32 - Execution and Other Details of Bonds.
Section 2-5A-33 - Sale of Bonds.
Section 2-5A-34 - Security for Bonds.
Section 2-5A-35 - Refunding Bonds.
Section 2-5A-36 - Establishment of Debt Service Reserve Fund.
Section 2-5A-37 - Investment of Proceeds From Bond Sales.
Section 2-5A-38 - Property of Authority Exempt From Taxation.