The chairman of the commission is authorized upon direction and authorization of the commission to execute and deliver, at any time and from time to time, an appropriate deed or deeds conveying to the authority:
(1) Any facilities belonging to the commission,
(2) Any unimproved real property belonging to the commission which the commission determines to be needed by the authority for the construction of facilities, and
(3) Any improved real property and any personal property associated therewith belonging to the commission which the commission determines to be needed by the authority for the construction, reconstruction or improvement of facilities, for such consideration as the commission shall determine to be appropriate. No concurrence in the conveyance evidenced by any such deed by any state official or any other person or persons shall be necessary or prerequisite to the validity of any such conveyance.
Upon delivery of any such deed to the authority, it thereby shall be invested with all right and title that the commission had in the property conveyed thereby, subject to the right of reverter to the commission of all such property upon the dissolution of the authority provided for in Section 41-10-330 hereof. The authority shall be entitled to immediate possession of all such property upon execution of the deed thereto.
Structure Code of Alabama
Article 10 - Alabama Space Science Exhibit Finance Authority.
Section 41-10-300 - Definitions.
Section 41-10-301 - Purpose of Article and Construction.
Section 41-10-302 - Incorporation of Authority.
Section 41-10-303 - Certificate of Incorporation - Application.
Section 41-10-304 - Certificate of Incorporation - Issuance.
Section 41-10-306 - Resolutions and Proceedings of Board of Directors.
Section 41-10-307 - Powers of Authority.
Section 41-10-308 - Temporary Loans in Anticipation of Issuance of Bonds.
Section 41-10-309 - Execution of Bonds and Notes.
Section 41-10-310 - Authority to Issue Bonds.
Section 41-10-311 - Authority to Issue Refunding Bonds.
Section 41-10-312 - Specifications and Priority of Bonds.
Section 41-10-313 - Price of Bonds; Competitive Bidding; Notice of Sale; Expenses of Sale.
Section 41-10-314 - Investment of Trust Funds in Bonds of Authority.
Section 41-10-315 - Security for Deposit of Governmental Funds.
Section 41-10-316 - Disposition of Proceeds of Bonds.
Section 41-10-317 - Investment of Proceeds.
Section 41-10-318 - Security for Bonds.
Section 41-10-319 - Rights of Holders of Bonds Upon Default.
Section 41-10-320 - Bonds and Coupons Deemed Negotiable Instruments.
Section 41-10-321 - Obligations, Bonds and Notes Not Debts of State.
Section 41-10-322 - Conveyance of Property by Commission; Right to Possession.
Section 41-10-323 - Plans for Construction of Facilities.
Section 41-10-324 - Leasing to Commission and Other Agencies.
Section 41-10-325 - Lease of Vacant Facilities to Prevent Default on Bonds.
Section 41-10-326 - Special Funds for Payment of Bonds, Insurance, and Other Expenses.
Section 41-10-327 - Exemption From Taxation.
Section 41-10-328 - Venue for Actions.
Section 41-10-329 - No Fees for Incorporation or Dissolution.
Section 41-10-330 - Dissolution.
Section 41-10-331 - Exemption of Leases of Facilities From Competitive Bid Laws.