For the purpose of acquiring, constructing, installing and equipping mental health facilities, the authority is hereby authorized to issue and sell from time to time its bonds, which bonds may be in the form of interest-bearing bonds or noninterest-bearing bonds. The aggregate principal amount of bonds issued under this article shall (other than refunding bonds) not exceed $100,000,000.00. Provided, however, that the proceeds from the bonds issued under the provisions of this article shall not be utilized for the construction, installing or equipping of community crisis stabilization units unless there is no available existing hospital beds that can be leased for said purposes within the community where such facility is to be operated.
Structure Code of Alabama
Article 11 - Alabama Mental Health Finance Authority.
Section 41-10-350 - Legislative Findings and Purpose.
Section 41-10-351 - Definitions.
Section 41-10-352 - Authority for Incorporation of Alabama Mental Health Finance Authority; Members.
Section 41-10-353 - Application for Authority to Incorporate.
Section 41-10-354 - Certificate of Incorporation; No Fee or Compensation to Secretary of State.
Section 41-10-356 - Powers of Authority.
Section 41-10-357 - Authorization to Issue Bonds; Limitation on Use of Proceeds.
Section 41-10-359 - Execution and Delivery of Bonds; Designation of Bonds for Community Facilities.
Section 41-10-363 - Refunding Bonds; Proceeds of Sale of Refunding Bonds.
Section 41-10-365 - Sinking Fund for Payment of Principal and Interest on Bonds of Authority.
Section 41-10-366 - Contracts, etc., Do Not Create Obligations of State.
Section 41-10-368 - Authority Is Nonprofit Corporation.
Section 41-10-369 - Dissolution of Authority; Disposition of Property Upon Dissolution of Authority.