The Governor of Alabama is authorized to execute and deliver immediately before or simultaneously with the issuance of the first bonds of the authority an appropriate deed or deeds conveying to the authority any land belonging to the state situated in the City and County of Montgomery upon which the following buildings are located, such buildings being referred to herein by their commonly known names:
(1) Alabama State House
(2) Folsom Administrative Building
(3) Public Health Building
(4) Judicial Building
(5) Public Safety Building
(6) Archives and History Building
(7) State Office Building.
Upon delivery of such deed or deeds to the authority it thereby shall be invested with all rights and title that the State of Alabama had in the property conveyed thereby, subject to the right of reverter to the state upon the dissolution of the authority. The consideration for said conveyance shall be the authority's agreement to reconvey said land to the state, with all improvements thereon free of charge, immediately before the dissolution of the authority. Said consideration is hereby conclusively determined to be valuable, adequate and fair. Immediately prior to its dissolution the authority shall also convey to the state all other assets acquired by the authority, whether by purchase, gift, grant or otherwise, provided the terms of the grant are not violated thereby.
Structure Code of Alabama
Article 14 - Alabama Building Renovation Finance Authority.
Section 41-10-450 - Legislative Intent.
Section 41-10-451 - Definitions.
Section 41-10-452 - Power to Incorporate.
Section 41-10-453 - Provisions for Incorporation.
Section 41-10-454 - Consummation of Incorporation.
Section 41-10-455 - Members, Directors and Officers of Authority.
Section 41-10-456 - Powers of Authority.
Section 41-10-457 - Power of Condemnation.
Section 41-10-458 - Authorization of Bonds.
Section 41-10-458.1 - Definitions; Additional Authorization.
Section 41-10-458.2 - Issuance of Bonds - 2006 Authorization.
Section 41-10-459 - Refunding Bonds.
Section 41-10-460 - Execution of Bonds.
Section 41-10-461 - Sale of Bonds.
Section 41-10-462 - Bonds of Authority.
Section 41-10-463 - Investment of Proceeds From Sale of Bonds.
Section 41-10-464 - Exemption From Taxation.
Section 41-10-465 - Bonds Constitute Negotiable Instruments.
Section 41-10-466 - Obligations Not Debt of State.
Section 41-10-467 - Bonds May Be Used to Secure Deposit and for Investment of Fiduciary Funds.
Section 41-10-468 - Use of Proceeds From Sale of Bonds.
Section 41-10-469 - Use of Proceeds of Refunding Bonds.
Section 41-10-470 - Conveyance to Authority by State.
Section 41-10-471 - Creation of Fund for Benefit of Bonds.
Section 41-10-472 - Pledge and Lien for Benefit of Bonds.
Section 41-10-473 - State Treasurer to Disburse Funds.
Section 41-10-474 - Terms and Conditions of Leasing by Authority; Delinquent Lease Payments.
Section 41-10-475 - Presumption of Validity of Bonds and Publication of Notice Thereof.
Section 41-10-476 - Power to Make Payments and to Make Agreements Respecting Investment of Funds.