The principal of, premium, if any, and interest on the bonds of the authority shall be secured by any or all of the following, as the authority may determine:
(1) The rent and revenues from the lease or use of one or more facilities of the authority;
(2) The proceeds from any sale of any facilities of the authority;
(3) Any bond proceeds remaining unexpended upon completion of all facilities to be constructed with such bond proceeds and the payment of the cost thereof;
(4) Any insurance proceeds which the authority may receive by reason of its ownership of any of the facilities; and
(5) Any mortgage upon or security interest in one or more facilities of the authority, granted in connection with the issuance of such bonds.
The authority shall have authority to transfer and assign any lease or mortgage of any of its facilities as security for the payment of such principal, premium, if any, and interest. The bonds may be issued under, and secured by, a resolution which may, but need not, provide for an indenture of trust covering one or more facilities of the authority. Such resolution or such indenture of trust may contain any provision or agreement customarily contained in instruments securing evidences of indebtedness, including, without limiting the generality of the foregoing, provisions respecting the collection and application of any receipts pledged to the payment of bonds, the terms to be incorporated in lease agreements respecting the facilities, the maintenance and insurance thereof, the creation and maintenance of reserve and other special funds from such receipts and the rights and remedies available in the event of default to the holders of the bonds or to the trustee for the holders of the bonds or under any indenture of trust, all as the authority may deem advisable and as shall not be in conflict with the provisions of this article; provided, however, that in making such agreements or provisions the authority shall not have the power to obligate itself except with respect to its facilities, and the application of the rents, revenues and other moneys and assets which it is authorized in this article to pledge.
Structure Code of Alabama
Article 15 - Alabama State Parking Deck Authority.
Section 41-10-490 - Definitions.
Section 41-10-491 - Purpose of Article and Construction.
Section 41-10-492 - Authority as Public Corporation.
Section 41-10-493 - Application for Certificate of Incorporation.
Section 41-10-494 - Certificate of Incorporation.
Section 41-10-495 - Members; Directors; Quorum; Vacancies; Salaries; Officers.
Section 41-10-496 - Resolutions and Proceedings of Board of Directors.
Section 41-10-497 - Powers Generally.
Section 41-10-498 - Temporary Loans in Anticipation of Issuance of Bonds.
Section 41-10-499 - Execution of Bonds and Notes.
Section 41-10-500 - Bonds Authorization.
Section 41-10-501 - Sale and Issuance of Refunding Bonds.
Section 41-10-502 - Specifications and Priority of Bonds.
Section 41-10-503 - Sale of Bonds.
Section 41-10-504 - Bonds of Authority Eligible for Investment of Trust Funds.
Section 41-10-505 - Security for Deposit of Governmental Funds.
Section 41-10-506 - Disposition of Proceeds of Bonds.
Section 41-10-507 - Investment of Proceeds.
Section 41-10-509 - Enforcement Upon Default.
Section 41-10-510 - Bonds and Coupons Deemed Negotiable Instruments.
Section 41-10-511 - Obligations, Bonds and Notes Not Debt of State.
Section 41-10-512 - Conveyance of Land to Corporation; Conveyance of Improvements Back to State.
Section 41-10-513 - Facilities - Construction.
Section 41-10-514 - Leasing to State Agencies.
Section 41-10-515 - Leasing to County, Municipal Corporation, Agency of Federal Government, Etc.
Section 41-10-516 - Special Funds.
Section 41-10-517 - Exemption From Taxation.
Section 41-10-518 - Venue for Actions.
Section 41-10-519 - Fees of Secretary of State.
Section 41-10-520 - Interest on Bonds Exempt From Federal Income Tax.
Section 41-10-521 - Dissolution.
Section 41-10-522 - Exemption of Leases of Facilities From Competitive Bid Laws.