If at any time any facility constructed or acquired by the authority is, or is about to be, vacant or unused as a result of there being no lease for such facility in effect for the current fiscal year, then, but only in such event, in order to prevent default on its bonds, the authority is hereby authorized to lease such facility to any other agency, department, bureau or commission of the state, any municipal corporation, public corporation, county, or other public body in the state, or any agency of the federal government, and lastly, and in no other order of priority, to a private person, firm or corporation. Any such lease shall not be for the purpose of lending public credit but shall be solely to avoid default on the authority's bonds and to insure the prompt payment of the principal thereof and interest thereon when due.
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.