The applicants named in the application and their respective successors in office shall constitute the members of the authority. The Governor shall be the president of the authority, the State Treasurer shall be the vice president, and the Director of Finance shall be the secretary. The State Treasurer shall be treasurer of the authority, shall act as custodian of its funds, and shall pay, out of the funds appropriated to the authority and other funds available to the authority, debt service referable to bonds of the authority and any authority-guaranteed obligations and amounts due with respect to any other obligations of the authority incurred pursuant to this division. The members of the authority shall constitute all the members of the directors of the authority, and any two members of the directors shall constitute a quorum for the transaction of business. Should any person holding any state office named in this section cease to hold the office by reason of death, resignation, expiration of the term of office, or for any other reason, then his or her successor in office shall take the place as an officer and member of the directors of the authority. No officer or member of the directors of the authority shall receive any salary in addition to that now authorized by law for any service rendered or for any duty performed in connection with the authority. All proceedings had and done by the directors shall be reduced to writing by the secretary of the authority, shall be signed by at least two members of the authority present at the proceedings, and shall be recorded in a substantially bound book, and filed in the office of the Secretary of State. Copies of the proceedings, when certified by the secretary of the authority, under the seal of the authority, shall be received in all courts as prima facie evidence of the matters and things therein certified.
Structure Code of Alabama
Article 16 - Alabama Incentives Financing Authority.
Division 1 - General Provisions.
Section 41-10-540 - Legislative Findings; Construction.
Section 41-10-541 - Definitions.
Section 41-10-542 - Incorporation of Authority.
Section 41-10-543 - Application for Incorporation.
Section 41-10-544 - Certificate of Incorporation.
Section 41-10-545 - Members; Officers; Quorum; Vacancies; Salaries; Record of Proceedings.
Section 41-10-546 - Powers of Authority.
Section 41-10-547 - Bonds of the Authority.
Section 41-10-548 - Use of Proceeds From Bonds.
Section 41-10-549 - Payment or Reimbursement of Training Facility Management Fees.
Section 41-10-550 - Appropriation and Pledge of Funds for Authority Obligations.
Section 41-10-553 - Exemption From Taxes, Fees, Etc.
Section 41-10-554 - No Notice, Approval, Public Hearing, etc., Required for Issuance of Obligations.