Code of Alabama
Article 3 - Southern Products Mart Authority.
Section 41-10-61 - Exemption From Taxation of Bonds, Properties, Income, etc., of Authority; Use of Bonds as Security for Deposits of State Funds; Investment of Trust Funds in Bonds.

(a) The properties of the authority and the income therefrom and all lease agreements made by the authority and income therefrom shall be forever exempt from any and all taxation in the State of Alabama. The bonds of the authority and the income therefrom shall be forever exempt from any and all taxation in the State of Alabama.
(b) Any of the bonds may be used by the holder thereof as security for the deposit of any funds belonging to the state or to any instrumentality or agency of the state in any instance where security for such deposits may be required by law.
(c) Unless otherwise directed by the court having jurisdiction thereof or by the document that is the source of authority, a trustee, executor, administrator, guardian or one acting in any other fiduciary capacity may, in addition to any other investment powers conferred by law and with the exercise of reasonable business prudence, invest trust funds in any of the bonds.

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Structure Code of Alabama

Code of Alabama

Title 41 - State Government.

Chapter 10 - Authorities.

Article 3 - Southern Products Mart Authority.

Section 41-10-50 - Short Title.

Section 41-10-51 - Definitions.

Section 41-10-52 - Purpose of Article; Construction of Article.

Section 41-10-53 - Authority and Procedure for Incorporation of Authority; Members, Officers and Directors of Authority; Reduction to Writing, Recordation and Admissibility in Evidence of Proceedings of Board of Directors.

Section 41-10-54 - Powers of Authority Generally; Acquisition by Eminent Domain of Real Property or Rights Owned by Railroads or Utilities Not Authorized.

Section 41-10-55 - Issuance and Sale of Bonds Authorized Generally; Form, Terms, Denominations, etc., Thereof; Bonds to Be Deemed Negotiable Instruments; Redemption.

Section 41-10-56 - Resolution Authorizing Issuance of Bonds to Contain Recital as to Authority for Issuance; Notice of Passage of Resolution; Limitation Period and Venue for Actions to Contest Validity of Resolutions, Bonds, Etc.

Section 41-10-57 - Execution and Delivery of Bonds and Interest Coupons.

Section 41-10-58 - Sale of Bonds; Public Hearing or Consent of Department of Finance, etc., Not a Prerequisite to Issuance of Bonds.

Section 41-10-59 - Refunding Bonds.

Section 41-10-60 - Disposition of Proceeds From Sale of Bonds and Refunding Bonds.

Section 41-10-61 - Exemption From Taxation of Bonds, Properties, Income, etc., of Authority; Use of Bonds as Security for Deposits of State Funds; Investment of Trust Funds in Bonds.

Section 41-10-62 - Liability Upon Bonds, Debts, Agreements, etc., of Authority.

Section 41-10-63 - Authority and Procedure for Pledge of Revenues of Authority and Creation of Statutory Lien Upon Facilities and Properties Thereof for Payment of Principal and Interest on Bonds; Remedies Upon Default in Payment of Principal or Inte...

Section 41-10-64 - Special and Continuing Trust Fund for Payment of Principal and Interest on Bonds of Authority and Maintenance, etc., of Facilities Thereof.

Section 41-10-65 - Payment of Principal and Interest on Bonds and Maintenance of Records Pertaining Thereto by State Treasurer.

Section 41-10-66 - Annual Audit of Books and Accounts of Authority; Disposition of Reports Thereof.

Section 41-10-67 - Awarding, etc., of Contracts for Construction of Facilities, Buildings and Structures; Supervision, etc., of Construction; Payments to Contractors; Agreement of Authority and Building Commission as to Construction Cost Estimate.

Section 41-10-68 - Leasing of Buildings, Facilities and Structures.

Section 41-10-69 - Conveyance of Lands, Buildings, Properties, etc., of Authority to State Upon Payment in Full of Bonds, etc.; Dissolution of Authority.