(a) The commission shall have the power and authority to issue and sell at any time its revenue bonds for the purpose of providing funds to acquire, transport, outfit, renovate, maintain, improve, and berth the items relevant to the Tuskegee Airmen and other related historic artifacts and to construct, improve, enlarge, complete, maintain, operate, and equip the museum established in this article and for the payment of obligations incurred.
(b) The principal of and interest on any bonds shall be payable solely out of the revenues derived from the project. All bond service payments shall be subordinate to the acquisition, establishment, and maintenance of a reasonable maintenance and operating fund.
(c) Any bonds of the commission may be delivered by the commission at any time and shall be in such form and denominations and of tenor and maturities, shall bear rate or rates of interest, may contain provisions for redemption prior to maturity, and may contain other provisions not inconsistent with this section, all as provided by duly adopted resolutions of the commission whereupon bonds are authorized to be issued; provided, however, that no bond of the commission shall have a specified maturity date later than 30 years after its date. Each bond of the commission having a specified maturity date more than 10 years after its date shall be made subject to redemption at the option of the authority of the commission at the end of the tenth year after its date and on any interest payment date thereafter under terms and conditions as may be provided in the resolution under which a bond is authorized to be issued.
(d) Bonds of the commission may be sold at either public or private sale in a manner and in a time as may be determined by the commission to be most advantageous.
(e) Bonds issued by the commission shall not be obligations of the State of Alabama but shall be payable solely out of the revenue derived from the park project in respect of which bonds are issued. The principal of and the interest on the bonds shall be secured by a pledge of the revenues out of which the bonds shall be payable and by a pledge of the rentals or leases from any concessions granted by the commission and may be secured by nonforeclosable indenture covering the park project.
Structure Code of Alabama
Chapter 9 - Boards and Commissions.
Article 39 - Tuskegee Airmen Commission.
Section 41-9-950 - Creation; Composition; Terms; Removal.
Section 41-9-953 - Executive Committee; Membership; Delegation of Powers and Authority.
Section 41-9-956 - Commission a Public Body Corporate; Powers.
Section 41-9-957 - Memorial to Tuskegee Airmen and Others; Museum; Purpose.
Section 41-9-958 - Commission a State Agency; Exclusive Control Over Museum, Improvements, Etc.
Section 41-9-960 - Accounting; Auditing; Reserve Fund.
Section 41-9-961 - Insurance; Civil Actions; Liability.
Section 41-9-963 - Bonds and Obligations Solely and Exclusively Commission's; Resolution Recital.
Section 41-9-964 - Money From Private Sources, Authority to Borrow and Pledge Future Revenues.
Section 41-9-965 - Tuskegee Airmen Fund; Establishment; Composition; Authorized Uses.