This part is intended to aid the state through the furtherance of the purposes of this part by providing an appropriate and independent instrumentality of the state with full and adequate powers to fulfill its functions. Except as expressly provided in this part, no proceeding, notice, or approval shall be required for the incorporation of the authority or the amendment of its certificate of incorporation, the issuance of any bonds, the execution of any mortgage and deed of trust or trust indenture, or the exercise of any other of its powers by the authority. Neither a public hearing nor the consent of the State Department of Finance shall be a prerequisite to the issuance of bonds by the authority. The authority shall hold a public hearing before approving or obligating the expenditure of any tax revenues received by the authority from the city, any county, the state, or federal governments. Such notice shall be advertised in a newspaper of general circulation in Lee County, Alabama, and the notice shall be published not less than seven days prior to the hearing.
Structure Code of Alabama
Chapter 41A - Lee County Municipalities.
Part 1 - Downtown Development Authority.
Section 45-41A-40.01 - Definitions.
Section 45-41A-40.02 - Use of Particular Terms and Phrases.
Section 45-41A-40.03 - Application; Authorization of Incorporation.
Section 45-41A-40.04 - Incorporation Procedures; Contents and Execution of Certificate.
Section 45-41A-40.05 - Amendments to Certificate of Incorporation.
Section 45-41A-40.06 - Board of Directors.
Section 45-41A-40.07 - Officers of the Authority.
Section 45-41A-40.08 - Powers of the Authority.
Section 45-41A-40.09 - Bonds of the Authority.
Section 45-41A-40.10 - Proceeds From Sale of Bond.
Section 45-41A-40.11 - Refunding Bonds.
Section 45-41A-40.12 - Notice of Bond Resolution.
Section 45-41A-40.13 - Exemption From Taxation.
Section 45-41A-40.14 - Liability of City.
Section 45-41A-40.15 - Exemption From Usury and Interest Laws.
Section 45-41A-40.16 - Exemption From Competitive Bid Laws.
Section 45-41A-40.17 - Freedom of the Authority From State Supervision and Control.
Section 45-41A-40.18 - Earnings of the Authority.
Section 45-41A-40.19 - Dissolution of Corporation.
Section 45-41A-40.20 - Existence of Authority to Prevent Subsequent Incorporation.