Code of Alabama
Division 2 - Montgomery I-65 Corridor Development Authority.
Section 45-51A-31.25 - Powers of the Authority.

(a) The authority shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof in corporate form:
(1) To have succession by its corporate name for the duration of time, which may be perpetuity, subject to Section 45-51A-31.35, specified in its certificate of incorporation.
(2) To hire or employ agents, employees, or consultants to conduct the planning to establish the mission of the authority as set forth in Section 45-51A-31.23.
(3) To sue and be sued in its own name and to prosecute and defend civil actions in any court having jurisdiction of the subject matter and of the parties.
(4) To adopt and make use of a corporate seal and to alter the same at pleasure.
(5) To adopt and alter bylaws for the regulation and conduct of its affairs and business.
(6) To acquire, whether by purchase, construction, exchange, gift, lease, or otherwise and to refinance existing indebtedness on, improve, maintain, equip, and furnish one or more projects, including all real and personal properties which the board of the authority may deem necessary in connection therewith, regardless of whether or not any such projects shall then be in existence.
(7) To lease to others any or all of its projects and to charge and collect rent therefor, and to terminate any such lease upon the failure of the lessee to comply with any of the obligations thereof.
(8) To sell, exchange, donate, or convey and to grant options to any lessee to acquire any of its projects and any or all of its properties whenever its board shall find any such action to be in furtherance of the purposes for which the authority was organized.
(9) To mortgage and pledge any or all of its projects, or any part or parts thereof, as security for the payment of the principal of and interest on any indebtedness issued pursuant to Section 45-51A-31.29 and any agreements made in connection therewith, whether then owned or thereafter acquired, and to pledge the revenues and receipts therefrom or from any thereof.
(10) To execute and deliver, in accordance with this section, mortgages and deeds of trust and trust indentures, or either.
(11) To finance (by loan, grant, lease, or otherwise), construct, erect, assemble, purchase, acquire, own, repair, remodel, renovate, rehabilitate, modify, maintain, extend, improve, install, sell, equip, expand, add to, operate, or manage projects and to pay the cost of any project from the proceeds of any indebtedness or loans pursuant to Section 45-51A-31.29, or any other funds of the authority, or from any contributions or loans by persons, corporations, partnerships limited or general, or other entities, all of which the authority is authorized to receive and accept and use.
(12) To incur obligations and use the proceeds thereof for the purpose of paying, or loaning the proceeds thereof to pay all or any part of the cost of any project and otherwise to further or carry out the public purpose of the authority and to pay all costs of the authority incident to, or necessary and appropriate to, furthering or carrying out such purpose.
(13) To make application directly or indirectly to any federal, state, county, or municipal government or agency or to any other source, public or private, for loans, grants, guarantees, or other financial assistance in furtherance of the authority’s public purpose and to accept and use the same upon such terms and conditions as are prescribed by such federal, state, county, or municipal government or agency or other source.
(14) To enter into agreements with the federal government or any agency thereof to use facilities or the services of the federal government or any agency thereof in order to further or carry out the public purposes of the authority.
(15) To contract for any period with the state, state institutions, or any city, town, municipality, or county of the state for the use by the authority of any facilities or services of the state or any such state institution, city, town, municipality, or county, or for the use by any state institution or any city, town, municipality, or county of any facilities or services of the authority, provided such contracts shall deal with such activities and transactions as the authority and any such political subdivision with which the authority contracts are by law authorized to undertake.
(16) To extend credit or make loans to any person, corporation, partnership, limited or general, or other entity for the costs of any project or any part of the costs of any project, which credit or loans may be evidenced or secured by loan agreements, notes, mortgages, deeds to secure debt, trust deeds, security agreements, assignments, or such other instruments, or by rentals, revenues, fees, or charges, upon such terms and conditions as the authority shall determine to be reasonable in connection with such extension of credit or loans, including provision for the establishment and maintenance of reserve funds, and, in the exercise of powers granted hereby in connection with any project, the authority shall have the right and power to require the inclusion in any such loan agreement, note, mortgage, deed to secure debt, trust deed, security agreement, assignment, or other instrument of such provisions or requirements for guaranty of obligations, insurance, construction, use, operation, maintenance and financing of a project, and such other terms and conditions, as the authority may deem necessary or desirable.
(17) To acquire, accept, or retain equitable interests, security interests, or other interests in any real property, personal property, or fixtures by loan agreement, note, mortgage, deed to secure debt, trust deed, security agreement, assignment, pledge, conveyance, contract, lien, loan agreement, or other consensual transfer in order to secure the repayment of any moneys loaned or credit extended by the authority.
(18) To appoint, employ, contract with, and provide for the compensation of such officers, employees, and agents, including, but without limitation to, engineers, attorneys, contractors, consultants, and fiscal advisors, as the board shall deem necessary for the conduct of the business of the authority.
(19) To provide such insurance as the board may deem advisable.
(20) To make, enter into, and execute such contracts, agreements, leases, and other instruments and to take such other actions as may be necessary or convenient to accomplish any purpose for which the authority was organized or to exercise any power expressly granted hereunder.
(21) To require payments in lieu of taxes, other than any sales or use taxes levied by the state or the local sales, use, or excise taxes required by state laws to be administered in a parallel manner to state sales or use taxes, to be made by the lessee of the project to either the authority, the city, or the county.
(22) To receive and use the proceeds of any tax levied by a county or municipal corporation to pay the costs of any project or for any other purpose for which the authority may use its own funds pursuant to this subpart and to use such tax proceeds, or such other sources of revenue to make an appropriation and provide a direct payment to an owner, a developer, or other user of the project.
(23) To fix and revise from time to time reasonable rentals, licenses, rates, fees, and other charges for the use of any project or portion thereof, owned or operated by the authority, and to collect all charges made by it.
(24) To require any user of any of its projects or any part thereof to make a reasonable deposit with the authority in advance to insure the payment of rentals, licenses, rates, fees, or charges, or costs of repair to any damage to the project and to be subject to the application to the payment thereof if and when delinquent.
(25) To exercise all of the powers, rights, privileges, exemptions, immunities, and authority provided by the general laws of Alabama to local commercial development authorities, improvement districts, and capital improvement cooperative districts including, but not limited to, abatement of taxes, acquisition, enlargement, improvement, replacement, ownership, leasing, selling, or disposing of properties to the end that the authority may be able to recruit and develop businesses along the I-65 corridor area and within the jurisdiction of the authority; provided, however, that the authority shall have no power or authority to issue bonds under this subpart.
(26) To do all things necessary or convenient to carry out the powers conferred by this subpart.
(b) Any project or projects of the board must be located within the I-65 corridor area, except for projects expressly designated by resolution of the governing body of the city or county commission designating a project as a project to which the geographic limitations shall not be applicable.