Code of Alabama
Division 1 - Distribution of Tva.
Section 45-52-161.09 - Pledge; Use and Expenditure of Payments to the District; Conveyance of Properties by District.

(a) The district may p ledge the TVA payments to be made to the district hereunder for the payment and benefit of any of the obligations. The district shall use, expend, and apply all amounts paid and distributed to it pursuant to Section 45-52-161.05 for payment of annual debt service or, if the district uses any monies other than those distributed to it under Section 45-52-161.05 for payment of annual debt service, to reimburse the district, or any of the participating local governments, for any other monies so used.
(b) Any provision of law to the contrary notwithstanding, and in addition to the power and authority of the district under Chapter 99B of Title 11, the district may sell and convey, with or without valuable consideration, any part of any of the Morgan County Industrial Parks, or any part of any of the Morgan County Industrial Park Facilities, to the authority (to the extent of the authority and jurisdiction thereof to own and operate the properties so conveyed), or to any one or more of the participating local governments which has, under any provision of the laws or Constitution of the State of Alabama (including, without limitation Morgan County, Section 6 of the Official Recompilation of the Constitution of Alabama of 1901, Local Amendments (formerly Amendment 303 to the Constitution of Alabama of 1901, as amended) and Morgan County, Section 7 of the Official Recompilation of the Constitution of Alabama of 1901, Local Amendments (formerly Amendment 429 to the Constitution of Alabama of 1901, as amended), the corporate power to acquire, or operate, or convey (to any person, firm or corporation), the properties so conveyed thereto by the district.

Structure Code of Alabama