reglab/housing_qa huggingface dataset:
AL Code § 11-56-10 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 56 - Public Building Authorities.|Section 11-56-10 - Bonds - Authority for Issuance; Security for Payment of Principal and Interest Generally; Form, Terms, Denominations, etc.; Sale, Redemption, Etc.

Section 11-56-10Bonds - Authority for issuance; security for payment of principal and interest generally; form, terms, denominations, etc.; sale, redemption, etc. The corporation is authorized at any time and from time to time to issue its interest-bearing revenue bonds for the purpose of acquiring, constructing, improving, enlarging, completing and equipping one or more projects. The principal of and the interest on any such bonds shall be payable solely out of the revenues derived from the project with respect to which such bonds are issued. None of the bonds of the corporation shall ever constitute an obligation or debt of the state, the county or the municipality or a charge against the credit or taxing powers of the state, the county or the municipality. Bonds of the corporation may be issued at any time and from time to time, may be in such form and denominations, may be of such tenor, may be payable in such installments and at such time or times, not exceeding 40 years from their date, may be payable at such place or places whether within or without the state and may bear interest at such rate or rates payable and evidenced in such manner as shall not be inconsistent with the provisions of this chapter and as may be provided in the proceedings of the board wherein the bonds shall be authorized to be issued. Any bond having a specified maturity more than 10 years after its date shall be made subject to redemption at the option of the corporation at the expiration of 10 years from its date and on any interest payment date thereafter at such price or prices and after such notice or notices and on such terms and in such manner as may be provided in the proceedings of the board wherein it is authorized to be issued. Bonds of the corporation may be sold at either public or private sale in such manner and from time to time as may be determined by the board to be most advantageous. The corporation may pay all expenses, premiums and commissions that the board may deem necessary or advantageous in connection with the authorization, sale and issuance of its bonds. All bonds shall contain a recital that they are issued pursuant to the provisions of this chapter, which recital shall be conclusive that they have been duly authorized pursuant to the provisions of this chapter. All bonds issued under the provisions of this chapter shall be and hereby are declared to be negotiable instruments under the law of the state despite the fact that they are payable from a limited source. (Acts 1955, No. 493, p. 1116, §10; Acts 1956, 1st Ex. Sess., No. 127, p. 182, §5; Acts 1967, No. 351, p. 910.)
AL Code § 11-56-11 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 56 - Public Building Authorities.|Section 11-56-11 - Bonds - Notice of Resolution Authorizing Issuance of Bonds; Limitation Period for Actions, etc., as to Validity of Proceedings for Issuance of Bonds, Etc.

Section 11-56-11Bonds - Notice of resolution authorizing issuance of bonds; limitation period for actions, etc., as to validity of proceedings for issuance of bonds, etc. (a) Upon the adoption by the board of any resolution providing for the issuance of bonds, the corporation may, in its discretion, cause to be published once a week for two consecutive weeks in a newspaper published in the municipality or, if there is no newspaper published in the municipality, then in a newspaper published in the county in which the municipality is located, a notice in substantially the following form (the blanks being properly filled in) at the end of which shall be printed the name and title of either the chairman or secretary of the corporation: "_____, a public corporation and a political subdivision of the State of Alabama, on the _____ day of _____, authorized the issuance of $_____ principal amount of revenue bonds of the said corporation for purposes authorized in the act of the Legislature of Alabama under which the said corporation was organized. Any civil action or proceeding questioning the validity of the said bonds, or the pledge and the indenture to secure the same or the proceedings authorizing the same must be commenced within 20 days after the first publication of this notice." (b) Any civil action or proceeding in any court to set aside or question the proceedings for the issuance of the bonds referred to in said notice or to contest the validity of any such bonds or the validity of the pledge and indenture made therefor must be commenced within 20 days after the first publication of such notice. After the expiration of the said period, no right of action or defense questioning or attacking the validity of the said proceedings or of the said bonds or the said pledge or indenture shall be asserted, nor shall the validity of the said proceedings, bonds, pledge or indenture be open to question in any court on any ground whatsoever except in a civil action or proceeding commenced within such period. (Acts 1955, No. 493, p. 1116, §19; Acts 1956, 1st Ex. Sess., No. 127, p. 182, §7.)
AL Code § 11-56-12 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 56 - Public Building Authorities.|Section 11-56-12 - Bonds - Execution and Delivery.

Section 11-56-12Bonds - Execution and delivery. All bonds shall be signed by the chairman or vice-chairman of the corporation, and the seal of the corporation shall be affixed thereto and attested by its secretary. Coupons shall be signed by the chairman or vice-chairman of the corporation, but a facsimile of the signature of such chairman or vice-chairman may be impressed on any such interest coupons in lieu of his manually signing the same. Delivery of bonds so executed shall be valid notwithstanding any changes in officers or in the seal of the corporation after the signing and sealing of the bonds. (Acts 1955, No. 493, p. 1116, §11.)
AL Code § 11-56-13 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 56 - Public Building Authorities.|Section 11-56-13 - Bonds - Security for Payment of Principal and Interest; Remedies Upon Default Generally.

Section 11-56-13Bonds - Security for payment of principal and interest; remedies upon default generally. (a) 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 made payable and by a pledge of the lease agreement covering the project from which revenues so pledged shall be derived and of the rental therefrom and may be secured by an indenture covering such project. The trustee under any indenture may be a trust company or bank having trust powers, whether located within or without the state. The indenture may contain any agreements and provisions customarily contained in instruments securing evidences of indebtedness including, without limiting the generality of the foregoing, provisions respecting the collection, segregation and application of the rental from any project covered by such indenture, the terms to be incorporated in the lease agreement respecting such project, the maintenance and insurance of such project, the creation and maintenance of special funds from the rental of such project, and the rights and remedies available in the event of default to the holders of the bonds or the trustee under the indenture all as the board shall deem advisable and as shall not be in conflict with the provisions of this chapter; provided, however, that in making any such agreements or provisions the corporation shall not have the power to obligate itself except with respect to projects and the application of the revenues therefrom. (b) If there shall be any default by the corporation in payment of the principal of or the interest on the bonds or in any of the agreements on the part of the corporation that may properly be included in any indenture securing the bonds, any holder of any of the bonds or any of the coupons or the trustee under any indenture, if so authorized in such indenture, may by civil action, mandamus or other proceeding enforce payment of such principal or interest and compel performance of all duties of the board and officers of the corporation and shall be entitled as a matter of right and regardless of the sufficiency of any such security to the appointment of a receiver with all the powers of such receiver for the operation and maintenance of the project covered by such indenture and the collection, segregation and application of rents therefrom; provided, that any such indenture shall not be subject to foreclosure and shall not be construed so as to authorize the sale of any project covered thereby or any part thereof in satisfaction of the bonds secured thereby. The indenture may contain provisions regarding the rights and remedies of any trustee thereunder and the holders of the bonds and the coupons and may contain provisions restricting the individual rights of action of the holders of the bonds and coupons. (Acts 1955, No. 493, p. 1116, §12.)
AL Code § 11-56-14 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 56 - Public Building Authorities.|Section 11-56-14 - Bonds - Disposition of Proceeds From Sale.

Section 11-56-14Bonds - Disposition of proceeds from sale. (a) The proceeds derived from the sale of any bonds (other than refunding bonds) may be used only to pay the cost of acquiring, constructing, improving, enlarging and equipping the project with respect to which they were issued as may be specified in the proceedings in which the bonds are authorized to be issued. (b) Such cost, which shall be paid from the proceeds derived from the sale of bonds, shall be deemed to include the following: (1) The cost of any land forming a part of the project; (2) The costs of the labor, materials and supplies used in any such construction, improvement or enlargement, including architect's and engineer's fees and the cost of preparing contract documents and advertising for bids; (3) The purchase price of and the cost of installing equipment for the project; (4) The cost of landscaping the lands forming a part of the project and of constructing and installing roads, sidewalks, curbs, gutters, utilities and parking places in connection therewith; (5) Legal, fiscal and recording fees and expenses incurred in connection with the authorization, sale and issuance of the bonds issued in connection with such project; and, (6) Interest on said bonds for a reasonable period prior to and during the time required for such construction and equipment. (c) If any of the proceeds derived from the sale of said bonds remains undisbursed after completion of such work and payment of all of the said costs and expenses, such balance shall be used for retirement of the principal of bonds of the same issue. (Acts 1955, No. 493, p. 1116, §13.)
AL Code § 11-56-15 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 56 - Public Building Authorities.|Section 11-56-15 - Bonds - Remedies Upon Default in Payment of Principal or Interest on Bonds.

Section 11-56-15Bonds - Remedies upon default in payment of principal or interest on bonds. If there shall be any default in the payment of the principal of or interest on any bonds issued under this chapter, then the holder of any of the bonds and of any of the interest coupons applicable thereto and the trustee under any indenture, or any one or more of them, may by civil action, mandamus or other proceeding compel performance of all duties of the officers and directors of the corporation with respect to the use of funds for the payment of the bonds and for the performance of the agreements of the corporation contained in the proceedings under which they were issued and compel performance of the duties of all officials of each local subdivision and public corporation which is a lessee under any lease pledged as security for the bonds so in default with respect to payment of the rentals provided to be paid under any such lease and, regardless of the sufficiency of the security for the bonds in default and as a matter of right, shall be entitled to the appointment of a receiver to administer and operate the project out of the revenues from which the bonds so in default are payable, with power to make leases and fix and collect rents sufficient to provide for the payment of the principal of and interest on the bonds and any other obligations outstanding against the project of the revenues therefrom and for the payment of the expenses of operating and maintaining the project and with power to apply the income therefrom in accordance with the provisions of the proceedings under which the bonds were authorized to be issued. The remedies specified in this section shall be cumulative to all other remedies which may otherwise be available for the benefit of the holders of the bonds and the coupons applicable thereto. (Acts 1955, No. 493, p. 1116, §16; Acts 1956, 1st Ex. Sess., No. 127, p. 182, §6.)
AL Code § 11-56-16 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 56 - Public Building Authorities.|Section 11-56-16 - Refunding Bonds.

Section 11-56-16Refunding bonds. The corporation may at any time and from time to time issue refunding bonds for the purpose of refunding the principal of and interest on any bonds of the corporation theretofore issued under this chapter and then outstanding, whether or not such principal and interest shall have matured at the time of such refunding, and for the payment of any expenses incurred in connection with such refunding and any premium necessary to be paid in order to redeem or retire the bonds to be refunded. The proceeds derived from the sale of any refunding bonds shall be used only for the purposes for which the refunding bonds were authorized to be issued. Any such refunding may be effected either by sale of the refunding bonds and the application of the proceeds thereof or by exchange of the refunding bonds for the bonds or interest coupons to be refunded thereby; provided, that the holders of any bonds or coupons so to be refunded shall not be compelled without their consent to surrender their bonds or coupons for payment or exchange prior to the date on which they may be paid or redeemed by the corporation under their respective provisions. Any refunding bonds of the corporation shall be payable solely from the revenues out of which the bonds or coupons to be refunded thereby were payable. All provisions of this chapter pertaining to bonds of the corporation that are not inconsistent with the provisions of this section shall, to the extent applicable, also apply to refunding bonds issued by the corporation. (Acts 1955, No. 493, p. 1116, §14.)
AL Code § 11-56-17 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 56 - Public Building Authorities.|Section 11-56-17 - Investment in Bonds - by Municipalities.

Section 11-56-17Investment in bonds - By municipalities. The governing body is authorized in its discretion to invest in bonds of the corporation any idle or surplus money held in the treasury of the municipality which is not otherwise earmarked or pledged. (Acts 1955, No. 493, p. 1116, §17.)
AL Code § 11-56-18 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 56 - Public Building Authorities.|Section 11-56-18 - Investment in Bonds - by Executors, Savings Banks, Insurance Companies, Etc.

Section 11-56-18Investment in bonds - By executors, savings banks, insurance companies, etc. Bonds issued under the provisions of this chapter are hereby made legal investments for executors, administrators, trustees and other fiduciaries and for savings banks and insurance companies organized under the laws of the state. (Acts 1955, No. 493, p. 1116, §18.)
AL Code § 11-56-19 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 56 - Public Building Authorities.|Section 11-56-19 - Conveyances of Property to Corporations by Municipalities.

Section 11-56-19Conveyances of property to corporations by municipalities. The municipality is hereby authorized to convey to the corporation, with or without the payment of monetary consideration therefor, any property that may be owned by the municipality, whether or not such property is necessary for the conduct of the governmental or other public functions of the municipality; provided, that such conveyance shall be authorized by a resolution duly adopted by the governing body prior to the conveyance. (Acts 1955, No. 493, p. 1116, §20.)
AL Code § 11-56-20 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 56 - Public Building Authorities.|Section 11-56-20 - Authority and Procedure for Dissolution of Corporations; Vesting of Title to Properties Thereof in Municipalities Upon Dissolution; Formation of Corporations Not to Prevent Subsequent Formation of Other Corporations by Same Municipalities.

Section 11-56-20Authority and procedure for dissolution of corporations; vesting of title to properties thereof in municipalities upon dissolution; formation of corporations not to prevent subsequent formation of other corporations by same municipalities. (a) At any time when the corporation does not have any bonds outstanding, the board may adopt a resolution which shall be duly entered upon its minutes declaring that the corporation shall be dissolved. Upon the filing for record of a certified copy of said resolution in the office of the judge of probate of the county, the corporation shall thereupon stand dissolved, and, in the event it owned any property at the time of its dissolution, the title to all its property shall thereupon vest in the municipality. In the event the corporation shall at any time have outstanding bonds issued under this chapter payable out of the revenues from different projects, then as and when the principal of and the interest on all bonds payable in whole or in part from the revenues derived from any project shall have been paid in full, title to the project with respect to which the bonds so paid in full have been paid shall thereupon vest in the municipality, but such vesting of title in the municipality shall not affect the title of the corporation to any other project the revenues from which are pledged for the payment of any other bonds then outstanding. (b) The formation of one or more corporations under the provisions of this chapter shall not prevent the subsequent formation under this chapter of other corporations pursuant to authorization by the same municipality. (Acts 1955, No. 493, p. 1116, §21; Acts 1956, 1st Ex. Sess., No. 127, p. 182, §8.)
AL Code § 11-56-21 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 56 - Public Building Authorities.|Section 11-56-21 - Exemption From Taxation of Projects, Bonds, Etc.

Section 11-56-21Exemption from taxation of projects, bonds, etc. Each project and the income from all leases made with respect thereto, the bonds issued by the corporation and the income therefrom and all lease agreements and indentures made pursuant to the provisions of this chapter shall be exempt from all taxation in the state. (Acts 1955, No. 493, p. 1116, §15.)
AL Code § 11-56-22 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 56 - Public Building Authorities.|Section 11-56-22 - Construction of Chapter.

Section 11-56-22Construction of chapter. This chapter shall not be construed as a restriction or limitation upon any power, right, or remedy which any municipality or any corporation now in existence or hereafter formed may have in the absence thereof and shall be construed as cumulative and independent thereof. (Acts 1955, No. 493, p. 1116, §22.)
AL Code § 11-57-1 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 57 - Public Library Authorities.|Section 11-57-1 - Definitions.

Section 11-57-1Definitions. The following words and phrases, whenever used in this chapter, shall have the following respective meanings, unless the context clearly indicates otherwise: (1) AUTHORITY. A corporation organized pursuant to the provisions of this chapter. (2) BOARD. The board of directors of the authority. (3) BOND. Any bond issued under the provisions of this chapter, including refunding bonds. (4) COUNTY. That county in which the certificate of incorporation of the authority shall be filed for record. (5) COUPON. Any interest coupon evidencing an installment of interest payable with respect to a bond. (6) FISCAL YEAR. A fiscal year of the municipality. (7) GOVERNING BODY. The council, board of commissioners, or other like body in which the legislative functions of the municipality are vested by law. (8) INDENTURE. A mortgage, an indenture of mortgage, deed of trust or trust indenture executed by the authority as security for any bonds. (9) LEASE AGREEMENT. Any agreement of lease respecting the project or any part thereof which is made pursuant to the provisions of this chapter. (10) MUNICIPALITY. That incorporated city or town in the state which authorized the organization of the authority. (11) PROJECT. One or more buildings located or to be located within the municipality or within its police jurisdiction and designed for use as a public library, branch library, and related public library facilities and any equipment and lands necessary therefor. (12) STATE. The State of Alabama. (Acts 1961, No. 895, p. 1407, §2; Acts 1961, Ex. Sess., No. 289, p. 2335, §2.)
AL Code § 11-57-2 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 57 - Public Library Authorities.|Section 11-57-2 - Legislative Intent; Construction of Chapter Generally.

Section 11-57-2Legislative intent; construction of chapter generally. (a) It is the intention of the Legislature by the passage of this chapter to empower each incorporated municipality in the state to authorize the incorporation of one or more public corporations as political subdivisions of the state for the purpose of providing public library facilities for lease to and use by the municipality, to invest each corporation organized under this chapter with all powers that may be necessary to enable it to accomplish such purposes, including the power to lease its properties and to issue interest-bearing revenue bonds and to grant to each such municipality power to rent such public library facilities on a year to year basis. (b) This chapter shall be liberally construed in conformity with the said intent. (Acts 1961, No. 895, p. 1407, §1; Acts 1961, Ex. Sess., No. 289, p. 2335, §1.)