reglab/housing_qa huggingface dataset:
AL Code § 11-81-163 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-163 - Adoption, Amendment, Recordation, etc., of Ordinances or Resolutions for Issuance of Bonds, Segregation of Revenues, Etc.

Section 11-81-163Adoption, amendment, recordation, etc., of ordinances or resolutions for issuance of bonds, segregation of revenues, etc. For the purpose of this article, any borrower is authorized to adopt ordinances providing for the issuance of revenue bonds as provided in this article and any and all other appropriate ordinances and resolutions deemed necessary to effectuate the full intent and purpose of this article, including the segregation of revenues derived from the operation of any project named in Section 11-81-161, the determination, fixation and revision from time to time of rates to be charged for services and any and all other necessary ordinances and resolutions to protect the properties, to provide for the adequate operation thereof and to insure the security of the bonds; provided, that in the case of counties, the style of any ordinance or resolution adopted under this article shall be the same as is provided by the laws of the state in the case of municipalities, and the manner of adoption thereof shall be as is provided in the general laws of the state for municipalities of over 6,000 inhabitants. The amendment of such ordinances and resolutions of counties shall be as is provided by the general laws of the state for amendment of ordinances of municipalities. Such ordinances and resolutions of counties shall be recorded in the minutes of the governing body thereof as soon as practicable after their passage and shall be authenticated by the signature of the clerk of such governing body. Any such ordinances or resolutions of counties may be published in a newspaper of general circulation in such county. (Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §311.)
AL Code § 11-81-165 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-165 - Borrowing in Anticipation of Sale and Issuance of Bonds Authorized; Procedure Therefor.

Section 11-81-165Borrowing in anticipation of sale and issuance of bonds authorized; procedure therefor. (a) Any municipality or county in the state may at any time and from time to time, in anticipation of the sale and issuance of revenue bonds under the provisions of this article, as amended, borrow money for temporary use for any purpose or purposes for which revenue bonds are authorized to be issued under this article and in evidence of such borrowing may issue interest-bearing notes. (b) Each such note shall be a limited or special obligation of the issuing municipality or county, payable as to both principal and interest solely from the same revenues out of which such revenue bonds are proposed to be issued or from the proceeds from the sale of such revenue bonds or from both said revenues and said bond proceeds, shall be made payable not later than 24 months after its date, shall be signed as the governing body of said municipality or county may prescribe, may be sold at public or private sale and may be renewed from time to time; provided, that no such renewal shall be made which shall extend the final date for payment of such note to more than three years from the date of the original borrowing. (c) When any such municipality or county shall issue the revenue bonds in anticipation of which any note or notes were issued under this section, such municipality or county shall retire, out of the proceeds derived from the sale of the said revenue bonds, the said note or notes and, to the extent that such proceeds shall be sufficient therefor, the unpaid interest accrued thereon; provided, that any such municipality or county may, when any such note or notes are held by the United States of America or any agency or instrumentality thereof, without regard to or compliance with the provisions of Section 11-81-11, as amended, issue and deliver such revenue bonds (or a part thereof) in exchange for an equal principal amount of such note or notes and shall, prior to or simultaneously with such issuance and delivery, pay the unpaid interest accrued on such note or notes, which shall thereupon be cancelled and retired. (d) In issuing any such temporary notes, no municipality or county shall be subject to any requirement, condition or limitation contained in any other law. (Acts 1963, 2nd Ex. Sess., No. 95, p. 271; Acts 1971, No. 1947, p. 3145.)
AL Code § 11-81-167 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-167 - Revenue Bonds - Execution and Delivery.

Section 11-81-167Revenue bonds - Execution and delivery. In case any of the officers whose signature or countersignature appears on the bonds or coupons shall cease to be such officers before delivery of such bonds, such signature or countersignature shall nevertheless be valid and sufficient for all purposes the same as if they had remained in office until such delivery. (Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §322.)
AL Code § 11-81-168 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-168 - Revenue Bonds - Negotiability.

Section 11-81-168Revenue bonds - Negotiability. Such bonds shall have all of the qualities and incidents of negotiable instruments under the law merchant and the applicable provisions of Title 7 and Title 8; except, that they shall not be construed as containing an unconditional promise to pay. (Acts 1933, Ex. Sess., No. 102, p. 88; Acts 1936-37, Ex. Sess., No. 203, p. 236; Code 1940, T. 37, §319.)
AL Code § 11-81-169 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-169 - Revenue Bonds - Disposition of Proceeds From Sale - Generally.

Section 11-81-169Revenue bonds - Disposition of proceeds from sale - Generally. The governing body, where practicable, shall require that the proceeds of the sale of bonds issued under the provisions of this article be deposited in a special account or accounts in a bank or banks which are members of the federal reserve system and shall require, insofar as practicable, that each such deposit be secured by United States government securities having an aggregate market value at least equal to the sum at the time on deposit, or, in any event, the proceeds shall be deposited in some bank or other depository either within or without the state which will secure such deposit satisfactorily to said governing body. (Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §320.)
AL Code § 11-81-170 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-170 - Revenue Bonds - Disposition of Proceeds From Sale - Proceeds to Be Used Only for Purposes for Which Bonds Authorized; Excess Proceeds.

Section 11-81-170Revenue bonds - Disposition of proceeds from sale - Proceeds to be used only for purposes for which bonds authorized; excess proceeds. All moneys derived from the sale of any revenue bonds issued under the provision of this article shall be used solely for the purpose or purposes for which the same are authorized, including any engineering, legal and other expenses incident thereto, and, in the case of bonds issued in whole or in part for construction, interest on such bonds or such part prior to and during construction and for one year after completion of construction and, in the case of bonds issued for the purpose of refunding outstanding revenue bonds, any premium which it may be necessary to pay to redeem or retire such bonds. If the proceeds of the bonds of any issue shall exceed the amount required for the purpose or purposes for which the same are issued, the surplus shall be paid into the fund provided in Section 11-81-181 for the payment of the principal of and interest on such bonds. (Acts 1933, Ex. Sess., No. 102, p. 88; Acts 1936-37, Ex. Sess., No. 203, p. 236; Code 1940, T. 37, §321.)
AL Code § 11-81-171 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-171 - Revenue Bonds - Redemption.

Section 11-81-171Revenue bonds - Redemption. The governing body of the borrower authorizing bonds under the provisions of this article may make provision for any of such bonds to be called for payment on any interest payment date before maturity, with or without a premium, upon such terms and conditions as the governing body may prescribe; provided, however, that the amount of premium on any bonds shall not cause the yield to be more than six percent per annum from the date of the sale of such bonds to the date of their redemption. (Acts 1933, Ex. Sess., No. 102, p. 88; Acts 1936, Ex. Sess., No. 118, p. 78; Code 1940, T. 37, §336.)
AL Code § 11-81-172 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-172 - Revenue Bonds - Exemption From Taxation.

Section 11-81-172Revenue bonds - Exemption from taxation. The bonds and interest coupons issued under this article are hereby exempted from any and all state, county, municipal and other taxation whatsoever under the laws of the State of Alabama, and it shall be plainly stated on the face of each such bond as follows: "The principal of and interest on this bond are exempted from any and all state, county and municipal and other taxation whatsoever under the laws of the State of Alabama." (Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §318.)
AL Code § 11-81-172.1 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-172.1 - Revenue Bonds - Issuance of Bonds for Refunding of Principal of General or Limited Obligation Warrants, Etc.

Section 11-81-172.1Revenue bonds - Issuance of bonds for refunding of principal of general or limited obligation warrants, etc. Any county or incorporated municipality in the State of Alabama may issue revenue bonds under the provisions of this article not only for the purposes specified in Section 11-81-166, but also for the purpose of refunding the principal of any outstanding general or limited obligation warrants of any such county or incorporated municipality that were issued (directly or indirectly) for the purpose of financing the acquisition, improvement, enlargement, extension or repair of any waterworks system, gas system, electric system or sanitary sewer system or that were issued to refund any general or limited obligation warrant or warrants initially issued by such county or incorporated municipality (directly or indirectly) for the purpose of financing the acquisition, improvement, enlargement, extension or repair of any waterworks system, gas system, electric system or sanitary sewer system, whether or not such principal shall have matured at the time of such refunding, and for the combined purpose of refunding the principal of any such general or limited obligation warrants and any other purpose or purposes specified in said Section 11-81-166. (Acts 1977, No. 299, p. 400.)
AL Code § 11-81-173 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-173 - Issuance of Additional Bonds; Payment of Same.

Section 11-81-173Issuance of additional bonds; payment of same. (a) Any borrower acquiring, improving, enlarging, extending or repairing any such system or combined system pursuant to the provisions of this article, may, in the event that the proceeds of any issue of revenue bonds by error of calculation or otherwise shall be less than the amount required for the purpose or purposes for which the same shall be authorized, issue additional bonds under the provisions of this article to provide the amount of such deficit or, in the event that later extensions and permanent improvements to such system or combined system appear to be desirable, issue from time to time additional bonds under the provisions of this article to provide funds for such purposes. (b) If such additional bonds are issued for the purpose of providing funds necessary to supply any such deficit, they shall, unless otherwise provided in the ordinance authorizing the original issue of bonds or in any trust indenture thereby authorized, be deemed to be of the same issue and to be entitled to payment from the same fund without preference or priority of the bonds first issued. If, however, such bonds are issued to provide funds for the acquisition of other extensions or permanent improvements, such bonds shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued only in the event that it shall be specifically so provided in the ordinance authorizing the original issue of bonds or in any trust indenture thereby authorized. (Acts 1933, Ex. Sess., No. 102, p. 88; Acts 1936-37, Ex. Sess., No. 203, p. 236; Code 1940, T. 37, §324.)
AL Code § 11-81-174 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-174 - Refunding Bonds.

Section 11-81-174Refunding bonds. Any bonds issued under this article solely for refunding purposes shall, unless it shall be otherwise provided in the authorizing proceedings providing for the issuance thereof, be secured to the same extent and have the same sources of payment as the bonds refunded thereby. Unless otherwise provided in the authorizing proceedings providing for the issuance of any such bonds issued solely for refunding purposes, the holders of such bonds shall be subrogated to all the rights and powers of the holders of the bonds refunded thereby. (Acts 1933, Ex. Sess., No. 102, p. 88; Acts 1936-37, Ex. Sess., No. 203, p. 236; Code 1940, T. 37, §325; Acts 1945, No. 390, p. 607; Acts 1955, No. 494, p. 1127, §9.)
AL Code § 11-81-175 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-175 - Applicability of Limitations, etc., in Certain Other Provisions of Chapter as to Bonds Generally.

Section 11-81-175Applicability of limitations, etc., in certain other provisions of chapter as to bonds generally. The bonds authorized under this article shall not be subject to any limitations or provisions contained in Articles 3 and 6 and Division 2 of Article 4 of this chapter. (Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §316; Acts 1955, No. 494, p. 1127, §8.)
AL Code § 11-81-176 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-176 - Elections and Publication of Ordinances, Resolutions, etc., Not Required for Issuance and Sale of Bonds.

Section 11-81-176Elections and publication of ordinances, resolutions, etc., not required for issuance and sale of bonds. This article shall be construed as authorizing the issuance and sale of such bonds provided for herein without submitting the proposition for the approval of same to the voters of the borrower. Where bonds are authorized under this article it shall not be necessary to make publication of any ordinance, resolution, notice or proceeding relating thereto other than is provided in Section 11-81-164; provided, that nothing in this article shall be construed to prohibit the governing body from making such publication as it may deem necessary in relation thereto. (Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §338.)
AL Code § 11-81-177 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-177 - Investment in Bonds by Executors, Trustees, Savings Banks, Etc.

Section 11-81-177Investment in bonds by executors, trustees, savings banks, etc. Bonds issued under the provisions of this article are legal investments for executors, administrators, trustees and other fiduciaries and for savings banks and insurance companies organized under the laws of this state. (Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §317.)
AL Code § 11-81-178 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-178 - Statutory Mortgage Lien of Bondholders - Creation Generally; Filing, Recordation, etc., of Notice Thereof.

Section 11-81-178Statutory mortgage lien of bondholders - Creation generally; filing, recordation, etc., of notice thereof. (a) In the authorizing proceedings or in the trust indenture, if any, under which bonds may be issued pursuant to the provisions of this article, there shall be created a statutory mortgage lien in favor of the holders of such bonds and of the interest coupons applicable thereto on each system or systems (including any additions thereto and extensions thereof that may be thereafter made) out of the revenues from which such bonds are made payable. (b) The authorizing proceedings or such trust indenture may provide for the filing for record in the office of the judge of probate of each county in which any part of such system or systems may be located of a notice containing a brief description of such system or systems, a brief description of such bonds and a declaration that said statutory mortgage lien has been created for the benefit of the holders of such bonds and the interest coupons applicable thereto upon such system or systems, including any additions thereto and extensions thereof. Each judge of probate shall receive, record and index any such notice filed for record in his office. The recording of such notice as provided in this subsection shall operate as constructive notice of the contents thereof. (Acts 1933, Ex. Sess., No. 102, p. 88; Acts 1936-37, Ex. Sess., No. 203, p. 236; Code 1940, T. 37, §313; Acts 1955, No. 494, p. 1127, §5.)
AL Code § 11-81-179 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-179 - Statutory Mortgage Lien of Bondholders - Duration; Enforcement.

Section 11-81-179Statutory mortgage lien of bondholders - Duration; enforcement. (a) Any system or systems that shall be made subject to a statutory mortgage lien as provided for in Section 11-81-178 shall remain subject to such lien until payment in full of the principal of and the interest on the bonds to secure the payment of which such lien was created or until moneys sufficient for the payment thereof shall have been set aside in trust for payment thereof. (b) Any holder of any of said bonds or of any of the interest coupons applicable thereto and the trustee under any trust indenture, if so provided in such indenture, may, by civil action, mandamus or other proceedings, protect, enforce and compel performance of all duties of the officials of the borrower, including the fixing of sufficient rates, the collection of revenues, the proper segregation of the revenues of the system or systems and the proper application thereof; provided, however, that such statutory mortgage lien shall not be construed to give any such holder of bonds or coupons or such trustee authority to compel the sale of such system or systems or any part thereof. Any trust indenture provided for by the authorizing proceedings may contain such provisions regarding the rights and remedies of the trustee thereunder and the holders of the bonds and coupons as the governing body may deem advisable and as are not in conflict with the provisions of this article, and may contain such provisions restricting the individual right of action of the holders of the bonds or coupons as are customary in indentures respecting bonds or debentures of corporations. (Acts 1933, Ex. Sess., No. 102, p. 88; Acts 1936-37, Ex. Sess., No. 203, p. 236; Code 1940, T. 37, §314; Acts 1955, No. 494, p. 1127, §6.)
AL Code § 11-81-180 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.|Section 11-81-180 - Appointment of Receiver Upon Default in Payment of Principal and Interest on Bonds; Powers of Receiver.

Section 11-81-180Appointment of receiver upon default in payment of principal and interest on bonds; powers of receiver. If there shall be any default in the payment of the principal of or interest upon any bonds issued under this article, any court having jurisdiction in any proper civil action may appoint a receiver to administer and operate the system or systems out of the revenues from which such bonds are payable with power to fix and charge rates and collect revenues sufficient to provide for the payment of such bonds and any other obligations outstanding against said system or systems or the revenues therefrom and for the payment of the expenses of operating and maintaining such system or systems and with power to apply the income and revenues of said system or systems in conformity with this article and the authorizing proceedings and any trust indenture provided for therein. (Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §315; Acts 1955, No. 494, p. 1127, §7.)