reglab/housing_qa huggingface dataset:
AL Code § 41-10-44.9 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 2A - Additional Powers of State Industrial Development Authority.|Section 41-10-44.9 - Establishment of Tax Increment Funds.

Section 41-10-44.9Establishment of tax increment funds. In order to provide a method of financing project costs other than by the issuance of project obligations payable from the amounts required to be paid by an approved company under a financing agreement, the authority may establish one or more tax increment funds with respect to a project, into which the authority and an approved company may agree that the approved company will deposit either or both of the following: (i) an annual amount equal to the amount of corporate income tax levied by Section 40-18-31 that otherwise would be owed by the approved company on its income generated by or arising from such project, and (ii) the aggregate job development fees withheld by the approved company as provided in Section 41-10-44.7. The authority may also arrange for any gifts, grants, loans, appropriations or other forms of aid from the federal or state governments or from any other public or private entity to be paid into a tax increment fund. As provided in Section 41-10-44.5, the authority may issue and sell project obligations payable solely or in part from the monies in any such tax increment fund and may use the proceeds of any such project obligations for the payment of project costs. If determined to be necessary or desirable, the authority and an approved company may specify a minimum annual amount to be paid into a tax increment fund with respect to corporate income taxes and job development fees. Any tax increment fund established pursuant to this section shall be held by the authority or by a trustee designated by the authority as a trust fund for the benefit of the owners of the authority's project obligations, all upon such terms as the board of directors may establish by resolution. Any payments into a tax increment fund made by an approved company with respect to corporate income taxes as provided in (i) above, shall be permitted as a credit against the corporate income tax levied by Section 40-18-31 that would otherwise be owed to the state in any year by such approved company on its income generated by or arising from the project, such credit not to exceed the lesser of the amount due in tax, or the amount (exclusive of job development fees) paid into the tax increment fund. (Acts 1993, 1st Ex. Sess., No. 93-851, p. 79, §1.)
AL Code § 41-10-44.11 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 2A - Additional Powers of State Industrial Development Authority.|Section 41-10-44.11 - Publication of Notice; Time Limitation on Actions Questioning Bonds or Proceedings.

Section 41-10-44.11Publication of notice; time limitation on actions questioning bonds or proceedings. Upon the adoption by the board of directors of the authority of any resolution providing for the issuance of project obligations, the authority may, in its discretion, cause to be published once a week for two consecutive weeks, in newspapers published or having a general circulation in the Cities of Birmingham, Montgomery, Huntsville and Mobile, 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 president or the secretary of the authority: "The State Industrial Development Authority, a public corporation under the laws of the State of Alabama, on the ______ day of ________, authorized the issuance of $___ principal amount of bonds or other obligations of the said public corporation for purposes authorized in Title 41, Chapter 10, Article 2A. The proceeds from the sale of the said bonds or other obligations are proposed to be used to finance the acquisition, construction and installation of facilities to be located at _______, for the use and occupancy of _________.  Any action or proceeding questioning the validity of the said bonds or other obligations, the security thereof, the use of the proceeds thereof or the proceedings authorizing the same, must be commenced within 30 days after the first publication of this notice." Any action or proceeding in any court to set aside or question the proceedings for the issuance of the project obligations referred to in said notice or to contest the validity of any such project obligations, or the validity of security therefor, or the validity of the proposed use of the proceeds thereof, must be commenced within 30 days after the first publication of such notice. After the expiration of the said period no right of action or defense questioning or attacking any of the foregoing shall be asserted, nor shall the validity of the said proceedings, project obligations, security or use of proceeds be open to question in any court on any ground whatsoever except in an action commenced within such period. (Acts 1993, 1st Ex. Sess., No. 93-851, p. 79, §1.)
AL Code § 41-10-44.12 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 2A - Additional Powers of State Industrial Development Authority.|Section 41-10-44.12 - Requirement to Report to the Legislature.

Section 41-10-44.12Requirement to report to the Legislature. The authority shall report annually to the Legislature as to its outstanding projects. Such report shall be due on the fifth legislative day of each regular session and shall include a detailed accounting of each project approved that year, the value of each outstanding project, the date each project will be completed, the criteria and cost/benefit analysis used to justify each project and the amount of tax credits utilized and job development fees retained by approved companies for each approved project in that year. Such report shall also include all bond fees, attorneys fees, commissions paid and all other costs of financing each project. The authority shall include any other information requested by the Legislature by a joint resolution. (Acts 1993, 1st Ex. Sess., No. 93-851, p. 79, §1.)
AL Code § 41-10-44.13 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 2A - Additional Powers of State Industrial Development Authority.|Section 41-10-44.13 - Exemption From Certain Taxes and Fees.

Section 41-10-44.13Exemption from certain taxes and fees. The income and property of the authority, all project obligations issued by the authority and the interest paid on any such project obligations, all conveyances by or to the authority, and all instruments by or to the authority shall be exempt from all taxation in the state. The authority shall also be exempt from all license and excise taxes imposed in respect of the privilege of engaging in any of the activities in which the authority may engage. The authority shall not be obligated to pay or allow any fees, taxes or costs to the judge of probate of any county in respect of the recording of any document. (Acts 1993, 1st Ex. Sess., No. 93-851, p. 79, §1.)
AL Code § 41-10-44.14 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 2A - Additional Powers of State Industrial Development Authority.|Section 41-10-44.14 - No Notice, Approval, Public Hearing Required for Issuance of Obligations.

Section 41-10-44.14No notice, approval, public hearing required for issuance of obligations. Except as may be expressly provided in this article, no proceeding, notice or approval shall be required for the issuance of any project obligations, the execution of any mortgage and deed of trust, trust indenture or other document or the exercise of any other of the powers of the authority. Neither a public hearing nor the consent of the state Department of Finance shall be prerequisite to the issuance of project obligations by the authority. (Acts 1993, 1st Ex. Sess., No. 93-851, p. 79, §1.)
AL Code § 41-10-44.15 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 2A - Additional Powers of State Industrial Development Authority.|Section 41-10-44.15 - Earnings of the Authority.

Section 41-10-44.15Earnings of the authority. The authority is a nonprofit corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm or corporation. (Acts 1993, 1st Ex. Sess., No. 93-851, p. 79, §1.)
AL Code § 41-10-45.1 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 2B - Accelerate Alabama Act.|Section 41-10-45.1 - Definitions.

Section 41-10-45.1Definitions.  The following words and phrases shall have the following meanings when used in this article: (a) AUTHORITY. The State Industrial Development Authority, a public corporation of the state, organized and existing under Articles 2, 2A, and 2B of this Chapter. (b) DEPARTMENT. The Alabama Department of Commerce. (c) ELIGIBLE BORROWER. A municipality, county, industrial development authority organized under Chapter 92A of Title 11, industrial development board organized under Article 4, Chapter 54 of Title 11, or nonprofit organization organized to foster economic development and described in Section 501(c) of the Internal Revenue Code of 1986, as in effect from time to time. (d) ELIGIBLE EXPENSES. Expenses relating to land acquisition, site preparation or development, building improvements, building construction, building renovations, infrastructure, and any other real or personal property deemed necessary or useful in connection therewith. (e) ELIGIBLE PROJECT. A project located in a targeted county that, when completed, will provide employment opportunities within one or more targeted counties. An eligible project shall be the subject of a project agreement, abatement agreement, or similar agreement between the company and the state or an eligible borrower. (f) FUND. The Accelerate Alabama Fund. (g) MAXIMUM LOAN AMOUNT. For any project anticipated to create more than 25 new jobs, $2,000,000, and in all other cases, $1,000,000. (h) PROJECT OBLIGATIONS. The meaning in Section 41-10-44.2(8). (i) QUALIFYING BORROWER. An eligible borrower selected by the authority to receive a loan. (j) QUALIFYING EXPENSES. The eligible expenses permitted to be financed by the loan pursuant to the targeted county financing agreement. (k) QUALIFYING PROJECT. An eligible project selected by the authority to receive a loan from the fund to finance its qualifying expenses. (l) TARGETED COUNTY. Any Alabama county that is described by Section 40-18-376.1(a). (m) TARGETED COUNTY FINANCING AGREEMENT. Any agreement entered into between the authority and a qualifying borrower pertaining to a loan from the fund including, without limitation, a loan agreement, trust indenture, security agreement, reimbursement agreement, guarantee agreement, bond or note, ordinance or resolution, or similar instrument. A targeted county financing agreement may contain, in addition to financial terms, provisions relating to the regulation and supervision of the qualifying project and other provisions as the authority may determine. (Act 2015-41, §4.)
AL Code § 41-10-45.2 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 2B - Accelerate Alabama Act.|Section 41-10-45.2 - Fund Created; Project Obligations.

Section 41-10-45.2Fund created; project obligations.  (a) There is created the Accelerate Alabama Fund, which may consist of monies appropriated or otherwise made available by the Legislature in any manner, proceeds of project obligations issued by the authority, and monies from any other source designated for deposit into such fund, but not including monies subject to a constitutional designation for some other purpose. Unexpended amounts remaining in the fund at the end of each fiscal year of the state shall not lapse into the State General Fund. Any investment earnings or interest earned on amounts in the fund and all loan payments of principal and/or interest shall be deposited to the credit of the fund. (b) In addition to the purposes for which the authority may issue project obligations, the authority is hereby authorized to issue project obligations to provide money for the fund. Project obligations shall be issued as provided in Section 41-10-44.6, subject, however, to the following: (1) Project obligations may also be payable solely from revenues and receipts of the authority derived from a targeted county financing agreement, from any other source described in Section 41-10-45.4(a), or from any combination thereof; and (2) Project obligations may be secured by a pledge of, or security interest in, any revenues, collateral, or other security described in Section 41-10-45.4(a), from any other source permitted by law, or from any combination thereof. (c) In addition to the purposes for which the authority may use the proceeds of project obligations pursuant to Section 41-10-44.7, the proceeds of project obligations issued to provide money for the fund remaining after adequate provision for the payment of the expenses of issuance may be deposited in the fund and used as provided in this article. (d) In addition to the purposes for which the authority may refund project obligations pursuant to Section 41-10-44.10, the authority may issue project obligations to refund project obligations issued to provide money for the fund. Refunding project obligations shall be issued as provided in Section 41-10-44.10, subject, however, to the following: (1) Refunding project obligations may also be payable solely from revenues and receipts of the authority derived from a targeted county financing agreement, from any other source described in Section 41-10-45.4(a), or from any combination thereof; and (2) Refunding project obligations may be secured by a pledge of, or security interest in, any revenues, collateral or other security described in Section 41-10-45.4(a), from any other source permitted by law, or from any combination thereof. (Act 2015-41, §4.)
AL Code § 41-10-45.3 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 2B - Accelerate Alabama Act.|Section 41-10-45.3 - Loans; Maximum Amount of Project Obligations; Refinancing; Investment of Funds.

Section 41-10-45.3Loans; maximum amount of project obligations; refinancing; investment of funds.  (a) The authority may provide loans to an eligible borrower to pay for all or part of the eligible expenses of a qualifying project pursuant to a targeted county financing agreement. A loan may have a maturity or maturities not exceeding 20 years from its date, may bear interest or be interest free, may not exceed the maximum loan amount, and may contain terms not in conflict with the provisions of this article, all as the governing body of the authority may provide in the proceedings pursuant to which the loan is authorized to be issued. The authority may provide, in its discretion, that the loan shall bear interest at a rate or rates fixed at the time of the issuance thereof, or at fixed rates which may be changed from time to time during the term of the loan in accordance with an objective procedure determined by the authority at the time of the issuance of the loan, or at a floating rate or rates, and the authority may also provide, in its discretion, that interest on the loan may be payable in cash or in kind at fixed intervals, through one or more payments which reflect compound interest computed at specified intervals on accrued but unpaid interest, through a discount in the sales price for the loan equivalent to compound interest on the loan for all or part of the term thereof, or through any combination of the foregoing methods. The proceeds derived from the loan shall be used solely for the purpose specified in the targeted county financing agreement. (b) The authority shall determine the form and content of loan applications, targeted county financing agreements, and loan obligations, including the term and rate or rates of interest. The loan application must include a description of the eligible project, the estimated cost of the project for which assistance is requested, and any other information required by the authority. (c) The authority may not issue project obligations to provide money for the fund in excess of $20,000,000. (d) The authority may: (1) Require a qualifying borrower with an outstanding loan to submit to the authority information relevant to the loan; and (2) Require a qualifying borrower with an outstanding loan to submit financial reports. (e) The authority may refinance any loan previously made to a qualifying borrower. (f) The Treasurer of the state may invest the money in the fund not currently needed to meet the obligations of the fund under this article. The Treasurer of the state may contract with investment management professionals, investment advisors, and legal counsel to assist in the management of the fund and may pay from the fund the state expenses incurred under those contracts. (Act 2015-41, §4.)
AL Code § 41-10-45.4 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 2B - Accelerate Alabama Act.|Section 41-10-45.4 - Repayment of Loans.

Section 41-10-45.4Repayment of loans.  (a) In order to provide for the repayment of a loan by a qualifying borrower for a project, the qualifying borrower is hereby authorized and empowered to do and perform any one or more of the following: (1) To obligate itself to pay to the authority at periodic intervals a sum sufficient to repay the authority loan according to the terms thereof; (2) To levy, collect, and pay over to the authority and to obligate itself to continue to levy, collect, and pay over to the authority the proceeds of any fee, charge, license, permit, tax, or other source of revenue; (3) To undertake and obligate itself to pay its contractual obligation to the authority solely from the proceeds from any one or more of the sources specified in paragraph (2), or to impose upon itself a general obligation pledge to the authority additionally secured by a pledge of any one or more of such sources; (4) To obligate itself to continue to levy and collect such revenues, fees, and charges in such amounts as shall be required by the authority; (5) As evidence of its obligation to repay any loan made by the authority, to issue its bonds, warrants, or other obligations; (6) As security for its obligation to repay any loan made by the authority, to contract for letters of credit in favor of the authority, to execute and deliver mortgages on any of its property in favor of the authority, to obtain and provide guaranties of its obligation to the authority, or to provide any other security as may be requested by the authority; and (7) To enter into such agreements, to perform such acts, and to delegate such functions and duties as its governing body shall determine to be necessary or desirable to enable the authority to fund a loan to the public body to aid it in the construction or acquisition of a project. (b) The authority may pledge any of the foregoing as set forth in subsection (a) to repayment of project obligations or refunding project obligations. (c) In the event of default, the authority may accelerate all principal and interest on any loan and utilize any other available remedies under state law. (Act 2015-41, §4.)
AL Code § 41-10-45.5 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 2B - Accelerate Alabama Act.|Section 41-10-45.5 - Annual Report; Liability of State.

Section 41-10-45.5Annual report; liability of state.  (a) The authority shall make an annual report to the Legislature as to the loans granted during, or outstanding at the end of, each fiscal year. The report shall be due on the fifth legislative day of each regular session and shall state, for each qualifying project, the county in which it is located, the name of the qualifying borrower, the outstanding principal amount of the loan, and the maturity date of the loan. (b) Nothing in this article shall be construed to constitute a guarantee or assumption by the state of any debt of any qualifying borrower nor to authorize the credit of the state to be given, pledged, or loaned to any qualifying borrower. (Act 2015-41, §4.)
AL Code § 41-10-45.6 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 2B - Accelerate Alabama Act.|Section 41-10-45.6 - Contracts; Promulgation of Regulations.

Section 41-10-45.6Contracts; promulgation of regulations. (a) The department and the authority may enter into contracts and other agreements in connection with the operation of the fund, including but not limited to agreements appointing the department as the agent of the authority for administration of the fund and the lending program authorized hereby. (b) The department shall promulgate regulations to implement and administer the provisions of this article and Sections 40-18-376.1 and 40-18-376.2 and to administer the fund in accordance with applicable law. (Act 2015-41, §4.)
AL Code § 41-10-50 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 3 - Southern Products Mart Authority.|Section 41-10-50 - Short Title.

Section 41-10-50Short title. This article shall be known as and may be cited as the Southern Products Mart Authority Act. (Acts 1973, No. 1210, p. 2032, §21.)
AL Code § 41-10-51 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 3 - Southern Products Mart Authority.|Section 41-10-51 - Definitions.

Section 41-10-51Definitions. When used in this article, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) STATE. The State of Alabama. (2) COUNTY. Jefferson County in this state. (3) AUTHORITY. The Southern Products Mart Authority authorized to be incorporated under the provisions of this article. (4) BOARD or BOARD OF DIRECTORS. The board of directors of the authority. (5) DIRECTOR OF FINANCE. The Director of Finance of the state. (6) SECRETARY OF THE ALABAMA DEPARTMENT OF COMMERCE. The Secretary of the Alabama Department of Commerce of the state. (7) EXECUTIVE SECRETARY TO THE GOVERNOR. The Executive Secretary to the Governor of the state. (8) STATE TREASURER. The Treasurer of the state. (9) STATE TREASURY. The Treasury of the state. (10) BOND. Any bond authorized to be issued pursuant to the provisions of this article, including a refunding bond as hereinafter authorized. (11) COUPON. Any interest coupon evidencing an installment of interest payable with respect to a bond. (12) PERSON. Any individual, firm, partnership, corporation, company, association, joint-stock association, the state or any political subdivision thereof, any agency or board of the state, any municipality or body politic and includes any trustee, receiver, assignee or other similar representative thereof. (Acts 1973, No. 1210, p. 2032, §2.)