reglab/housing_qa huggingface dataset:
AL Code § 16-16B-7 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 16B - Alabama Ahead Act.|Section 16-16B-7 - (Implementation Conditioned on Separate Legislative enactment.) Bonds to Be Payable Solely Out of the Revenues Appropriated; Authorization for Authority to Pledge Such Revenues for the Bonds.

Section 16-16B-7(Implementation Conditioned on Separate Legislative Enactment.) Bonds to be payable solely out of the revenues appropriated; authorization for authority to pledge such revenues for the bonds.  The Bonds shall not be general obligations of the Authority but shall be limited obligations payable solely out of the residues of the tax receipts appropriated and pledged in Section 16-16B-6. All Bonds issued by the Authority pursuant to the provisions of this chapter shall be solely and exclusively obligations of the Authority and shall not constitute or create an obligation or debt of the State. As security for the payment of the principal of, premium, if any, and interest on the Bonds, the Authority is hereby authorized and empowered to pledge the residues of the tax receipts that are appropriated and pledged in Section 16-16B-6 hereof for such purposes. All such pledges made by the Authority shall take precedence in the order of the adoption of the resolutions containing the pledges. All such pledges shall be prior and superior to any pledges that may be made for any refunding bonds hereafter issued by the Authority under the provisions of any of the 1965 Act, the 1971 Acts, the 1973 Act, the 1978 Act, the 1985 Act, the 1990 Act, the 1995 Act, the 1998 Act, the 1999 Act, the 2001 Act, the 2002 Act, the 2003 Act, the 2007 Act, or any other act heretofore enacted. (Act 2012-560, p. 1645, §7.)
AL Code § 16-16B-9 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 16B - Alabama Ahead Act.|Section 16-16B-9 - (Implementation Conditioned on Separate Legislative enactment.) Use of Bond Proceeds.

Section 16-16B-9(Implementation Conditioned on Separate Legislative Enactment.) Use of bond proceeds. (a) The proceeds derived from each sale of the Bonds issued pursuant to this chapter shall be deposited in the State Treasury and shall be carried in a separate fund therein for the account of the Authority, which shall pay the expenses of issuance therefrom. The expenses of issuance of the Bonds shall be prorated among the recipients of the proceeds from the sale of the Bonds in proportions they receive allocations of the proceeds thereunder. The proceeds from the sale of the Bonds remaining after payment of the expenses of issuance thereof shall be retained in said fund and, until they are paid out, shall be invested by the State Treasurer at the direction of the Authority in Permitted Investments maturing at such time or times as the Authority shall direct. (b) Proceeds from the sale of the Bonds and the earnings thereon shall be paid out from time to time on orders or warrants issued by or at the direction of the Authority to the State Department of Education to be expended for the acquisition and maintenance of the computer equipment, software, and digital textbooks authorized in Section 16-16B-1. (Act 2012-560, p. 1645, §9.)
AL Code § 16-16B-10 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 16B - Alabama Ahead Act.|Section 16-16B-10 - (Implementation Conditioned on Separate Legislative enactment.) Disposition of Funds.

Section 16-16B-10(Implementation Conditioned on Separate Legislative Enactment.) Disposition of funds. Notwithstanding any of the foregoing and in addition to all powers heretofore granted to the Authority, the Authority is hereby expressly authorized to use the proceeds derived from the sale of Bonds and income on Permitted Investments in accordance with the provisions of this chapter. The Authority is hereby expressly permitted to pay to the Department of Finance and the State Treasurer's Office, from time to time and from any funds available to the Authority, amounts to offset costs incurred in the administration of the business of the Authority. The cost of such compensation shall be prorated among the recipients of proceeds of the Bonds in the same manner as the expenses of issuance of the Bonds are required hereby to be prorated. (Act 2012-560, p. 1645, §10.)
AL Code § 16-16B-11 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 16B - Alabama Ahead Act.|Section 16-16B-11 - (Implementation Conditioned on Separate Legislative enactment.) Tax Exemption.

Section 16-16B-11(Implementation Conditioned on Separate Legislative Enactment.) Tax exemption.  The Authority shall have the power to make such payments to the United States of America as the board of directors of the Authority deems necessary to cause the interest on any bonds of the Authority, including the Bonds, to be and remain exempt from, or excludible from gross income for purposes of, federal income taxation. The Authority shall have the power to make such agreements respecting the investment of funds of the Authority as the Authority shall deem necessary in order that the interest income on bonds of the Authority be and remain exempt from, or excludible from gross income for purposes of, federal income taxation. (Act 2012-560, p. 1645, §11.)
AL Code § 16-16B-12 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 16B - Alabama Ahead Act.|Section 16-16B-12 - (Implementation Conditioned on Separate Legislative enactment.) Issuance Expenses; Contracts and Appointments.

Section 16-16B-12(Implementation Conditioned on Separate Legislative Enactment.) Issuance expenses; contracts and appointments. The Authority is authorized to pay out of proceeds of any series of Bonds the costs and expenses incurred in connection with the issuance of such Bonds, including without limitation legal and accounting fees and expenses, fees and expenses of any financial or fiscal advisor employed by the Authority, printing costs, rating agency fees, and premiums or charges for any credit enhancement or liquidity providers. Notwithstanding any provision of this chapter or the 1965 Act, in appointing, employing, or contracting with attorneys, fiscal advisers, trustees, paying agents, investment bankers, banks and underwriters, the Authority may appoint, employ or contract with firms whose principal offices are located without or within Alabama. The Authority shall hire or contract with attorneys, fiscal advisors, trustees, paying agents, investment bankers, banks, and underwriters which reflect the racial and ethnic diversity of the state. The Authority shall issue Requests For Proposals for attorneys, fiscal advisors, trustees, paying agents, investment bankers, banks, and underwriters. The Authority shall evaluate each proposed bid publicly and award each contract publicly. Minutes of the Authority's meeting shall record the reasons for awarding each contract. (Act 2012-560, p. 1645, §12.)
AL Code § 16-17-2 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 17 - Educational Building Authorities.|Section 16-17-2 - Legislative Intent.

Section 16-17-2Legislative intent. It is the purpose of the Legislature by this chapter to authorize the incorporation of educational building authorities as public corporations and as political subdivisions of the state for the purpose of providing ancillary improvements for use in connection with educational institutions in this state, and to invest each authority organized hereunder with all power that may be necessary or appropriate to enable it to accomplish such purpose, including but without limitation to the power to lease its properties and to issue interest-bearing revenue bonds. This chapter shall be liberally construed in conformity with the said intent. (Acts 1966, Ex. Sess., No. 222, p. 325, §2.)
AL Code § 16-17-5 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 17 - Educational Building Authorities.|Section 16-17-5 - Board of Directors.

Section 16-17-5Board of directors. Each authority shall be governed by a board of directors. All powers of the authority shall be exercised by the board or pursuant to its authorization. The board shall consist of three directors elected, as soon as may be practicable after the organization of the authority, by the governing body of the determining municipality for staggered terms as follows: The first term of one director shall begin immediately upon his election and shall end at noon on the second Monday of November of the next succeeding odd-numbered calendar year following his election; the first term of another director shall begin immediately upon his election and shall end at noon on the second Monday of November of the second succeeding odd-numbered calendar year following his election; and the first term of the remaining director shall begin immediately upon his election and shall end at noon on the second Monday of November of the third succeeding odd-numbered calendar year following his election. Thereafter, the term of office of each director shall be six years, commencing at noon on the second Monday of November when the term of the immediate predecessor director ended. If at any time there should be a vacancy on the board, a successor director to serve for the unexpired term applicable to such vacancy shall be elected by the governing body of the determining municipality. Each election of a director subsequent to the selection of the initial directors, whether for a full six-year term or to complete an unexpired term, shall be made not earlier than 30 days prior to the date on which such director is to take office as such. No officer of the state or of any county or municipality shall, during his tenure as such officer, be eligible to serve as a director. Each director must be a qualified elector and the owner of real property in the determining municipality. Directors shall be eligible for reelection. Each director shall serve without compensation, except that he may be reimbursed for expenses actually incurred by him in and about the performance of his duties. A majority of the directors shall constitute a quorum for the transaction of business. No vacancy in the membership of the board shall impair the right of a quorum to exercise all of the powers and duties of the authority. Any director of the authority may be impeached and removed from office in the same manner and on the same grounds provided by Section 175 of the Constitution of Alabama and the general laws of the state for impeachment and removal of the officers mentioned in said Section 175. All proceedings of the board shall be reduced to writing by the secretary of the authority and recorded in a well-bound book. Copies of such proceedings, when certified by the secretary of the authority under the seal of the authority, shall be received in all courts as evidence of the matters therein certified. (Acts 1966, Ex. Sess., No. 222, p. 325, §5.)
AL Code § 16-17-6 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 17 - Educational Building Authorities.|Section 16-17-6 - Officers of Authority.

Section 16-17-6Officers of authority. The officers of an authority shall consist of a chairman, vice-chairman, secretary, treasurer and such other officers as its board shall deem necessary or appropriate. The offices of secretary and treasurer may but need not be held by the same person. The chairman and vice-chairman of an authority shall be elected by the board from its membership; the secretary, the treasurer and any other officers of the authority may but need not be members of the board and shall also be elected by the board. The chairman and vice-chairman of the authority shall also be the chairman and vice-chairman of the board, respectively. (Acts 1966, Ex. Sess., No. 222, p. 325, §6.)
AL Code § 16-17-8 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 17 - Educational Building Authorities.|Section 16-17-8 - Location of Ancillary Improvements.

Section 16-17-8Location of ancillary improvements. Any ancillary improvements of the authority may be located within or without or partially within and partially without the determining municipality, subject to the following conditions: (1) No such ancillary improvements, or part thereof, shall be located more than 15 miles from the corporate limits of the determining municipality; (2) In no event shall any ancillary improvements or part thereof be located within the corporate limits or the police jurisdiction of a municipality in this state other than the determining municipality, unless the governing body of such other municipality has first adopted a resolution consenting to the location of such ancillary improvements or part thereof in the corporate limits or in the police jurisdiction of such municipality; and (3) No such ancillary improvements or part thereof shall be located in a county other than that (or those) in which the determining municipality (or part thereof) is situated unless the county commission has first adopted a resolution consenting to the location of such ancillary improvements or part thereof in such county. (Acts 1966, Ex. Sess., No. 222, p. 325, §8.)
AL Code § 16-17-9 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 17 - Educational Building Authorities.|Section 16-17-9 - Remedies Under Lease Agreements.

Section 16-17-9Remedies under lease agreements. If there is any default in the payment of any rental required to be paid or in the performance of any covenant required to be performed by any educational institution under the provisions of any lease agreement between such educational institution and an authority, the authority and any pledgee of such lease agreement, or either, may by appropriate proceedings enforce and compel payment of such rental and performance of such covenant. (Acts 1966, Ex. Sess., No. 222, p. 325, §9.)
AL Code § 16-17-11 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 17 - Educational Building Authorities.|Section 16-17-11 - Contracts to Secure Bonds and Assumed Obligations.

Section 16-17-11Contracts to secure bonds and assumed obligations. As security for payment of the principal of and interest on bonds issued or obligations assumed by it, the authority may enter into a contract or contracts binding itself for the proper application of the proceeds of bonds and other funds, for the continued operation, maintenance and disposition (including lease) of any ancillary improvements or part thereof owned by it, for the imposition and collection of reasonable rentals from such ancillary improvements, for the disposition and application of its gross revenues or any part thereof and for any other act or series of acts not inconsistent with the provisions of this chapter for the protection of the bonds and other obligations being secured and the assurance that the revenues from such ancillary improvements will be sufficient to operate such ancillary improvements, maintain the same in good repair and in good operating condition, pay the principal of and interest on any bonds payable from such revenues and maintain such reserves as may be deemed appropriate for the protection of the bonds, the efficient operation of such ancillary improvements and the making of replacements thereof and capital improvements thereto. Any contract made pursuant to the provisions of this section may be set forth in any resolution of the board authorizing the issuance of bonds or the assumption of obligations or in any mortgage and deed of trust, or trust indenture, made by the authority hereunder. (Acts 1966, Ex. Sess., No. 222, p. 325, §11.)
AL Code § 16-17-12 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 17 - Educational Building Authorities.|Section 16-17-12 - Statutory Mortgage Lien.

Section 16-17-12Statutory mortgage lien. Any resolution of the board or trust indenture under which bonds may be issued pursuant to the provisions of this chapter may contain provisions creating a statutory mortgage lien in favor of the holders of such bonds and of the interest coupons applicable thereto on the ancillary improvements or any part thereof (including any after-acquired property) out of the revenues from which such bonds are made payable. The said resolution of the board or the said 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 ancillary improvements may be located of a notice containing a brief description of such ancillary improvements and of the land relating thereto, a brief description of such bonds and a declaration that the said statutory mortgage lien has been created upon such ancillary improvements (and upon such land as shall be made subject to the lien) for the benefit of the holders of such bonds and the interest coupons applicable thereto, 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 filing of such notice, as herein provided, shall operate as constructive notice of the contents thereof. Such lien shall be valid and binding against all parties having claims of any kind in tort, contract or otherwise against the authority, irrespective of whether the parties have actual notice thereof, from the time such notice is filed in the office of the judge of probate as herein provided. (Acts 1966, Ex. Sess., No. 222, p. 325, §12.)
AL Code § 16-17-13 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 17 - Educational Building Authorities.|Section 16-17-13 - Proceeds From Sale of Bonds.

Section 16-17-13Proceeds from sale of bonds. All moneys derived from the sale of any bonds issued by the authority shall be used solely for the purpose or purposes for which the same are authorized and any costs and expenses incidental thereto. Such costs and expenses may include but shall not be limited to: (1) The engineering, legal, architectural, fiscal and other expenses incurred in connection with the issuance of the bonds; (2) In the case of bonds issued to pay costs of construction, interest on such bonds (or, if a part only of any series of bonds is issued for construction purposes, interest on that portion of the bonds of that series that is issued to pay construction costs) prior to and during such construction and for not exceeding one year after completion of such construction; and (3) In the case of bonds issued for the purpose of refunding principal and interest, or either, with respect to bonds issued or obligations assumed by the authority, any premium that it may be necessary to pay in order to redeem or retire the bonds or other obligations to be refunded. (Acts 1966, Ex. Sess., No. 222, p. 325, §13.)
AL Code § 16-17-14 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 17 - Educational Building Authorities.|Section 16-17-14 - Exemption From Taxation.

Section 16-17-14Exemption from taxation. The authority, the property and income of the authority, all bonds issued by the authority, the income from such bonds, conveyances by or to the authority and leases, mortgages and deeds of trust by or to the authority shall be exempt from all taxation in the State of Alabama. No license or excise tax may be imposed on any authority in respect of the privilege of engaging in any of the activities authorized by this chapter. (Acts 1966, Ex. Sess., No. 222, p. 325, §14.)
AL Code § 16-17-15 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 17 - Educational Building Authorities.|Section 16-17-15 - Freedom of Authority From State Supervision and Control.

Section 16-17-15Freedom of authority from state supervision and control. This chapter is intended to aid the state in the execution of its duties by providing appropriate and independent instrumentalities of the state with full and adequate powers to fulfill their functions. Except as in this chapter expressly otherwise provided, no proceeding, notice or approval shall be required for the incorporation of any authority or the amendment of its certificate of incorporation, the acquisition of any property or ancillary improvements or the issuance of any bonds, mortgage and deed of trust or trust indenture. Neither a public hearing nor the consent of the State Department of Finance shall be prerequisite to the issuance of bonds by the authority. (Acts 1966, Ex. Sess., No. 222, p. 325, §15.)
AL Code § 16-17-16 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 17 - Educational Building Authorities.|Section 16-17-16 - Earnings of Authority.

Section 16-17-16Earnings of authority. The authority shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, association or corporation; except, that in the event the board of directors of the authority shall determine that sufficient provision has been made for the full payment of the expenses, bonds and other obligations of the authority, then any net earnings thereafter accruing shall be paid to the determining municipality or to an educational institution to construct, operate or maintain ancillary improvements, as the board of directors may direct by resolution. (Acts 1966, Ex. Sess., No. 222, p. 325, §16; Acts 1978, No. 841, p. 1258, §1.)
AL Code § 16-17-17 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 17 - Educational Building Authorities.|Section 16-17-17 - Investments in Bonds of Authority.

Section 16-17-17Investments in bonds of authority. Unless otherwise directed by the court having jurisdiction thereof or by the document that is the source of authority, a trustee, executor, administrator, guardian or one acting in any other fiduciary capacity may, in addition to any other investment powers conferred by law and with the exercise of reasonable business prudence, invest trust and other fiduciary funds in bonds of the authority. (Acts 1966, Ex. Sess., No. 222, p. 325, §17.)
AL Code § 16-17-18 (2021)
2021 Code of Alabama|Title 16 - Education.|Chapter 17 - Educational Building Authorities.|Section 16-17-18 - Notice of Bond Resolution.

Section 16-17-18Notice of bond resolution. Upon the adoption by the board of any resolution providing for the issuance of bonds, the authority may, in its discretion, cause to be published once a week for two consecutive weeks, in a newspaper published in the determining municipality, or if there is no newspaper published in the determining municipality, then in a newspaper published in the county in which the determining municipality or any part thereof 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 authority: "____, 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 public corporation for purposes authorized in the act of the Legislature of Alabama under which the said public corporation was organized. Any 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." Any 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 an action commenced within such period. (Acts 1966, Ex. Sess., No. 222, p. 325, §18.)