AL Code § 11-92C-23 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 92C|Section 11-92C-23 - Loans, Sales, Grants, Guarantees, and Contractual or Lease Obligations of Money or Property.

Section 11-92C-23Loans, sales, grants, guarantees, and contractual or lease obligations of money or property. (a) For the purpose of securing services of or the right to use or the use by its citizens or customers of one or more projects of an authority, a cooperative district of which the authority is a member, or any private user, or aiding or cooperating with the authority, a cooperative district of which the authority is a member, or any private user in the planning, development, undertaking, acquisition, construction, extension, improvement, financing, operation, or protection of a project, any county, municipality, or other political subdivision, public corporation, agency, or instrumentality of this state, upon such terms and with or without consideration, as it determines, may do all of the following: (1) Lend or donate money to, guarantee all or any part of the indebtedness or operating expense of, or perform services for the benefit of, the authority, a cooperative district of which the authority is a member, or any private user. (2) Donate, sell, convey, transfer, lease, or grant to the authority, a cooperative district of which the authority is a member, or any private user, without the necessity of authorization at any election of qualified voters, any property of any kind, including, but without limitation, any project, any interest in any thereof, and any franchise. (3) Contract with the authority, a cooperative district of which the authority is a member, or any private user, or enter into a lease or management agreement under terms as may be mutually agreeable, including a contract obligating it to purchase a certain service or product from the authority, a cooperative district of which the authority is a member, or any private user for a stipulated price in a stipulated period of time, to pay for the service or product whether or not it receives it, to lease all or a part of a project for a stipulated rental for a stipulated period of time, to pay the rental whether or not the leased facilities are available to it, or to make a management fee payment. (4) Do any and all things, whether or not specifically authorized in this section, not otherwise prohibited by law, that are necessary or convenient to aid and cooperate with the authority, a cooperative district of which the authority is a member, or any private user in the planning, undertaking, acquisition, construction, financing, or operation of its projects. (5) Pay, or provide for the payment of, the principal of or interest on any then outstanding bonds theretofore issued by the authority, a cooperative district of which the authority is a member, or any private user, whether or not the principal and interest shall have then matured or become due, and any premium that may be payable upon redemption prior to maturity. (6) Issue its bonds, warrants, or other evidences of indebtedness in order to provide moneys to make any loan, donation, or payment authorized in this subsection. (7) Provide for payment of the bonds of the authority, a cooperative district of which the authority is a member, or any private user by an irrevocable trust fund created by agreement with a bank or trust company. (b) Any bonds, warrants, or other evidences of indebtedness issued by an authorizing subdivision pursuant to authorization in this section may be either general obligations or special obligations payable solely from a specified source or sources, which source or sources may include any public revenues, or portions thereof, which the authorizing subdivision may lawfully use for the purpose. The county or municipality may pledge for payment of the principal of and interest on any bonds that are general obligations any public revenues that may lawfully be used for that purpose and may pledge for the benefit of any special obligations issued by it so much as may be necessary for the payment of the public revenues from which the special obligations are made payable. (c) The proceeds of any bonds issued by an authorizing subdivision for the purpose referred to in this section may be applied for payment of principal, interest, and redemption premium with respect to the authority's bonds to be paid from the proceeds and the expenses of issuing the bonds of the authorizing subdivision. (Act 2020-72, §23.)