reglab/housing_qa huggingface dataset:
AL Code § 11-54-56 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.|Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations.|Section 11-54-56 - Bonds - Disposition of Proceeds From Sale.

Section 11-54-56Bonds - Disposition of proceeds from sale. (a) The proceeds derived from the sale of any bonds issued under authority of this article, other than refunding bonds, shall be used only to pay the cost of acquiring, constructing, improving, enlarging, equipping and furnishing one or more projects as may be provided in the proceedings in which the bonds are authorized to be issued. (b) Such cost shall be deemed to include the following: (1) The cost of acquiring any land forming a part of the project; (2) The cost 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; (3) The purchase price of and the cost of installing equipment, furniture and furnishings 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 facilities in connection therewith; (5) Legal, fiscal and recording fees and expenses incurred in connection with any such acquisition and construction and with the authorization, sale and issuance of the bonds issued in connection with the project; and (6) Interest on the bonds for a reasonable period prior to the commencement of the construction of the project and during the period that it is estimated will be required for such construction and for a period of not more than six months after the completion of such construction. (c) If any proceeds derived from the sale of the bonds remain undisbursed after completion of the work and payment of all costs and expenses in connection with the project with respect to which the bonds are issued, such balance shall be applied toward the retirement of the bonds. 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. (Acts 1973, No. 812, p. 1251, §8.)
AL Code § 11-54-57 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.|Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations.|Section 11-54-57 - Refunding Bonds.

Section 11-54-57Refunding bonds. Any bonds issued under this article and at any time outstanding may at any time and from time to time be refunded by a municipality by the issuance of its refunding bonds in such amount as the governing body may deem necessary but not exceeding an amount sufficient to refund the principal of the bonds so to be refunded, together with any unpaid interest thereon, any premiums and commissions necessary to be paid in connection therewith and the expenses incurred in connection with such refunding. Any such refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature either by sale of the refunding bonds and the application of the proceeds thereof for the payment, redemption or retirement of the bonds to be refunded thereby or by exchange of the refunding bonds for the bonds to be refunded thereby or by any combination thereof; provided, that the holders of any bonds so to be refunded shall not be compelled without their consent to surrender their bonds for payment or exchange prior to the date on which they are payable or, if they are called for redemption, prior to the date on which they are by their terms subject to redemption. Any refunding bonds issued under the authority of this article shall be payable solely from the revenues out of which the bonds to be refunded thereby were payable and shall be subject to the provisions contained in Section 11-54-54 and may be secured in accordance with the provisions of Section 11-54-55. (Acts 1973, No. 812, p. 1251, §7.)
AL Code § 11-54-58 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.|Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations.|Section 11-54-58 - Notice To, Consent or Approval of Governmental Body, etc., Not to Be Required for Issuance or Sale of Bonds or Execution of Mortgages.

Section 11-54-58Notice to, consent or approval of governmental body, etc., not to be required for issuance or sale of bonds or execution of mortgages. No notice to or consent or approval by any governmental body or public officer shall be required as a prerequisite to the sale or issuance of any bonds or the making of a mortgage under the authority of this article. (Acts 1973, No. 812, p. 1251, §13.)
AL Code § 11-54-59 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.|Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations.|Section 11-54-59 - Investment in Bonds by Savings Banks and Insurance Companies.

Section 11-54-59Investment in bonds by savings banks and insurance companies. Bonds issued under the provisions of this article shall be legal investments for savings banks and insurance companies organized under the laws of this state. (Acts 1973, No. 812, p. 1251, §10.)
AL Code § 11-54-60 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.|Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations.|Section 11-54-60 - Municipalities Not to Contribute to Costs of Acquisition of Projects or Use Municipal Lands for Projects.

Section 11-54-60Municipalities not to contribute to costs of acquisition of projects or use municipal lands for projects. No municipality shall have the power to pay out of its general funds or otherwise contribute any part of the costs of acquiring a project and shall not have the power to use land already owned by the municipality or in which the municipality has an equity for construction thereon of a project or any part thereof. The entire cost of acquiring any project must be paid out of the proceeds from the sale of bonds issued under the authority of this article; provided, however, that this provision shall not be construed to prevent a municipality from accepting donations of property to be used as a part of any project or money to be used for defraying any part of the cost of any project or from requiring any lessee of a project to pay the cost of completing such project in the event the proceeds from the sale of the bonds are insufficient therefor. (Acts 1973, No. 812, p. 1251, §9.)
AL Code § 11-54-61 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.|Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations.|Section 11-54-61 - Exemption From Taxation of Projects, Bonds, Etc.

Section 11-54-61Exemption from taxation of projects, bonds, etc. The bonds authorized by this article and the income therefrom, all mortgages executed as security therefor, all lease agreements made pursuant to the provisions of this article, any deeds or other documents whereby properties are acquired by a municipality under authority of this article and all projects and the revenue derived from any lease thereof shall be exempt from all taxation in the State of Alabama. (Acts 1973, No. 812, p. 1251, §11.)
AL Code § 11-54-62 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.|Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations.|Section 11-54-62 - Construction of Article.

Section 11-54-62Construction of article. Neither this article nor anything contained in this article shall be construed as a restriction or limitation upon any powers which a municipality might otherwise have under any laws of this state, but shall be construed as cumulative, and this article shall not be construed as requiring an election by the voters of a municipality prior to the issuance of bonds under this article by such municipality. (Acts 1973, No. 812, p. 1251, §12.)
AL Code § 11-54-140 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.|Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generally in Certain Municipalities.|Section 11-54-140 - Definitions.

Section 11-54-140Definitions. Wherever used in this article, unless a different meaning clearly appears in the context, the following terms, whether used in the singular or plural, shall be given the following respective interpretations: (1) MUNICIPALITY. Either, as the case may be, any Class 1, 2, 3, 4, 5, 6, 7, or 8 incorporated city in this state. (2) PROJECT. Any land and any building or other improvement thereon, and all real and personal properties deemed necessary in connection therewith, whether or not now in existence, which shall be suitable for use by any commercial enterprise in furnishing hotel, excluding specifically public dormitories or student housing facilities for institutions of higher learning, including food or lodging or both, and the rental of ground floor space or other accommodations to others engaged in any business, trade, profession, occupation, or activity. (3) GOVERNING BODY. The board or body in which the legislative powers of the municipality are vested. (4) MORTGAGE. A mortgage or a mortgage and deed of trust. (Acts 1979, No. 79-722, p. 1277, §1; Acts 1980, No. 80-315, p. 434, §2; Acts 1983, 2nd Ex. Sess., No. 83-198, p. 369, §2.)
AL Code § 11-54-141 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.|Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generally in Certain Municipalities.|Section 11-54-141 - Legislative Intent; Liberal Construction.

Section 11-54-141Legislative intent; liberal construction. It is the intent of the Legislature by the passage of this article to authorize municipalities to acquire, own, and lease projects for the purpose of promoting trade by inducing commercial enterprises to locate in this state. It is intended that each project be self-liquidating. It is not intended hereby to authorize any municipality itself to operate any commercial enterprise. This article shall be liberally construed in conformity with the said intent. (Acts 1979, No. 79-722, p. 1277, §2.)
AL Code § 11-54-142 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.|Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generally in Certain Municipalities.|Section 11-54-142 - Additional Powers Conferred on Municipalities.

Section 11-54-142Additional powers conferred on municipalities. In addition to any other powers which it may now have, each municipality shall have the following powers: (1) To acquire, whether by construction, purchase, gift, or lease, one or more projects, which shall be located within this state and may be located within or without the municipality, or partially within or partially without the municipality, but which shall not be located more than 15 miles outside of the corporate limits of the municipality; (2) To lease to others any or all of its projects for such rentals and upon such terms and conditions as the governing body may deem advisable and as shall not conflict with the provisions of this article; and (3) To issue revenue bonds for the purpose of defraying the cost of acquiring, by construction and purchase, or either, any project, and to secure the payment of such bonds, all as hereinafter provided. No municipality shall have the power to operate any project as a business or in any manner except as lessor thereof. (Acts 1979, No. 79-722, p. 1277, §3.)
AL Code § 11-54-143 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.|Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generally in Certain Municipalities.|Section 11-54-143 - Bonds Issued to Finance Projects.

Section 11-54-143Bonds issued to finance projects. All bonds issued by a municipality under authority of this article shall be limited obligations of the municipality the principal of and interest on which shall be payable solely out of the revenues derived from the leasing of the project to finance which the bonds are issued. Bonds and interest coupons issued under authority of this article shall never constitute an indebtedness of the municipality within the meaning of any state constitutional provision or statutory limitation, and shall never constitute nor give rise to a pecuniary liability of the municipality or a charge against its general credit or taxing powers, and such fact shall be plainly stated in the face of each such bond. Such bonds may be executed and delivered at any time and from time to time, may be in such form and denominations, may be of such tenor, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times not exceeding 30 years from their date, may be payable at such place or places, may bear interest at such rate or rates payable at such place or places and evidenced in such manner, and may contain such provisions not inconsistent herewith, all as shall be provided in the proceedings of the governing body whereunder the bonds shall be authorized to be issued. The bonds issued hereunder shall be subject to the general provisions of law, presently existing or that may hereafter be enacted, respecting the execution and delivery of the bonds of a municipality and respecting the retaining of options of redemption in proceedings authorizing the issuance of municipal securities. Any bonds issued under the authority of this article may be sold at public or private sale in such manner and from time to time as may be determined by the governing body to be most advantageous, and the municipality may pay all expenses, premiums, and commissions which the governing body may deem necessary or advantageous in connection with the authorization, sale, and issuance thereof. All bonds issued under the authority of this article and all interest coupons applicable thereto shall be construed to be negotiable instruments, despite the fact that they are payable solely from a specified source. (Acts 1979, No. 79-722, p. 1277, §4.)
AL Code § 11-54-144 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.|Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generally in Certain Municipalities.|Section 11-54-144 - Security for Bonds.

Section 11-54-144Security for bonds. The principal of and interest on any bonds issued under the authority of this article shall be secured by a pledge of the revenues out of which such bonds shall be made payable, may be secured by a mortgage covering all or any part of the project from which the revenues so pledged may be derived, and may be secured by a pledge of the lease of such project. The proceedings under which such bonds are authorized to be issued or any such mortgage may contain any agreements and provisions customarily contained in instruments securing bonds, including, without limiting the generality of the foregoing, provisions respecting the fixing and collection of rents for any project covered by such proceedings or mortgage, the terms to be incorporated in the lease of such project, the maintenance and insurance of such project, the creation and maintenance of special funds from the revenues from such project, and the rights and remedies available in event of default to the bondholders or to the trustee under a mortgage, all as the governing body shall deem advisable and as shall not be in conflict with the provisions of this article; provided, however, that in making any such agreements or provisions a municipality shall not have the power to obligate itself except with respect to the project and the application of the revenues therefrom, and shall not have the power to incur a pecuniary liability or a charge upon its general credit or against its taxing powers. The proceedings authorizing any bonds hereunder and any mortgage securing such bonds may provide that, in the event of default in payments of the principal of or the interest on such bonds or in the performance of any agreement contained in such proceedings or mortgage, such payment and performance may be enforced by mandamus or by the appointment of a receiver in equity with power to charge and collect rents and to apply the revenues from the project in accordance with such proceedings or the provisions of such mortgage. Any such mortgage may provide also that, in the event of default in such payment or the violation of any agreement contained in the mortgage, the mortgage may be foreclosed either by sale at public outcry or by proceedings in equity, and may provide that any trustee under such mortgage or the holder of any of the bonds secured thereby may become the purchaser at any foreclosure sale if the highest bidder therefor. No breach of any such agreement shall impose any pecuniary liability upon a municipality or any charge upon its general credit or against its taxing powers. (Acts 1979, No. 79-722, p. 1277, §5.)
AL Code § 11-54-145 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.|Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generally in Certain Municipalities.|Section 11-54-145 - Requirements Respecting Leases.

Section 11-54-145Requirements respecting leases. Prior to the leasing of any project, the governing body must determine and find the following: The amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance such project; the amount necessary to be paid each year into any reserve funds which the governing body may deem it advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project; and, unless the terms under which the project is to be leased provide that the lessee shall maintain the project and carry all proper insurance with respect thereto, the estimated cost of maintaining the project in good repair and keeping it properly insured. The determinations and findings of the governing body required to be made in the preceding sentence shall be set forth in the proceedings under which the proposed bonds are to be issued; and prior to the issuance of such bonds, the municipality shall lease the project to a lessee under an agreement conditioned upon completion of the project and providing for payment to the municipality of such rentals as, upon the basis of such determinations and findings, will be sufficient (1) to pay the principal of and interest on the bonds issued to finance the project, (2) to build up and maintain any reserves deemed by the governing body to be advisable in connection therewith, and (3) unless the agreement of lease obligates the lessee to pay for the maintenance and insurance of the project, to pay the costs of maintaining the project in good repair and keeping it properly insured. (Acts 1979, No. 79-722, p. 1277, §6.)
AL Code § 11-54-146 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 2 - Provisions Applicable to Municipal Corporations Only.|Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.|Article 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generally in Certain Municipalities.|Section 11-54-146 - Refunding Bonds.

Section 11-54-146Refunding bonds. Any bonds issued hereunder and at any time outstanding may at any time and from time to time be refunded by a municipality by the issuance of its refunding bonds in such amount as the governing body may deem necessary but not exceeding an amount sufficient to refund the principal of the bonds so to be refunded, together with any unpaid interest thereon and any premiums and commissions necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof for the payment of the bonds to be refunded thereby, or by exchange of the refunding bonds for the bonds to be refunded thereby; provided, that the holders of any bonds so to be refunded shall not be compelled without their consent to surrender their bonds for payment or exchange prior to the date on which they are payable, or if they are called for redemption, prior to the date on which they are by their terms subject to redemption. Any refunding bonds issued under the authority of this article shall be payable solely from the revenues out of which the bonds to be refunded thereby were payable, and shall be subject to the provisions contained in Section 11-54-143 and may be secured in accordance with the provisions of Section 11-54-144. (Acts 1979, No. 79-722, p. 1277, §7.)