reglab/housing_qa huggingface dataset:
AL Code § 41-10-552 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 16 - Alabama Incentives Financing Authority.|Division 1 - General Provisions.|Section 41-10-552 - Publication of Notice; Time Limitation on Actions Contesting Proceedings, Validity of Obligations, Etc.

Section 41-10-552Publication of notice; time limitation on actions contesting proceedings, validity of obligations, etc. Upon the adoption by the directors of any resolution providing for the issuance of authority 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: "Alabama Incentives Financing Authority, a public corporation under the laws of the State of Alabama, on the _______ day of _____, authorized the issuance of $ ______ principal amount of bonds (a guaranty agreement securing $ _____ principal amount of bonds of _______) for purposes authorized in Title 41, Chapter 10, Article 16, Division 1 of the Code of Alabama 1975. The proceeds from the sale of the bonds are proposed to be used to finance the acquisition, construction, and installation of facilities to be located at _______ (to provide funds for payment of management fees associated with a training facility located at_______ ). Any action or proceeding questioning the validity of the bonds (guaranty agreement), the security thereof, the use of the proceeds thereof (the obligations so guaranteed) or the proceedings authorizing the bonds, shall 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 incurrence of the authority obligations referred to in the notice or to contest the validity of any authority obligations, or the validity of security therefor, or the validity of the proposed use of the proceeds thereof or (in the case of an authority guaranty) the proceeds (of the obligations so guaranteed), must be commenced within 30 days after the first publication of the notice. After the expiration of the 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, authority obligations, security or use of proceeds be open to question in any court on any ground whatsoever except in an action commenced within the period. (Acts 1995, No. 95-373, p. 747, §13.)
AL Code § 41-10-553 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 16 - Alabama Incentives Financing Authority.|Division 1 - General Provisions.|Section 41-10-553 - Exemption From Taxes, Fees, Etc.

Section 41-10-553Exemption from taxes, fees, etc. The income and property of the authority, all authority obligations and the interest paid on any such authority 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 in the recording of any document to the judge of probate of any county. (Acts 1995, No. 95-373, p. 747, §14.)
AL Code § 41-10-554 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 16 - Alabama Incentives Financing Authority.|Division 1 - General Provisions.|Section 41-10-554 - No Notice, Approval, Public Hearing, etc., Required for Issuance of Obligations.

Section 41-10-554No notice, approval, public hearing, etc., required for issuance of obligations. Except as may be expressly provided in this division, no proceeding, notice, or approval shall be required for the issuance of any authority 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 Department of Finance shall be prerequisite to the issuance of authority obligations by the authority. (Acts 1995, No. 95-373, p. 747, §15.)
AL Code § 41-10-555 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 16 - Alabama Incentives Financing Authority.|Division 1 - General Provisions.|Section 41-10-555 - Exemption From Competitive Bid Laws.

Section 41-10-555Exemption from competitive bid laws. Articles 2 and 3 of Chapter 16 of this title or other similar laws, shall not apply to the authority, its directors, or any of its officers, agents, or employees in their capacities as such. (Acts 1995, No. 95-373, p. 747, §16.)
AL Code § 41-10-556 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 16 - Alabama Incentives Financing Authority.|Division 1 - General Provisions.|Section 41-10-556 - Dissolution of Authority.

Section 41-10-556Dissolution of authority. At any time when no authority obligations are outstanding and the authority has no outstanding obligation with respect to payment of training facility management fees, the authority may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of the directors of the authority and sworn to by each director before an officer authorized to take acknowledgments to deeds. Upon the filing of the application for dissolution, the authority shall cease to exist. The Secretary of State shall file and record the application for dissolution in an appropriate book of record in his or her office, and shall make and issue, under the Great Seal of the State, a certificate that the authority is dissolved, and shall record the certificate with the application for dissolution. Title to all property held in the name of the authority shall be vested in the state upon dissolution of the authority. (Acts 1995, No. 95-373, p. 747, §18.)
AL Code § 41-10-570 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 16 - Alabama Incentives Financing Authority.|Division 2 - Pledge and Appropriation of Tva Payments to Redeem Bonds.|Section 41-10-570 - Pledge and Appropriation of State Revenues From Tva Payments to Pay and Redeem Bonds Prior to Maturity.

Section 41-10-570Pledge and appropriation of state revenues from TVA payments to pay and redeem bonds prior to maturity. There is hereby irrevocably pledged and appropriated such amounts as may be necessary to pay and to redeem prior to their respective maturities the principal of and the interest on any issue of bonds or to pay the principal of and the interest on any refunding bonds issued to refund any revenue bonds that shall be issued by the Alabama Incentives Finance Authority from the revenues retained by the State of Alabama from the in-lieu-of-taxes payments made by the Tennessee Valley Authority (which are herein called the "TVA payments") following the distribution of a portion of such TVA payments to certain counties in the State of Alabama as provided in Section 40-28-2, and following the pledge and appropriation of TVA payments pursuant to Section 41-9-783, for the Tennessee Valley Exhibit Commission Bonds outstanding on July 20, 1995. (Acts 1995, No. 95-372, p. 746, §1.)
AL Code § 41-10-590 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 16 - Alabama Incentives Financing Authority.|Division 3 - Financing Y2k Expenditures.|Section 41-10-590 - Legislative Findings.

Section 41-10-590Legislative findings. The Legislature finds and declares the following: That the State of Alabama places a high priority on the recruitment of industries to locate or expand their operations in Alabama; that it is a vital economic development tool for the state to be able to offer strategic incentives to such industries in the form of limited financial commitments; that the Alabama Incentives Financing Authority has heretofore been created for the purpose of funding such financial commitments made prior to July 20, 1995; and that by the passage of Act 99-198 of the 1999 Regular Session it is the intention of the Legislature to enable the authority to meet commitments made by the state to industries committing to locate or expand in the state after such date and, further, to enable the authority to lease or convey title to worker training facilities to the Alabama Public School and College Authority and to the Alabama Industrial Development Training Institute. The Legislature further finds and declares that the State of Alabama has a critical need (i) to test the state's computer hardware, firmware, and software systems to determine whether such systems are Y2K compliant and (ii) to implement modifications to or replacement of all or part of such systems so as to cause them to become Y2K compliant without creating new errors or side effects; that the cost to the state of making such systems Y2K compliant is more than it is desirable for the state to pay out of current General Fund revenues; that it is necessary and in the public interest for the Alabama Incentives Financing Authority to be given the power to issue bonds in order to fund such expenditures and to pledge for payment of such bonds the funds appropriated to the authority pursuant to Section 41-10-550 and Section 41-10-570. Therefore, the Legislature finds that it is desirable and appropriate to grant to the Alabama Incentives Financing Authority sufficient powers to accomplish the goals and objectives set forth herein. Act 99-198 of the 1999 Regular Session shall be liberally construed in accordance with its remedial purposes. (Act 99-198, p. 237, §1.)
AL Code § 41-10-592 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 16 - Alabama Incentives Financing Authority.|Division 3 - Financing Y2k Expenditures.|Section 41-10-592 - Authority to Issue Bonds to Finance Y2k Expenditures.

Section 41-10-592Authority to issue bonds to finance Y2K expenditures. (a) The authority shall have, in addition to all other powers granted to it in Section 41-10-546, the power to issue bonds for the purpose of financing Y2K expenditures and, as security for the payment thereof, to pledge appropriated funds on a parity with the pledge thereof for the benefit of any or all other bonds of the authority secured or to be secured thereby; provided, however, that the principal amount of bonds that may be issued by the authority for such purposes shall not exceed fifty-five million dollars ($55,000,000). (b) All bonds issued pursuant to this division (i) shall be issued and sold in the manner required by Section 41-10-547, as amended, and (ii) shall not be general obligations of the authority but shall be payable solely from one or more of the sources described in subdivisions (1) and (4) to (7), inclusive, of subsection (d) of Section 41-10-547. (Act 99-198, p. 237, §4.)
AL Code § 41-10-593 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 16 - Alabama Incentives Financing Authority.|Division 3 - Financing Y2k Expenditures.|Section 41-10-593 - Use of Bond Proceeds.

Section 41-10-593Use of bond proceeds.  The proceeds derived from the sale of bonds issued by the authority to finance Y2K expenditures 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 therefrom the expenses of issuance thereof. The proceeds from the sale of bonds remaining after payment of the expenses of issuance thereof shall be retained in the fund and, until they are paid out, shall be invested by the State Treasurer at the direction of the authority in eligible investments which mature at such time or times as the state Finance Director shall direct. Monies in the fund, whether original proceeds from the sale of bonds or the proceeds of or earnings on the eligible investments, shall be paid out from time to time for the purposes of this division in orders or warrants issued by or on the direction of the state Finance Director. After the Finance Director has certified to the State Treasurer that there are no Y2K expenditures remaining to be paid, monies remaining in such special fund may be applied to the payment of any capital improvements, capital equipment, implementation programs, and aging programs as defined herein. If all capital improvements, capital equipment, implementation programs, and aging programs costs are expended as certified by the Finance Director, then any monies remaining in such special fund may be applied to the payment of any other costs or expenses for which the authority shall be authorized to insure authority obligations. (Act 99-198, p. 237, §5; Act 2000-751, p. 1701, §2.)
AL Code § 41-10-594 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 16 - Alabama Incentives Financing Authority.|Division 3 - Financing Y2k Expenditures.|Section 41-10-594 - Report of Expenditures; Diversity Requirement.

Section 41-10-594Report of expenditures; diversity requirement. The state Finance Director shall report to the Lieutenant Governor, the President Pro Tempore of the Senate, and the Speaker of the House any purchase of Y2K related equipment or services by the Alabama Incentives Finance Authority within 30 working days after the purchase. Any contract expending Y2K funds by the authority shall at least reflect the racial, social, and economic diversity of the state. (Act 99-674, 2nd Sp. Sess., §2.)
AL Code § 41-10-620 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 17 - Alabama 21st Century Authority.|Division 1 - Authority Generally.|Section 41-10-620 - Short Title.

Section 41-10-620Short title. This division shall be known and may be cited as the "Alabama 21st Century Fund Act." (Act 99-353, p. 538, §2.)
AL Code § 41-10-621 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 17 - Alabama 21st Century Authority.|Division 1 - Authority Generally.|Section 41-10-621 - Legislative Findings and Purpose.

Section 41-10-621Legislative findings and purpose.  (a) The Legislature finds and declares the following: (1) The State of Alabama has a great need from time to time to have access to financing for economic development and industrial recruitment that does not involve improvements to revenue-producing facilities. (2) It is desirable and in the public interest to establish a state-level authority with the power to issue bonds for such general purposes. (3) The Alabama Supreme Court has held, in effect, that only when the debt of a public corporation is payable out of a new revenue source will such debt not be considered a debt of the state in contravention of Section 213 of the Constitution of Alabama of 1901; the State of Alabama expects to receive in the near future new revenues from the settlement of certain litigation between the state and the tobacco industry. (4) By the passage of this division, it is the intention of the Legislature to: a. Provide for the creation of a special fund known as the Alabama 21st Century Fund into which tobacco revenues will be deposited. b. Authorize the incorporation of the Alabama 21st Century Authority, which will have the power to issue bonds in limited amounts as provided in this division and for the purpose of promoting economic development and industrial recruitment, subject to legislative approval by separate act, which bonds may be payable out of specified monies held in the Alabama 21st Century Fund and other monies and property available to the authority. c. Appropriate annually for the payment of such bonds a portion of the revenues held in the Alabama 21st Century Fund. (b) The Legislature further finds and declares that it is desirable and in the public interest that tobacco revenues in an amount of up to $60,000,000 in the fiscal year ending September 30, 2000, up to $65,000,000 in the fiscal year ending September 30, 2001, and up to $70,000,000 in the fiscal year ending September 30, 2002, and in each fiscal year thereafter be transferred to the Children First Trust Fund to be appropriated by the Legislature, upon the recommendation of the Governor, for programs authorized by the Children First Act, Section 41-15B-1. (c) The Legislature further finds and declares that it is desirable and in the public interest that tobacco revenues remaining each fiscal year after the distributions in subsection (a)(4)c. and subsection (b) be distributed to the Alabama Senior Services Trust Fund and the State General Fund for Medicaid purposes. (Act 99-353, p. 538, §1; Act 2009-563, p. 1634, §1; Act 2010-220, p. 365, §1.)
AL Code § 41-10-623 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 17 - Alabama 21st Century Authority.|Division 1 - Authority Generally.|Section 41-10-623 - Incorporation of Authority Authorized; Application; Filing.

Section 41-10-623 Incorporation of authority authorized; application; filing. (a) To become a public corporation and instrumentality of the state with the powers herein provided, the Governor, the state Commissioner of Revenue, and the Director of Finance shall present to the Secretary of State of Alabama an application signed by them which shall set forth all of the following: (1) The name, official designation, and official residence of each of the applicants, together with a certified copy of the commission evidencing each applicant's right to office. (2) The date on which each applicant was inducted into office and the term of office of each applicant. (3) The name of the proposed public corporation, which shall be "Alabama 21st Century Authority." (4) The location of the principal office of the proposed corporation, which shall be in the City of Montgomery. (5) Any other matter relating to the authority which the applicants may choose to insert and which is not inconsistent with this division or the laws of the state. (b) The application shall be subscribed and sworn to by each of the applicants before an officer authorized by the laws of the state to take acknowledgments to deeds. The Secretary of State shall examine the application and, if he or she finds that it substantially complies with the requirements of this section, it shall be filed and recorded in an appropriate book of records in the office of the Secretary of State. (c) When the application has been made, filed, and recorded as provided in subsection (b), the applicants shall constitute a corporation under the name stated in the application, and the Secretary of State shall make and issue to the applicants a certificate of incorporation pursuant to this division, under the Great Seal of the State and shall record the certificate with the application. There shall be no fees paid to the Secretary of State for any work done in connection with the incorporation or dissolution of the authority. (Act 99-353, p. 538, §4.)
AL Code § 41-10-624 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 17 - Alabama 21st Century Authority.|Division 1 - Authority Generally.|Section 41-10-624 - Members, Officers, and Directors.

Section 41-10-624Members, officers, and directors. The applicants named in the application and their respective successors in office shall constitute the members of the authority. The Governor shall be the president of the authority, the state Commissioner of Revenue shall be the vice president, and the Director of Finance shall be the secretary. The State Treasurer shall act as custodian of the authority's funds, and shall pay, out of appropriated funds and any other monies and property available to the authority, debt service referable to bonds of the authority issued pursuant to this division. The members of the authority shall constitute all of the directors of the authority, and any two directors shall constitute a quorum for the transaction of business. Should any person holding any state office named in this section cease to hold the office by reason of death, resignation, expiration of the term of office, or for any other reason, then his or her successor in office shall take the place as an officer and member of the directors of the authority. No officer or director of the authority shall receive any salary in addition to that now authorized by law for any service rendered or for any duty performed in connection with the authority. All proceedings had and done by the directors shall be reduced to writing by the secretary of the authority, shall be signed by at least two directors present at the proceedings, and shall be recorded in a substantially bound book and filed in the office of the Secretary of State. Copies of the proceedings, when certified by the secretary of the authority, under the seal of the authority, shall be received in all courts as prima facie evidence of the matters and things therein certified. (Act 99-353, p. 538, §5.)
AL Code § 41-10-627 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 17 - Alabama 21st Century Authority.|Division 1 - Authority Generally.|Section 41-10-627 - Refunding Bonds.

Section 41-10-627Refunding bonds.  (a) Any bonds issued by the authority may from time to time be refunded by the issuance, sale, or exchange of refunding bonds for the purpose of paying the following items: (1) All or any part of the principal of the bonds to be refunded. (2) Any redemption premium required to be paid as a condition to the redemption prior to maturity of any such bonds that are to be so redeemed in connection with such refunding. (3) Any accrued and unpaid interest on the bonds to be refunded. (4) Any interest to accrue on each bond to be refunded to the date on which it is to be paid, whether at maturity or by redemption prior to maturity. (5) The expenses incurred in connection with the refunding. (b) Any refunding bonds may be sold by the authority at public or private sale at such price or prices as may be determined by the authority to be most advantageous, or may be exchanged for the bonds to be refunded. Any such refunding bonds may be executed and delivered by the authority at any time and, from time to time, shall be in such form and denomination or denominations and of such tenor and maturity or maturities, shall contain such provisions not inconsistent with the provisions of this division, and shall bear such rate or rates of interest, payable at such place or places, either within or without the state, and evidenced in such manner, as may be provided by resolution of the authority; provided, however, that no refunding bonds shall be issued unless the present value of all debt service on the refunding bonds (computed with a discount rate equal to the true interest rate of the refunding bonds and taking into account all underwriting discount and other issuance expenses) shall be less than the present value of all debt service on the bonds to be refunded (computed using the same discount rate and taking into account the underwriting discount and other issuance expenses originally applicable to such bonds) determined as if such bonds to be refunded were paid and retired in accordance with the schedule of maturities (considering mandatory redemption as a scheduled maturity) provided at the time of their issuance. (c) Any refunding bonds issued by the authority may be issued at the discretion of the authority, subject to this division, without any separate authorization by the Legislature. (Act 99-353, p. 538, §8.)