reglab/housing_qa huggingface dataset:
AL Code § 41-10-456 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 14 - Alabama Building Renovation Finance Authority.|Section 41-10-456 - Powers of Authority.

Section 41-10-456Powers of authority. The authority shall have the following powers among others specified in this article: (1) to have succession by its corporate name until dissolved as provided in this article; (2) to sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties thereto; (3) to have and to use a corporate seal and to alter the same at pleasure; (4) to make and alter all needful bylaws, rules and regulations for the transaction of the authority's business and the control of its property and affairs; (5) to establish a fiscal year; (6) to provide for the construction, renovation, reconstruction, improvement, alteration, addition, demolition, equipment, operation and maintenance of public office building facilities (including the State Capitol), surfacing and resurfacing of land for parking and other uses to produce revenue and for the procurement of sites and equipment for such facilities; (7) to receive, take and hold by sale, gift, lease, devise or otherwise, real and personal property of every description, and to manage the same; (8) to acquire by purchase, gift, or any other lawful means, and to transfer, convey or cause to be conveyed to the state, any real, personal or mixed property; (9) to borrow money and issue its bonds in evidence thereof subject to the provisions of this article; (10) to anticipate by the issuance of its bonds as hereinafter limited the receipt of the revenues from such public office buildings; (11) as security for the payment of the principal of and interest on its bonds, to enter into any lawful covenant and to pledge the revenues from such public office buildings; (12) to invest as hereinafter provided the proceeds from the sale of its bonds pending need therefor; (13) to make and enter into such contracts, leases, agreements and other actions as may be necessary or desirable to accomplish any corporate purpose and to exercise any power necessary for the accomplishment of the purposes of the authority or incidental to the powers expressly set out herein; (14) to appoint and employ such attorneys, agents, advisors, independent contractors, and employees as may, in the judgment of the board of directors, be necessary or desirable; and (15) to contract, lease and make lease arrangements as hereinafter provided for the use and occupation of all or any part of the public office buildings renovated, reconstructed, altered, added to, maintained or improved by it, other than the State Capitol. (Acts 1990, No. 90-602, p. 1079, §7; Act 98-245, p. 404, §4; Act 2006-618, p. 1690, §3.)
AL Code § 41-10-457 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 14 - Alabama Building Renovation Finance Authority.|Section 41-10-457 - Power of Condemnation.

Section 41-10-457Power of condemnation. The authority shall have the same powers of eminent domain which shall be exercised in the same manner and under the same conditions as are provided by law for the exercise of the powers of eminent domain by the State of Alabama. (Acts 1990, No. 90-602, p. 1079, §8.)
AL Code § 41-10-458 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 14 - Alabama Building Renovation Finance Authority.|Section 41-10-458 - Authorization of Bonds.

Section 41-10-458Authorization of bonds. The authority is hereby authorized from time to time to sell and issue its bonds, not exceeding $29,500,000.00, exclusive of refunding bonds, in aggregate principal amount, and in such additional aggregate principal amounts as shall be authorized by act of the Legislature, for the purpose of providing funds for the construction, renovation, reconstruction, improvement, addition to, demolition, and alteration of public office building facilities including the State Capitol, for the procurement of equipment therefor, and for payment of obligations incurred for any of said purposes. (Acts 1990, No. 90-602, p. 1079, §9; Act 98-245, p. 404, §5.)
AL Code § 41-10-458.1 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 14 - Alabama Building Renovation Finance Authority.|Section 41-10-458.1 - Definitions; Additional Authorization.

Section 41-10-458.1Definitions; additional authorization.  (a) Definitions. The following terms, whenever used in Act 98-245, shall have the following respective meanings unless the context clearly indicates otherwise: (1) "Authority" means Alabama Building Renovation Finance Authority established pursuant to the 1990 Act. (2) "Bonds" (except where that word is used with reference to bonds issued under another act) means those bonds authorized to be issued pursuant to the authorization contained in Act 98-245. (3) "1990 Act" means Act No. 90-602 enacted at the 1990 Regular Session of the Legislature of Alabama, codified as Article 14 of Chapter 10 of Title 41. (b) In addition to those bonds authorized to be issued by the authority pursuant to the 1990 Act, the authority is hereby authorized to sell and issue its bonds in the aggregate principal amount of twelve million dollars ($12,000,000) for the purpose of constructing and equipping a new west wing for the Alabama Memorial Building, commonly known as the Archives Building, for lease by the authority pursuant to the 1990 Act, paying the costs of such renovation and reconstruction of the existing said building as shall be necessary or convenient in connection with the construction and equipment of said wing, and paying the costs of issuance of the bonds. The bonds shall be solely and exclusively obligations of the authority, shall not create an obligation or debt of the State of Alabama, shall have the qualities and incidents of negotiable instruments subject to registration provisions pertaining to transfers and shall be secured, approved, executed, sealed, attested, sold and delivered as and in the manner provided in the 1990 Act for the bonds described therein, with such changes in detail as shall be necessary in connection with the bonds. Income from the bonds shall be forever exempt from any and all taxation in the State of Alabama. The proceeds of the bonds shall be temporarily invested prior to use for the purpose hereinabove provided, as provided for in the 1990 Act in respect of the proceeds of bonds as described therein. In respect of the bonds, the authority shall have all powers necessary to make such payments to the United States of America as the authority deems necessary to cause the interest on any bonds of the authority to be and remain exempt from federal income taxation. The authority shall have the power to make agreements respecting the investment of funds of the authority necessary in order that the interest income on the bonds shall be and remain exempt from federal income taxation. (Act 98-245, p. 404, §§1, 11.)
AL Code § 41-10-458.2 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 14 - Alabama Building Renovation Finance Authority.|Section 41-10-458.2 - Issuance of Bonds - 2006 Authorization.

Section 41-10-458.2Issuance of bonds - 2006 authorization.  (a) Definitions. The following terms, whenever used in Act 2006-618, shall have the following respective meanings unless the context clearly indicates otherwise: (1) "Authority" means Alabama Building Renovation Finance Authority established pursuant to the 1990 Act. (2) "Bonds" (except where that word is used with reference to bonds issued under another act) means those bonds authorized to be issued pursuant to the authorization contained in Act 2006-618. (3) "1990 Act" means Act No. 90-602 enacted at the 1990 Regular Session of the Legislature of Alabama, codified as Article 14 of Chapter 10 of Title 41. (4) "1998 Act" means Act No. 98-245 enacted at the 1998 Regular Session of the Legislature of Alabama. (b) In addition to those bonds authorized to be issued or refunded by the authority pursuant to the 1990 and 1998 Acts, the authority, acting pursuant to and exercising the powers granted to it by this article is hereby authorized to sell and issue its bonds in an aggregate principal amount not to exceed thirty million dollars ($30,000,000) for the purpose of the construction, renovation, reconstruction, improvement, alteration, addition, demolition, surfacing and resurfacing of land for parking and other uses to produce revenue, equipment, operation and maintenance of public office building facilities (including the State Capitol) and any other public office facility or improvement related thereto, paying the costs of such projects as shall be necessary or convenient, and paying the costs of issuance of the bonds. (Act 2006-618, p. 1690, §§1, 6.)
AL Code § 41-10-459 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 14 - Alabama Building Renovation Finance Authority.|Section 41-10-459 - Refunding Bonds.

Section 41-10-459Refunding bonds. The authority may from time to time sell and issue its refunding bonds without limit as to principal amount for the purpose of refunding any bonds of the authority at the time outstanding, paying the expenses of issuance thereof and paying any premiums necessary to be paid to redeem any bonds so to be refunded; provided, however, that no refunding bonds (other than refunding bonds issued to refund those bonds of the authority designated Building Renovation Revenue Bonds, Series 1990, originally issued in the aggregate principal amount of $29,500,000) 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 not be greater than 99 percent of 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. Provided further that the average maturity of the refunding bonds, as measured from the date of issuance of such refunding bonds (other than refunding bonds issued to refund those bonds of the authority designated Building Renovation Revenue Bonds, Series 1990, originally issued in the aggregate principal amount of $29,500,000), shall not exceed by more than five years the average maturity of the bonds to be refunded, as also measured from such date of issuance, with the average maturity of any principal amount of bonds to be determined by multiplying the principal of each maturity by the number of years (including any fractional part of a year) intervening between such date of issuance and each such maturity, taking the sum of all such products, and then dividing such sum by the aggregate principal amount of bonds for which the average maturity is to be determined. All refunding bonds shall be subrogated to the bonds which are refunded thereby. (Acts 1990, No. 90-602, p. 1079, §10; Act 98-245, p. 404, §6; Act 2006-618, p. 1690, §4.)
AL Code § 41-10-460 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 14 - Alabama Building Renovation Finance Authority.|Section 41-10-460 - Execution of Bonds.

Section 41-10-460Execution of bonds. All bonds of the authority shall be signed by its president, and the seal of the authority shall be affixed thereto and attested by its secretary. The signatures of the president and secretary may be facsimile signatures and a facsimile of the seal of the authority may be imprinted on the bonds if the board of directors, in its proceedings with respect to issuance of such bonds, provides for manual authentication of such bonds by a trustee or paying agent or by named individuals who are employees of the state and who are assigned to the Department of Finance or office of the State Treasurer. Delivery of bonds so executed shall be valid notwithstanding any changes in officers or in the seal of the authority after the signing and sealing of such bonds. (Acts 1990, No. 90-602, p. 1079, §11.)
AL Code § 41-10-461 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 14 - Alabama Building Renovation Finance Authority.|Section 41-10-461 - Sale of Bonds.

Section 41-10-461Sale of bonds. Bonds may be sold by the authority from time to time in series, and if sold in more than one series may all be authorized in one initial resolution of the board of directors with the pledges therefor made in such initial resolution although some of the details applicable to each series may be specified in the respective resolutions under which the different series are issued; provided, however, that no bonds of the authority that are authorized under Act 98-245 shall be sold or counsel hired prior to February 1, 1999. Each series of the bonds may be sold at public or private sale, as determined by the authority, at such price or prices as the authority shall determine, and, if sold at public sale either on sealed bids or at public auction, on a basis determined by the authority to enable it to effect the sale of the bonds being sold at the lowest effective borrowing cost to the authority; provided, that if in the event of public sale of the bonds no bid acceptable to the authority is received it may reject all bids. Notice of each public sale or summary notice of sale or both shall be given by publication in either a financial journal or a financial newspaper published in the City of New York, New York, and also by publication in a newspaper published in the state which is customarily published not less than five days during each calendar week, each of which notices must be published at least one time not less than 10 days prior to the date fixed for the sale. The board of directors may fix the terms and conditions under which each such sale may be held; provided, that such terms and conditions shall not conflict with any of the requirements of this article. Approval by the Governor of the terms and conditions under which any of the bonds may be issued shall be requisite to their validity, which approval signed by the Governor shall be entered on the minutes of the respective meetings of the board of directors at which the series of the bonds proposed to be issued are authorized or sold. (Acts 1990, No. 90-602, p. 1079, §12; Act 98-245, p. 404, §7.)
AL Code § 41-10-462 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 14 - Alabama Building Renovation Finance Authority.|Section 41-10-462 - Bonds of Authority.

Section 41-10-462Bonds of authority. Any bonds of the authority may be executed and delivered by it at any time and from time to time, shall be in such form and denominations and of such tenor and maturities, shall bear such rate or rates of interest, payable and evidenced in such manner, may contain provisions for redemption prior to maturity, and may contain other provisions not inconsistent herewith, all as may be provided by the resolution of the board of directors whereunder such bonds are authorized to be issued; provided, that no bond of the authority shall have a specified maturity date later than 30 years after its date. Each bond of the authority having a specified maturity date more than 10 years after its date shall be made subject to redemption at the option of the authority at the end of the 10th year after its date, and on any interest payment date thereafter, under such terms and conditions and at such premiums, if any, as may be provided in the resolution under which such bond is authorized to be issued. The authority may pay out of the proceeds of the sale of its bonds all expenses, including fees and disbursements of attorneys, accountants, fiscal agents, financial advisors and other consultants, fees and disbursements of trustees, escrow agents, registrars, paying agents, transfer agents, depositories for safekeeping, authenticating agents, agents for the delivery and payment of bonds, fees and commissions of bond insurers and credit enhancers, printing costs and other customary bond issuance expenses. Bonds issued by the authority shall not be general obligations of the authority but shall be payable solely out of the funds referred to in Section 41-10-471. In the event the authority shall make more than one pledge of the same revenues, such pledges shall take precedence in the order of the adoption of the resolutions in which the pledges are made; provided, that each pledge for the benefit of refunding bonds shall have the same priority as the pledge for the benefit of the bonds refunded thereby. Neither a public hearing nor consent of the state Department of Finance or any other department or agency of the state shall be a prerequisite to the issuance of bonds by the authority. (Acts 1990, No. 90-602, p. 1079, §13.)
AL Code § 41-10-463 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 14 - Alabama Building Renovation Finance Authority.|Section 41-10-463 - Investment of Proceeds From Sale of Bonds.

Section 41-10-463Investment of proceeds from sale of bonds. Any portion of the principal proceeds derived from the sale of the bonds which the board of directors of the authority may determine is not then needed for any of the purposes for which the bonds are authorized to be issued shall, on order of the authority, be invested by the State Treasurer in permitted investments. Any such securities may, at any time and from time to time on order of the authority, be sold or otherwise converted by the State Treasurer into cash. The income derived from any such investments shall be disbursed on order of the authority for any purpose for which the authority may lawfully expend funds. (Acts 1990, No. 90-602, p. 1079, §14.)
AL Code § 41-10-464 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 14 - Alabama Building Renovation Finance Authority.|Section 41-10-464 - Exemption From Taxation.

Section 41-10-464Exemption from taxation. The properties of the authority and the income therefrom, all lease agreements made by the authority, and all bonds issued by the authority and the income therefrom and all lien notices filed with respect thereto shall be forever exempt from any and all taxation in the State of Alabama. (Acts 1990, No. 90-602, p. 1079, §15.)
AL Code § 41-10-465 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 14 - Alabama Building Renovation Finance Authority.|Section 41-10-465 - Bonds Constitute Negotiable Instruments.

Section 41-10-465Bonds constitute negotiable instruments. All bonds issued by the authority shall be construed to have all the qualities and incidents of negotiable instruments subject to the registration provisions pertaining to transfers. (Acts 1990, No. 90-602, p. 1079, §16.)
AL Code § 41-10-466 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 14 - Alabama Building Renovation Finance Authority.|Section 41-10-466 - Obligations Not Debt of State.

Section 41-10-466Obligations not debt of state. All obligations incurred by the authority and all bonds issued by it shall be solely and exclusively an obligation of the authority and shall not create an obligation or debt of the State of Alabama. (Acts 1990, No. 90-602, p. 1079, §17.)
AL Code § 41-10-467 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 14 - Alabama Building Renovation Finance Authority.|Section 41-10-467 - Bonds May Be Used to Secure Deposit and for Investment of Fiduciary Funds.

Section 41-10-467Bonds may be used to secure deposit and for investment of fiduciary funds. The state and all public officers, municipal corporations, political subdivisions, and public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business and all executors, administrators, guardians, trustees and other fiduciaries may legally invest any sinking funds, moneys or other funds belonging to them or within their control in any bonds of the authority, and such bonds shall be authorized security for all public deposits, it being the purpose of this article to authorize any persons, firms, corporations, associations, political subdivisions, bodies, and officers, public or private, to use any funds owned or controlled by them, including, but not limited to, sinking, insurance, investment, retirement, compensation, pension and trust funds, and funds held on deposit, for the purchase of any such bonds, and that any such bonds shall be authorized security for all public deposits. However, nothing contained in this article with regard to legal investments shall be construed as relieving any person, firm or corporation from any duty of exercising reasonable care in selecting securities. (Acts 1990, No. 90-602, p. 1079, §18.)
AL Code § 41-10-468 (2021)
2021 Code of Alabama|Title 41 - State Government.|Chapter 10 - Authorities.|Article 14 - Alabama Building Renovation Finance Authority.|Section 41-10-468 - Use of Proceeds From Sale of Bonds.

Section 41-10-468Use of proceeds from sale of bonds. All proceeds derived from the sale of any bonds (except refunding bonds) sold by the authority remaining after payment of the expenses of issuance thereof and the funding of any required reserve or replacement fund shall be turned over to the State Treasurer, shall be carried by the State Treasurer in a special account to the credit of the authority, and shall be subject to be drawn on by the authority solely for the purposes of constructing, renovating, reconstructing, improving, altering, adding to, demolishing, and equipping one or more public office buildings (including the State Capitol), surfacing and resurfacing of land for parking and other uses to produce revenue, and all reasonable and necessary expenses incidental thereto, including interest which shall accrue on said bonds during the construction, renovation, reconstruction, improvement, alteration, addition, demolition, and equipping of said buildings, surfacing and resurfacing of land for parking and other uses to produce revenue, and for a period not exceeding two years thereafter. The authority is specifically authorized and empowered to expend bond proceeds to pay a portion of the cost of renovation and equipping of the State Capitol even though the said State Capitol shall not be owned by the authority. Any balance of said proceeds thereafter remaining shall, upon completion of construction, renovation, reconstruction, improvement, alteration, addition, demolition and equipping of the building or buildings for which the bonds were issued and the payment of all costs in connection therewith, be transferred to the reserve fund account of the authority or used to redeem bonds issued by the authority as may be determined by the board of directors of the authority. (Acts 1990, No. 90-602, p. 1079, §19; Act 98-245, p. 404, §8; Act 2006-618, p. 1690, §5.)