reglab/statecodes huggingface dataset:
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-33 - Sale of Bonds.

Section 2-5A-33
Sale of bonds.
The bonds may be sold by the Department of Agriculture and Industries from time to time in series. Each series of the bonds shall be sold at competitive bid and at such price or prices and at such time or times as the commissioner may consider advantageous. Bonds sold by competitive bid shall be sold, whether on sealed bids or at public auction, to the bidder whose bid reflects the lowest effective borrowing cost to the Department of Agriculture and Industries on the series of bonds being sold; provided, that if no bid acceptable to the commissioner is received, he or she may reject all bids. Summary notice of each such sale 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 of Alabama which is customarily published not less often than three 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 or, in the event no bid acceptable to the commissioner is received at any such sale and the bonds so offered are thereafter reoffered on the same terms and conditions, not less than five days prior to the date fixed for sale. Neither a public hearing nor consent of the state Department of Finance or any other department or agency shall be a prerequisite to the issuance of any of the bonds.
(Act 2013-286, p. 981,§1.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-34 - Security for Bonds.

Section 2-5A-34
Security for bonds.
The bonds shall not be general obligations of the Department of Agriculture and Industries but shall be limited obligations payable solely from one or more specified sources, including, but not limited to, revenues derived from market charges, authorized under Section 2-5A-6, lease revenues, authorized under Section 2-5A-14, and appropriations made under Section 2-5A-15. The commissioner, with approval of the Board of Agriculture and Industries, may pledge all or any portion of such revenues as security for the payment of the bonds. All such pledges made by the commissioner shall take precedence in the order of the adoption of the resolutions containing the pledges. The commissioner may also obtain credit enhancement for the department’s bonds, including, but not limited to, bond insurance and letters of credit, and to pledge all or a portion of its revenues as security for its reimbursement obligations with respect thereto. All bonds issued by the Department of Agriculture and Industries pursuant to the provisions hereof shall be solely and exclusively obligations of the Department of Agriculture and Industries and shall not be an obligation or debt of the State of Alabama or any county or any municipality within the State of Alabama.
(Act 2013-286, p. 981,§1.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-35 - Refunding Bonds.

Section 2-5A-35
Refunding bonds.
(a) Any bonds issued by the Department of Agriculture and Industries pursuant to this article may from time to time thereafter be refunded by the issuance of refunding bonds of the Department of Agriculture and Industries; 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 issuance expenses, shall not be greater than 97 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. Such refunding bonds may be sold and issued from time to time, at either public or private sale, and on such other terms and conditions as the commissioner, with approval of the Board of Agriculture and Industries, shall determine to be advantageous and shall adopt and provide for in its proceedings for the sale and issuance of such refunding bonds. Any such refunding bonds may be issued whether the bonds to be refunded shall have then matured or shall thereafter mature, and such refunding may be effected either by sale of the refunding bonds and the application of the proceeds thereof to the payment or redemption of the bonds so refunded or by exchange of the refunding bonds for those to be refunded thereby.
(b) The proceeds derived from any sale of refunding bonds remaining after payment of the expenses of their issuance shall be applied in accordance with the proceedings of the Board of Agriculture and Industries under which such refunding bonds are issued. Pending the application of the proceeds to the purchase, redemption, or payment of such outstanding bonds, such proceeds may be invested in permitted investments pursuant to a trust agreement providing for the future application of such proceeds to the purchase, redemption, or payment of such outstanding bonds. Bonds refunded prior to their maturity with the proceeds of refunding bonds shall be deemed not outstanding if the Board of Agriculture and Industries, in the proceedings under which such refunding bonds are issued, establishes a trust fund consisting of cash or government securities, or both, sufficient to pay in accordance with the provisions of such trust fund when due, the entire principal of and interest and premium, if any, on the bonds to be refunded; provided that such government securities shall not be subject to redemption prior to their maturities other than at the option of the holder thereof.
(Act 2013-286, p. 981,§1.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-36 - Establishment of Debt Service Reserve Fund.

Section 2-5A-36
Establishment of debt service reserve fund.
A debt service reserve fund may be established and maintained in such an amount and under such conditions for any or all series of the bonds as may be determined by the Board of Agriculture and Industries in its resolution relating to the bonds. The Department of Agriculture and Industries may make payments from bond proceeds or any other funds or revenues available to it into the debt service reserve fund. Income earned from the investment of monies held in the debt service reserve fund may be used by the Department of Agriculture and Industries for any purpose designated by the Board of Agriculture and Industries that would constitute a permitted use of funds of the Department of Agriculture and Industries under Act 98-243. Monies on deposit in the debt service reserve fund shall be invested only in permitted investments and the department is authorized to determine the conditions for the utilization of the debt service reserve fund in its resolution relating to the bonds secured thereby, and by the terms of such resolution, to dedicate and pledge such fund and the investment earnings therefrom to payment of debt service on the bonds.
(Act 2013-286, p. 981,§1.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-37 - Investment of Proceeds From Bond Sales.

Section 2-5A-37
Investment of proceeds from bond sales.
Prior to the completion of farmers' market facilities to be financed with proceeds of bonds, any portion of the principal proceeds derived from the sale of the bonds which the commissioner may determine is not then needed for any of the purposes for which the bonds are authorized to be issued shall be invested by the State Treasurer in permitted investments which mature at such time or times as the department shall direct. At any time, and from time to time on order of the commissioner, any such investments may be sold or otherwise converted by the State Treasurer into cash.
(Act 2013-286, p. 981,§1.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-38 - Property of Authority Exempt From Taxation.

Section 2-5A-38
Property of authority exempt from taxation.
The Department of Agriculture and Industries, its property and income and all obligations issued by the Department of Agriculture and Industries, the income from such obligations or from the investment of such income, and all conveyances, leases, mortgages, and deeds of trust by or to the department shall be exempt from all taxation in the State of Alabama.
(Act 2013-286, p. 981,§1.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-39 - Maintaining Federal Tax-Exempt Status.

Section 2-5A-39
Maintaining federal tax-exempt status.
The Board of Agriculture and Industries has the power and hereby delegates power to the Commissioner of Agriculture and Industries to cause appropriate reports to be prepared and payments submitted to the United States of America as shall be deemed necessary to cause the interest on any bonds of the Department of Agriculture and Industries to be and remain exempt from federal income taxation. The commissioner shall have the power to make agreements respecting the investment of funds of the Department of Agriculture and Industries necessary in order that the interest income on bonds of the Department of Agriculture and Industries be and remain exempt from federal income taxation.
(Act 2013-286, p. 981,§1.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 1 - Agricultural Center Board. › Section 2-6-1 - Creation; Composition; Duties; Compensation; Rules and Regulations.

Section 2-6-1
Creation; composition; duties; compensation; rules and regulations.
There is hereby created and established an Agricultural Center Board, to consist of the Director of Finance, Governor, Commissioner of Agriculture and Industries, Chair of the Montgomery County Commission, President of the Montgomery City Council, Mayor of Montgomery, and four members who shall be qualified electors of the State of Alabama and who shall be appointed by the Governor to hold office concurrently with the Governor and until their successors are appointed and qualified. Board members appointed after June 9, 2011, shall be inclusive and reflect the racial, gender, urban/rural, and economic diversity of the state. The board shall be charged with the management, development, operation, promotion, improvement, and control of any structure, facility or coliseum constructed by the Alabama Building Commission as an agricultural center for the purpose of housing livestock shows, agricultural and industrial displays and other exhibits. Vacancies on the board shall be filled in the same manner as the original appointments are made. One member of the board shall be designated by the Governor to act as chairman. Members of the board, except any elected official or state official, shall receive twenty-five dollars ($25) per day, and their expenses for attending meetings of the board and affairs of the board shall be paid as provided in Article 2 of Chapter 7 of Title 36; provided, that no member shall receive annually in excess of an aggregate of one thousand two hundred dollars ($1,200). The board shall have the right to adopt such rules and regulations as may be reasonably necessary to carry out the effect and purposes of this chapter.
(Acts 1945, No. 282, p. 447, §1; Act 2011-575, p. 1231, §3.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 1 - Agricultural Center Board. › Section 2-6-3 - Employees.

Section 2-6-3
Employees.
The Agricultural Center Board is authorized, subject to the provisions of the state Merit System, to employ such persons as may be necessary for the official and economical management and maintenance of the agricultural center.
(Acts 1986, No. 86-224, p. 329, §2.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 1A - Garrett Coliseum Agricultural Center Restoration and Improvement Act. › Section 2-6-10 - Short Title.

Section 2-6-10
Short title.
This article shall be known as the Garrett Coliseum Agricultural Center Restoration and Improvement Act.
(Act 2010-751, p. 1903, §1.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 1A - Garrett Coliseum Agricultural Center Restoration and Improvement Act. › Section 2-6-11 - Legislative Findings.

Section 2-6-11
Legislative findings.
The Legislature finds that the Garrett Coliseum and the Alabama Agricultural Center, hereinafter the facility, is a significant historic facility owned by the State of Alabama and which faces imminent closure because of operational and public safety concerns if it is not restored, renovated, and improved. The facility was designed in 1949 by Betty Robinson, the first woman graduate from Auburn University with a degree in architecture. The facility, completed in 1953, is of historic and cultural significance to the State of Alabama and its restoration will enhance opportunities for economic development that will benefit the state. The Legislature further finds that the most efficient way to restore the facility and to operate it profitably is for the Alabama Agricultural Center Board, hereinafter referred to as the board, to enter into agreements with public institutions and other entities through which the use of private funding is primarily used to restore, renovate, and improve the facility. To assist the board with the restoration, renovation, further development, and improvement of the facility, the Legislature will provide for an annual continuing appropriation to the board as specified herein.
(Act 2010-751, p. 1903, §2.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 1A - Garrett Coliseum Agricultural Center Restoration and Improvement Act. › Section 2-6-12 - Annual Appropriation.

Section 2-6-12
Annual appropriation.
(a) Beginning in the fiscal year ending September 30, 2013, and in each fiscal year thereafter there shall be appropriated from the State General Fund to the Alabama Agriculture Center Board the sum of eight hundred thousand dollars ($800,000).
(b) This annual appropriation shall be in addition to any and all other appropriations to the Alabama Agriculture Center Board. The annual appropriation to the board in the amount of eight hundred thousand dollars ($800,000) shall continue in each succeeding fiscal year as long as a restoration, renovation, and improvement agreement of at least thirty million dollars ($30,000,000) remains in effect between the board and any public institution or corporation of the State of Alabama for the renovation and rehabilitation of Garrett Coliseum and the Alabama Agriculture Center, located in Montgomery, Alabama.
(c) In the fiscal year following the expiration or termination of the above agreement, the provisions of this continuing appropriation shall cease. However, in any event, the continuing appropriation shall cease and no longer be in effect after fiscal year 2042.
(d) The appropriation authority granted in this article shall become null and void after September 30, 2015, if by that time the board has not entered into a restoration, renovation, and improvement agreement with any public institution or other entity through which the use of private funding is primarily used to restore, renovate, and improve the facility.
(Act 2010-751, p. 1903, §3; Act 2011-694, p. 2122, §1.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 1A - Garrett Coliseum Agricultural Center Restoration and Improvement Act. › Section 2-6-13 - Use of Funds.

Section 2-6-13
Use of funds.
The board may utilize the funds appropriated herein to accomplish the purposes of maintaining, restoring, renovating, and improving the facility as it deems appropriate or for any legal purpose approved by the board.
(Act 2010-751, p. 1903, §4.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-20 - Definitions.

Section 2-6-20
Definitions.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §1.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-21 - Legislative Findings and Intent.

Section 2-6-21
Legislative findings and intent.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §2.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-22 - Authority and Procedure for Incorporation.

Section 2-6-22
Authority and procedure for incorporation.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §3.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-23 - Certificate of Incorporation.

Section 2-6-23
Certificate of incorporation.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §5.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-24 - Governor, Commissioner of Agriculture and Industries and Director of Finance to Constitute Corporation; Directors; Officers; Record of Proceedings.

Section 2-6-24
Governor, Commissioner of Agriculture and Industries and Director of Finance to constitute corporation; directors; officers; record of proceedings.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §6.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-25 - Powers of Corporation Generally.

Section 2-6-25
Powers of corporation generally.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §7.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-26 - Conveyance of Coliseum and Lands of Agricultural Center to Corporation by State.

Section 2-6-26
Conveyance of coliseum and lands of agricultural center to corporation by state.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §8.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-27 - Lease of Corporation's Properties to Board - Authorized; Provisions of Lease Agreement.

Section 2-6-27
Lease of corporation's properties to board - Authorized; provisions of lease agreement.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §9.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-28 - Issuance and Sale of Bonds of Corporation.

Section 2-6-28
Issuance and sale of bonds of corporation.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §10.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-29 - Execution of Bonds.

Section 2-6-29
Execution of bonds.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §11.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-30 - Pledge for Bonds.

Section 2-6-30
Pledge for bonds.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §12.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-31 - Use of Proceeds From Sale of Bonds.

Section 2-6-31
Use of proceeds from sale of bonds.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §13.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-32 - Construction of Coliseum.

Section 2-6-32
Construction of coliseum.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §14.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-33 - Refunding Bonds.

Section 2-6-33
Refunding bonds.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §15.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-34 - State Treasurer to Disburse Rental Payments.

Section 2-6-34
State Treasurer to disburse rental payments.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §16.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-35 - Notice of Bond Resolution; Limitation of Action to Contest Validity of Bonds, etc.; Venue of Actions Under Article.

Section 2-6-35
Notice of bond resolution; limitation of action to contest validity of bonds, etc.; venue of actions under article.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §17.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-36 - Bonds Legal Investments.

Section 2-6-36
Bonds legal investments.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §18.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-37 - Exemption From Taxation.

Section 2-6-37
Exemption from taxation.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §19.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-38 - Conveyance of Properties to State; Dissolution of Corporation.

Section 2-6-38
Conveyance of properties to state; dissolution of corporation.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §20.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 3 - Lease of Coliseum Building and Facilities. › Section 2-6-50 - Definitions.

Section 2-6-50
Definitions.
The following words and phrases, wherever used in this article, shall, in the absence of clear implication herein otherwise, have the following respective meanings:
(1) COLISEUM. The existing coliseum building located in the Alabama Agricultural Center in the City of Montgomery.
(2) THE CORPORATION. Any public corporation which may be organized pursuant to any law now in force or hereafter enacted for the purpose of acquiring title to and completing the construction and equipment of the coliseum and the necessary facilities in connection therewith.
(3) BOARD. The Agricultural Center Board created by Sections 2-6-1 and 2-6-2.
(4) LEASE AGREEMENT. Any agreement of lease covering all or any part of the properties comprising the Alabama Agricultural Center, including the coliseum and any facilities necessary in connection therewith, which may be made between the board and the corporation pursuant to the provisions of this article.
(Acts 1951, No. 533, p. 943, §1.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 3 - Lease of Coliseum Building and Facilities. › Section 2-6-51 - Lease Authorized.

Section 2-6-51
Lease authorized.
The Agricultural Center Board is hereby authorized and empowered to enter into an agreement with the corporation under which agreement all or any part of the properties of the corporation shall be leased to the board. The lease agreement shall begin upon the completion of the construction and equipment of the coliseum and the necessary facilities in connection therewith and shall extend for such period of time as may be agreed upon by the board and the corporation; provided, that it shall not exceed for any period later than the last maturity of any bonds which may be issued by the corporation. The lease agreement shall provide for the payment by the board as rental for the properties covered thereby of an amount sufficient to pay, as the same respectively mature, the principal of and interest on all bonds issued by the corporation and to create and maintain a reserve therefor and shall require the board, as additional rental, to pay the premiums on all proper insurance covering the said properties and the equipment therein and all expenses necessary to keep the said properties in good repair and may contain such other provisions and agreements not inconsistent with the provisions of this article and the laws of the state as the board and the corporation may agree.
(Acts 1951, No. 533, p. 943, §2.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 3 - Lease of Coliseum Building and Facilities. › Section 2-6-52 - Lease Authorized - Operation of Leased Properties.

Section 2-6-52
Lease authorized - Operation of leased properties.
Upon securing possession of the properties covered by the lease agreement, the board is authorized to and shall thereafter operate, manage and control the said properties for the purpose of conducting or permitting to be conducted thereat livestock shows, agricultural and industrial displays, markets and other exhibits and events related thereto and to make contracts with individuals, livestock associations and other organizations for the conduct of such shows, displays, markets, exhibits and events related thereto. The board is authorized to make such charges for and in connection with any of said matters as will produce revenues sufficient to pay the rentals required to be paid by the board under the lease agreement and to pay the reasonable expenses of operating the said properties and the board's administrative expenses including salaries and per diem, all to the end that the said properties shall be self-supporting; provided, however, that such charges shall not be made with a view of producing any revenue or profit to the board or to the State of Alabama but shall be based exclusively upon the rentals required to be paid by the board under the lease agreement, the reasonable expenses of operating the properties covered thereby and the board's administrative expenses. It is hereby declared that it is not intended that this article shall be interpreted as authorizing the board to engage in the business of selling or marketing livestock or products of any kind or in what may be termed a brokerage business or to compete with private enterprise. In the event the revenues derived during any fiscal year of the board from the operation of the properties covered by the lease agreement should be in excess of the said rentals and operation and administration expenses payable during the same fiscal year, then the said charges shall be adjusted for the ensuing fiscal year in such manner as to void as far as may be practicable the production of any excess over the amount necessary to pay the said rentals and operating and administrative expenses payable during such ensuing fiscal year. If during any fiscal year the said charges should produce any such excess, then such excess shall be used to make advance payments on the rentals payable under the lease agreement.
(Acts 1951, No. 533, p. 943, §3.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 3 - Lease of Coliseum Building and Facilities. › Section 2-6-53 - Lease Authorized - Agricultural Center Fund; Appropriations for Rentals and Expenses.

Section 2-6-53
Lease authorized - Agricultural Center Fund; appropriations for rentals and expenses.
The charges made by the board pursuant to Section 2-6-51 shall be deposited monthly in the State Treasury to the credit of a special fund therein designated the Agricultural Center Fund and shall be used solely for the payment of the rentals payable under the lease agreement and the said operating and administrative expenses. So much of the moneys in the Agricultural Center Fund as may be necessary therefor are hereby appropriated for said purposes. In the event the revenues derived from the operation of the properties covered by the lease agreement should not be sufficient to pay, as the same respectively mature, the rentals required to be paid by the board under the provisions of the lease agreement and to pay the said operating and administrative expenses, there is hereby appropriated and ordered set aside in each fiscal year during the term of the lease agreement, solely out of moneys accruing to the Agricultural Fund under the provisions of Section 2-6-52, such amount as, when added to the moneys in the Agricultural Center Fund derived during that fiscal year from the operation of the properties covered by the lease agreement, shall be sufficient to pay the said rentals and the said operating and administrative expenses payable during each such fiscal year. The board is hereby authorized to pledge in the lease agreement for payment of said rentals so much as may be necessary for such purpose of the moneys required by this section to be paid into the Agricultural Center Fund. The moneys so appropriated for the payment of the said rentals shall be transferred by the State Treasurer to the credit of the corporation from time to time as may be necessary to pay said rentals. All other withdrawals from the Agricultural Center Fund shall be made upon requisition by the chairman of the board to the State Comptroller and upon warrant drawn by the State Comptroller upon the State Treasurer. Nothing contained in this section shall be construed to estop or prevent the Legislature at any time and from time to time in the future from altering the amounts and rates of the fees, licenses, fines, penalties and charges, the collections from which may now or hereafter be required by law to be paid into the Agricultural Fund, or from abolishing any thereof or substituting others therefor or adding others thereto as the Legislature, in its discretion, may from time to time deem advisable. The appropriations made in this section for the payment of rentals under the lease agreement shall not be subject to the provisions of Article 4 of Chapter 4 of Title 41 of this Code, and shall not be restricted by or subject to the provisions of any other act making general or special appropriations.
(Acts 1951, No. 533, p. 943, §4.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 3 - Lease of Coliseum Building and Facilities. › Section 2-6-54 - Lease Authorized - Lease Not to Constitute Debt of State; Payment of Rentals.

Section 2-6-54
Lease authorized - Lease not to constitute debt of state; payment of rentals.
The lease agreement shall never in any event constitute or give rise to an indebtedness of the State of Alabama and no recourse shall ever be had against the general credit of the state or against its general funds for payment of said rentals. The rentals provided for in the lease agreement shall be payable solely out of the moneys in the Agricultural Center Fund derived from the operation of the properties covered by the lease agreement and, to the extent such moneys are not sufficient to pay said rentals and to pay the said operating and administrative expenses, out of the moneys in the Agricultural Fund appropriated for said purposes in this article. No moneys at any time in the General Fund of the state shall ever be used for payment of said rentals.
(Acts 1951, No. 533, p. 943, §5.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-71 - Declaration of Purpose and Legislative Findings.

Section 2-6-71
Declaration of purpose and legislative findings.
The Legislature has found and determined and does hereby declare that in certain areas of this state, there are inadequate market facilities available to Alabama farmers for the efficient handling and sale of agricultural and agriculture related products.
The Legislature has also found and determined, and does hereby declare that the coliseum is in dire need of repair and is in such poor condition as to limit its use by the public. It is the intent of the Legislature, by the passage of this article, to authorize the incorporation of a public corporation as an instrumentality of the state for the purpose of borrowing funds to finance the construction of an adequate market facility and the renovation of the coliseum and to vest said corporation with all powers, rights, privileges and titles that may be necessary to accomplish said purposes. This article shall be liberally construed in conformity with said intent.
(Acts 1984, No. 84-252, p. 405, §2.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-72 - Authority and Procedure for Incorporation.

Section 2-6-72
Authority and procedure for incorporation.
The Governor, the Commissioner of Agriculture and Industries and the Director of Finance may incorporate and organize a public corporation with the powers and authority provided in this article by proceeding according to the provisions of this article. They are authorized to present to the Secretary of State an application for the organization of a corporation which shall be signed by them and shall set forth:
(1) The names, official designations and official residences of the applicants, together with a certified copy of each of the commissions evidencing their respective rights to office;
(2) The date or dates on which they were respectively inducted into office and the terms of their respective offices;
(3) The name of the proposed corporation (which shall be Alabama Agricultural Markets and Coliseum Corporation, if such name is available for use by the corporation, but if not available, then some other name that is available shall be set forth in the application);
(4) The location of the principal office of the proposed corporation, which shall be within the State of Alabama; and
(5) Such other provisions as the applicants may choose to insert and as shall not be inconsistent with this article or with the laws of the state. The application shall be subscribed and sworn to by each of the applicants before an officer authorized by the law of the state to administer oaths.
The Secretary of State shall examine the application, and if he finds that the name proposed in the application is not identical with that of a person or other corporation in the state or so nearly similar thereto as to lead to confusion and uncertainty, he shall receive the application and file it in an appropriate book or record in his office.
(Acts 1984, No. 84-252, p. 405, §3.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-73 - Certificate of Incorporation; Fees.

Section 2-6-73
Certificate of incorporation; fees.
When the application has been made, filed and recorded as provided in this article, the applicants shall constitute a corporation under the name proposed in the application and with the powers set forth in this article. The Secretary of State shall make and issue to the applicants a certificate of incorporation, under the Great Seal of the State, reciting the fact of such incorporation and shall record the same with the application. There shall be no fees paid to the Secretary of State for any work in connection with the incorporation or dissolution of the corporation.
(Acts 1984, No. 84-252, p. 405, §4.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-74 - Board of Directors; Officers; Quorum; Compensation; Record of Proceedings.

Section 2-6-74
Board of directors; officers; quorum; compensation; record of proceedings.
The powers of the corporation shall be vested in a board of directors consisting of the persons at any time holding the offices of Governor, Commissioner of Agriculture and Industries and Director of Finance. Any two members of the board of directors shall constitute a quorum for the transaction of business. No vacancy in the membership of the board of directors or the voluntary disqualification or abstention of any member thereof shall impair the right of a quorum of the board of directors to act. The corporation shall have a president, a vice-president and a secretary, who shall be elected by the board of directors from the members of the board, and a treasurer, who shall be the State Treasurer of the state. If it so desires, the board of directors may appoint an assistant secretary who need not be a member of the board of directors. The officers of the corporation shall hold their respective offices for such terms as the board of directors shall determine, subject to the requirement that the president, vice-president and secretary shall at all times be members of the board of directors. No officer or director of the corporation shall draw any salary for any services he may render or any duty he may perform as a director or officer of the corporation; provided, however, that directors and officers of the corporation may be reimbursed for their actual expenses properly incurred in the performance of their duties as directors or officers of the corporation. All proceedings of the board of directors shall be reduced to writing by the secretary of the corporation and recorded in a well-bound book. Copies of such proceedings, when certified by the secretary of the corporation under its seal, shall be received in all courts as evidence of the proceedings and other matters therein certified.
(Acts 1984, No. 84-252, p. 405, §5.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-75 - Powers of Corporation - Generally.

Section 2-6-75
Powers of corporation - Generally.
The corporation shall have the following powers, together with all powers incidental thereto or necessary or convenient to the discharge thereof in corporate form:
(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 civil actions in any court having jurisdiction of the subject matter and of the parties;
(3) To adopt and make use of 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 corporation's business and the control of its property and affairs;
(5) To borrow money and, in evidence of such borrowing, to sell and issue its securities (whether or not bearing periodic interest) as herein provided for any corporate use or purpose;
(6) To pledge for the payment of the principal of, premium, if any, and interest on such securities, any funds or revenues from which said securities may be made payable as herein provided;
(7) To appoint, employ, discharge and contract with such employees, agents, independent contractors, trustees and depositories, attorneys, accountants, financial experts, underwriters, fiscal agents or other advisors as may in the judgment of the board of directors be necessary or desirable, and to fix and pay their compensation and expenses; and
(8) To make and enter into such contracts, 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 corporation or incidental to the powers expressly set out herein.
(Acts 1984, No. 84-252, p. 405, §6.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-77 - Powers of Corporation - Execution of Securities.

Section 2-6-77
Powers of corporation - Execution of securities.
All securities of the corporation shall be signed by its president or vice-president, and the seal of the corporation shall be affixed thereto and attested by its secretary. The signatures of the president, vice-president and secretary may be facsimile signatures and a facsimile of the seal of the corporation may be imprinted on the securities if the board of directors, in its proceedings with respect to issuance of such securities, provides for manual authentication of such securities by a trustee or paying agent or by named individuals who are employees of the state and who are assigned to the Finance Department or State Treasurer's office of the state. Delivery of securities so executed shall be valid notwithstanding any changes in officers or in the seal of the corporation after the signing and sealing of such securities.
(Acts 1984, No. 84-252, p. 405, §8.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-79 - Construction of Market Facility.

Section 2-6-79
Construction of market facility.
The Board of Agriculture and Industries shall proceed with the acquisition, construction and equipping of the market facility as soon as may be practicable following the sale of the corporation's securities. Such acquisition, construction and equipping shall be done by the Board of Agriculture and Industries under the supervision of the Building Commission upon the award of a contract or contracts for each part of the work to the lowest responsible bidder after advertisement for and public opening of sealed bids; provided, that for the purpose of determining the lowest responsible bidder, the invitation for bids and the bidding documents shall be so arranged that alternates from the base bid shall constitute cumulative deductions from the base bid in the event such alternates should be selected. All such contracts shall be lump sum contracts and shall be awarded and executed by the Board of Agriculture and Industries to the respective lowest bidders following determination by the Building Commission of the lowest bidders. Payment made under any such contracts shall be only upon the contractor's written, verified statements when approved by the Building Commission or its agent, in such amounts as the Building Commission may approve as having been then earned under such contracts. The Building Commission shall be reimbursed for all reasonable direct costs incurred by it in connection with such acquisition, construction and equipping, including expenses and fees for the preparation of plans, specifications and contract documents and supervision and inspection of the work. Such plans and specifications may be revised and extras may be added to the contracts only when approved by the Building Commission and only to the extent that funds are available therefor.
(Acts 1984, No. 84-252, p. 405, §10.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-80 - Renovation of Coliseum.

Section 2-6-80
Renovation of coliseum.
The Agricultural Center Board shall proceed with the renovation and repair of the coliseum as soon as may be practical following the sale of the corporation's securities. Such renovation and repair shall be done by the Agricultural Center Board under the supervision of the Building Commission upon the award of a contract or contracts for each part of the work to the lowest responsible bidder after advertisement for and public openings of sealed bids; provided, that for the purpose of determining the lowest responsible bidder, the invitation for bids and the bidding documents shall be so arranged that alternates from the base bid shall constitute cumulative deductions from the base bid in the event such alternates should be selected. All such contracts shall be lump sum contracts and shall be awarded and executed by the Agricultural Center Board to the respective lowest bidders following determination by the Building Commission of the lowest bidders. Payments made under any such contracts shall be only upon the contractor's written, verified statements when approved by the Building Commission or its agent, in such amounts as the Building Commission may approve as having been then earned under such contracts. The Building Commission shall be reimbursed for all reasonable direct costs incurred by it in connection with such acquisition, construction and equipping, including expenses and fees for the preparation of plans, specifications and contract documents and supervision and inspection of the work. Such plans and specifications may be revised and extras may be added to the contracts only when approved by the Building Commission and only to the extent that funds are available therefor.
(Acts 1984, No. 84-252, p. 405, §11.)
2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-81 - Refunding Securities.

Section 2-6-81
Refunding securities.
Any securities issued by the corporation may from time to time thereafter be refunded by the issuance of refunding securities of the corporation, but the amount of any refunding securities so issued shall not exceed the principal of the securities refunded thereby together with any unpaid interest thereon, any redemption premium thereon and any expenses of such refunding. Any such refunding securities may be issued regardless of whether the securities to be refunded shall have then matured or shall thereafter mature, and such refunding may be effected either by sale of the refunding securities and the application of the proceeds thereof to the payment or redemption of the securities so refunded or by exchange of the refunding securities for those to be refunded thereby; provided, that the holders of any securities so to be refunded shall not be compelled without their consent to surrender their securities 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 may be redeemed by the corporation according to their terms. Any refunding securities of the corporation shall be payable solely from and secured by the revenues out of which the securities to be refunded thereby were payable. The proceeds derived from any sale of refunding securities shall be applied to the purchase, redemption or payment of the securities refunded thereby. Pending the application of said proceeds to the purchase, redemption or payment of such outstanding securities, the said proceeds may be invested in eligible investments pursuant to an escrow or trust agreement providing for the future application of such proceeds to the purchase, redemption or payment of such outstanding securities.
(Acts 1984, No. 84-252, p. 405, §12.)