reglab/statecodes huggingface dataset:
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 2 - Acquisiton, etc., of Projects for Promotion of Industry, Trade, and Pollution Control Generally. › Section 11-54-22 - Powers of Municipalities Generally as to Acquisition, Leasing, etc., of Projects for Industry, Trade, and Pollution Control.

Section 11-54-22
Powers of municipalities generally as to acquisition, leasing, etc., of projects for industry, trade, and pollution control.
In addition to any other powers which it may now have, each municipality shall have the following powers:
(1) To acquire and, in connection with such acquisition, to enlarge, improve, and expand, whether by construction, purchase, gift, or lease, one or more projects which shall be located within this state and may be located within or without the municipality or partially within or partially without the municipality, but which shall not be located more than 15 miles outside of the corporate limits of the municipality;
(2) To lease to others any or all of its projects for such rentals and upon such terms and conditions as the governing body may deem advisable and as shall not conflict with the provisions of this article; and
(3) To issue revenue bonds for the purpose of defraying the cost of acquisition by construction and purchase and, in connection with any such acquisition, to enlarge, improve, and expand or any thereof any project and to secure the payment of such bonds provided in this article.
No municipality shall have the power to operate any project as a business or in any manner except as lessor thereof.
(Acts 1951, No. 756, p. 1307, §3; Acts 1963, 2nd Ex. Sess., No. 122, p. 310, §3.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 2 - Acquisiton, etc., of Projects for Promotion of Industry, Trade, and Pollution Control Generally. › Section 11-54-23 - Requirements as to Leasing of Projects.

Section 11-54-23
Requirements as to leasing of projects.
(a) Prior to the leasing of any project, the governing body must determine and find the following:
(1) The amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance such project;
(2) The amount necessary to be paid each year into any reserve funds which the governing body may deem it advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project; and,
(3) The estimated cost of maintaining the project in good repair and keeping it properly insured, unless the terms under which the project is leased provide that the lessee shall maintain the project and carry all proper insurance with respect thereto.
(b) The determinations and findings of the governing body required to be made by subsection (a) of this section shall be set forth in the proceedings under which the proposed bonds are to be issued; and, prior to the issuance of such bonds, the municipality shall lease the project to a lessee under an agreement conditioned upon completion of the project and providing for payment to the municipality of such rentals as upon the basis of such determinations and findings will be sufficient:
(1) To pay the principal of and interest on the bonds issued to finance the project;
(2) To build up and maintain any reserves deemed by the governing body to be advisable in connection therewith; and
(3) To pay the cost of maintaining the project in good repair and keeping it properly insured, unless the agreement of lease obligates the lessee to pay for the maintenance and insurance of the project.
(Acts 1951, No. 756, p. 1307, §6.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 2 - Acquisiton, etc., of Projects for Promotion of Industry, Trade, and Pollution Control Generally. › Section 11-54-24 - Bonds - Form, Terms, Denominations, etc.; Execution, Sale, Delivery, Redemption, Etc.

Section 11-54-24
Bonds - Form, terms, denominations, etc.; execution, sale, delivery, redemption, etc.
All bonds issued by a municipality under authority of this article shall be limited obligations of the municipality, the principal of and interest on which shall be payable solely out of the revenues derived from the leasing of the project to finance which the bonds are issued. Bonds and interest coupons issued under authority of this article shall never constitute an indebtedness of the municipality within the meaning of any state constitutional provision or statutory limitation and shall never constitute nor give rise to a pecuniary liability of the municipality or a charge against its general credit or taxing powers, and such fact shall be plainly stated in the face of each such bond.
Such bonds may be executed and delivered at any time and from time to time, may be in such form and denominations, may be of such tenor, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times, not exceeding 30 years from their date, may be payable at such place or places, may bear interest at such rate or rates payable at such place or places and evidenced in such manner and may contain such provisions not inconsistent with this article as shall be provided in the proceedings of the governing body whereunder the bonds shall be authorized to be issued.
The bonds issued under this article shall be subject to the general provisions of law presently existing or that may hereafter be enacted respecting the execution and delivery of the bonds of a municipality and respecting the retaining of options of redemption in proceedings authorizing the issuance of municipal securities. Any bonds issued under the authority of this article may be sold at public or private sale in such manner and from time to time as may be determined by the governing body to be most advantageous, and the municipality may pay all expenses, premiums, and commissions which the governing body may deem necessary or advantageous in connection with the authorization, sale, and issuance thereof.
All bonds issued under the authority of this article and all interest coupons applicable thereto shall be construed to be negotiable instruments despite the fact that they are payable solely from a specified source.
(Acts 1951, No. 756, p. 1307, §4.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 2 - Acquisiton, etc., of Projects for Promotion of Industry, Trade, and Pollution Control Generally. › Section 11-54-25 - Bonds - Security for Payment of Principal and Interest; Remedies Upon Default.

Section 11-54-25
Bonds - Security for payment of principal and interest; remedies upon default.
The principal of and interest on any bonds issued under the authority of this article shall be secured by a pledge of the revenues out of which such bonds shall be made payable, may be secured by a mortgage covering all or any part of the project from which the revenues so pledged may be derived and may be secured by a pledge of the lease of such project.
The proceedings under which such bonds are authorized to be issued or any such mortgage may contain any agreements and provisions customarily contained in instruments securing bonds, including, without limiting the generality of the foregoing, provisions respecting the fixing and collection of rents for any project covered by such proceedings or mortgage, the terms to be incorporated in the lease of such project, the maintenance and insurance of such project, the creation and maintenance of special funds from the revenues from such project and the rights and remedies available in event of default to the bondholders or to the trustee under a mortgage as the governing body shall deem advisable and as shall not be in conflict with the provisions of this article; provided, however, that in making any such agreements or provisions a municipality shall not have the power to obligate itself except with respect to the project and the application of the revenues therefrom and shall not have the power to incur a pecuniary liability or a charge upon its general credit or against its taxing powers.
The proceedings authorizing any bonds under this article and any mortgage securing such bonds may provide that, in the event of default in payment of the principal of or the interest on such bonds or in the performance of any agreement contained in such proceedings or mortgage, such payment and performance may be enforced by mandamus or by the appointment of a receiver with power to charge and collect rents and to apply the revenues from the project in accordance with such proceedings or the provisions of such mortgage. Any such mortgage may provide also that, in the event of default in such payment or the violation of any agreement contained in the mortgage, the mortgage may be foreclosed either by sale at public outcry or by civil action and may provide that any trustee under such mortgage or the holder of any of the bonds secured thereby may become the purchaser at any foreclosure sale if the highest bidder therefor. No breach of any such agreement shall impose any pecuniary liability upon a municipality or any charge upon its general credit or against its taxing powers.
(Acts 1951, No. 756, p. 1307, §5.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 2 - Acquisiton, etc., of Projects for Promotion of Industry, Trade, and Pollution Control Generally. › Section 11-54-26 - Bonds - Disposition of Proceeds From Sale.

Section 11-54-26
Bonds - Disposition of proceeds from sale.
(a) The proceeds from the sale of any bonds issued under authority of this article shall be applied only for the purpose for which the bonds were issued; provided, however, that any accrued interest and premium received in any such sale shall be applied to the payment of the principal of or the interest on the bonds sold; provided further, that if for any reason any portion of such proceeds shall not be needed for the purpose for which the bonds were issued, then such unneeded portion of said proceeds shall be applied to the payment of the principal of or the interest on said bonds.
(b) The cost of acquiring any project, which shall be paid from the proceeds derived from the sale of bonds, shall be deemed to include the following:
(1) The actual cost of the construction of any part of a project which may be constructed, including architect's and engineer's fees;
(2) The purchase price of any part of a project that may be acquired by purchase;
(3) All expenses in connection with the authorization, sale, and issuance of the bonds to finance such acquisition; and
(4) The interest on such bonds for a reasonable time prior to construction, during construction, and for a period not exceeding six months after completion of construction.
(Acts 1951, No. 756, p. 1307, §8.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 2 - Acquisiton, etc., of Projects for Promotion of Industry, Trade, and Pollution Control Generally. › Section 11-54-27 - Refunding Bonds.

Section 11-54-27
Refunding bonds.
Any bonds issued under this article and at any time outstanding may at any time and from time to time be refunded by a municipality by the issuance of its refunding bonds in such amount as the governing body may deem necessary but not exceeding an amount sufficient to refund the principal of the bonds so to be refunded, together with any unpaid interest thereon and any premiums and commissions necessary to be paid in connection therewith.
Any such refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof for the payment of the bonds to be refunded thereby or by exchange of the refunding bonds for the bonds to be refunded thereby; provided, that the holders of any bonds so to be refunded shall not be compelled without their consent to surrender their bonds for payment or exchange prior to the date on which they are payable or, if they are called for redemption, prior to the date on which they are by their terms subject to redemption.
Any refunding bonds issued under the authority of this article shall be payable solely from the revenues out of which the bonds to be refunded thereby were payable and shall be subject to the provisions contained in Section 11-54-24 and may be secured in accordance with the provisions of Section 11-54-25.
(Acts 1951, No. 756, p. 1307, §7.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 2 - Acquisiton, etc., of Projects for Promotion of Industry, Trade, and Pollution Control Generally. › Section 11-54-28 - Notice To, Consent or Approval of Governmental Body, etc., Not to Be Required for Issuance or Sale of Bonds or Execution of Mortgages.

Section 11-54-28
Notice to, consent or approval of governmental body, etc., not to be required for issuance or sale of bonds or execution of mortgages.
No notice to or consent or approval by any governmental body or public officer shall be required as a prerequisite to the sale or issuance of any bonds or the making of a mortgage under the authority of this article.
(Acts 1951, No. 756, p. 1307, §13.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 2 - Acquisiton, etc., of Projects for Promotion of Industry, Trade, and Pollution Control Generally. › Section 11-54-29 - Investment in Bonds by Savings Banks and Insurance Companies.

Section 11-54-29
Investment in bonds by savings banks and insurance companies.
Bonds issued under the provisions of this article shall be legal investments for savings banks and insurance companies organized under the laws of this state.
(Acts 1951, No. 756, p. 1307, §10.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 2 - Acquisiton, etc., of Projects for Promotion of Industry, Trade, and Pollution Control Generally. › Section 11-54-30 - Municipalities Not to Contribute to Costs of Acquisition of Projects or Use Municipal Lands for Projects.

Section 11-54-30
Municipalities not to contribute to costs of acquisition of projects or use municipal lands for projects.
No municipality shall have the power to pay out of its general funds or otherwise contribute any part of the costs of acquiring a project and shall not have the power to use land already owned by the municipality or in which the municipality has an equity for construction thereon of a project or any part thereof. The entire cost of acquiring any project must be paid out of the proceeds from the sale of bonds issued under the authority of this article; provided, however, that this provision shall not be construed to prevent a municipality from accepting donations of property to be used as a part of any project or money to be used for defraying any part of the cost of any project.
(Acts 1951, No. 756, p. 1307, §9.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 2 - Acquisiton, etc., of Projects for Promotion of Industry, Trade, and Pollution Control Generally. › Section 11-54-31 - Exemption From Taxation of Projects, Bonds, Etc.

Section 11-54-31
Exemption from taxation of projects, bonds, etc.
The bonds authorized by this article and the income therefrom, all mortgages executed as security therefor, all lease agreements made pursuant to the provisions of this article, and all projects and the revenue derived from any lease thereof shall be exempt from all taxation in the State of Alabama.
(Acts 1951, No. 756, p. 1307, §11.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 2 - Acquisiton, etc., of Projects for Promotion of Industry, Trade, and Pollution Control Generally. › Section 11-54-32 - Construction of Article.

Section 11-54-32
Construction of article.
Neither this article nor anything contained in this article shall be construed as a restriction or limitation upon any powers which a municipality might otherwise have under any laws of this state, but shall be construed as cumulative, and this article shall not be construed as requiring an election by the voters of a municipality prior to the issuance of bonds under this article by such municipality.
(Acts 1951, No. 756, p. 1307, §12.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations. › Section 11-54-50 - Definitions.

Section 11-54-50
Definitions.
Wherever used in this article, unless a different meaning clearly appears in the context, the following terms shall be given the following respective meanings:
(1) GOVERNING BODY. The board or body in which the legislative powers of the municipality are vested.
(2) MORTGAGE. A mortgage or a mortgage and indenture of trust.
(3) MUNICIPALITY. Any incorporated city or town in the State of Alabama.
(4) NATIONAL ORGANIZATION.
a. Any regional, national, or international association or organization, one or more of the purposes or objects of which shall consist of one or more of the following:
1. The promotion of patriotism or good citizenship;
2. The development of civic pride or consciousness;
3. The improvement of trade, business, professional, or economic conditions; or
4. The promotion of health, safety, conservation, community beautification, or community welfare.
b. The membership of such regional, national, or international association or organization shall include:
1. Persons, firms, or corporations residing or domiciled in not less than 12 of the states of the United States, including at least two such members residing or domiciled in the State of Alabama, or
2. Local organizations or clubs with like objects or purposes situated in not less than 12 of the states of the United States, including at least two such organizations or clubs situated in the State of Alabama.
c. The location of the membership of any national organization shall be conclusively established by the certificate of the chief executive officer and the secretary of the national organization filed with the municipality and stating facts which show that such membership satisfies the requirements of this definition.
(5) PROJECT. A building or buildings for the supplying of offices, storage, or related facilities for a national organization, together with any lands or interests in lands deemed by the municipality to be desirable in connection therewith.
(Acts 1973, No. 812, p. 1251, §1.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations. › Section 11-54-51 - Legislative Intent; Construction of Article Generally.

Section 11-54-51
Legislative intent; construction of article generally.
(a) It is the intent of the Legislature by the passage of this article to authorize municipalities to provide buildings and other facilities for lease to and use by one or more national organizations in order to induce such organizations to establish or to locate offices in this state or in order to encourage or facilitate such organizations in continuing to maintain offices in this state.
(b) This article shall be liberally construed in conformity with the said intent.
(Acts 1973, No. 812, p. 1251, §2.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations. › Section 11-54-52 - Powers of Municipalities Generally as to Acquisition, Leasing, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations.

Section 11-54-52
Powers of municipalities generally as to acquisition, leasing, etc., of projects for provision of buildings and other facilities for certain national organizations.
In addition to any other powers which it may now have, each municipality shall have the following powers:
(1) To acquire, whether by construction, purchase, gift, or lease, and to equip one or more projects, which shall be located within this state and may be located within or without the municipality or partially within or partially without the municipality, but which shall not be located more than 15 miles outside of the corporate limits of the municipality;
(2) To improve, enlarge, expand, equip, furnish, insure, and maintain one or more projects;
(3) To lease to others any or all of its projects or any part thereof for such rentals and upon such terms and conditions as the governing body may deem advisable and as shall not conflict with the provisions of this article and to grant options to renew or extend any such lease upon such terms and conditions as the governing body may determine; provided, that no lease shall extend beyond the last maturity of any bonds issued by the municipality or 60 years from the date of the lease, whichever is the longer, and no option to renew shall permit the extension of any lease beyond such period;
(4) To issue revenue bonds for the purpose of defraying the cost of acquiring, improving, enlarging, expanding, equipping, or furnishing any project and to secure the payment of such bonds as provided in this article; and,
(5) To enter into contracts and agreements and to do any act necessary for or incidental to the performance of the duties and the execution of its powers under this article.
(Acts 1973, No. 812, p. 1251, §3.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations. › Section 11-54-53 - Requirements as to Leasing of Projects.

Section 11-54-53
Requirements as to leasing of projects.
(a) Prior to the leasing of any project, the governing body must determine and find the following:
(1) The amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance such project;
(2) The amount necessary to be paid each year into any reserve funds which the governing body may deem it advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project; and
(3) The estimated cost of maintaining the project in good repair and keeping it properly insured, unless the terms under which the project is to be leased provide that the lessee shall maintain the project and carry all proper insurance with respect thereto.
(b) The determinations and findings of the governing body required to be made by subsection (a) of this section shall be set forth in the proceedings under which the proposed bonds are to be issued and, prior to the issuance of such bonds, the municipality shall lease the project to a lessee under an agreement providing for payment to the municipality of such rentals as upon the basis of such determinations and findings will be sufficient:
(1) To pay the principal of and interest on the bonds issued to finance the project;
(2) To build up and maintain any reserves deemed by the governing body to be advisable in connection therewith; and
(3) To pay the costs of maintaining the project in good repair and keeping it properly insured, unless the agreement of lease obligates the lessee to pay for the maintenance and insurance of the project.
(Acts 1973, No. 812, p. 1251, §6.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations. › Section 11-54-54 - Bonds - Form, Terms, Denominations, etc.; Execution, Sale, Delivery, Redemption, Etc.

Section 11-54-54
Bonds - Form, terms, denominations, etc.; execution, sale, delivery, redemption, etc.
All bonds issued by a municipality under authority of this article shall be limited obligations of the municipality, the principal of and interest on which shall be payable solely out of the revenues derived from the leasing of the project to finance which the bonds are issued. Bonds and interest coupons issued under the authority of this article shall never constitute an indebtedness of the municipality within the meaning of any state constitutional provision or statutory limitation and shall never constitute nor give rise to a pecuniary liability of the municipality or a charge against its general credit or taxing powers, and such fact shall be plainly stated in the face of each such bond.
Such bonds may be executed and delivered at any time and from time to time, may be in such form and denominations, may be of such tenor, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments, in such amounts and at such time or times, not exceeding 40 years from the date thereof, may be payable at such place or places, whether within or without the State of Alabama, may bear interest at such rate or rates payable at such place or places and evidenced in such manner and may contain such provisions not inconsistent with this article as shall be provided in the proceedings of the governing body whereunder the bonds shall be authorized to be issued. The bonds issued under this article shall not be subject to the laws of the State of Alabama governing usury or limiting interest rates, including, without limitation, the provisions of Chapter 8 of Title 8.
The bonds issued under this article shall be subject to the general provisions of law, presently existing or that may hereafter be enacted, respecting the execution of the bonds of a municipality and respecting the retaining of options of redemption in proceedings authorizing the issuance of municipal securities. Any bonds issued under the authority of this article may be sold at public or private sale in such manner and from time to time as may be determined by the governing body to be most advantageous, and the municipality may pay all expenses, premiums and commissions which the governing body may deem necessary or advantageous in connection with the authorization, sale and issuance thereof.
All bonds issued under the authority of this article and all interest coupons applicable thereto shall be construed to be negotiable instruments despite the fact that they are payable solely from a specified source.
(Acts 1973, No. 812, p. 1251, §4.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations. › Section 11-54-55 - Bonds - Security for Payment of Principal and Interest.

Section 11-54-55
Bonds - Security for payment of principal and interest.
The principal of and interest on any bonds issued under the authority of this article shall be secured by a pledge of the revenues out of which such bonds shall be made payable, may be secured by a mortgage covering all or any part of the project from which the revenues so pledged may be derived and may be secured by a pledge of the lease of such project.
The proceedings under which such bonds are authorized to be issued or any such mortgage may contain any agreements and provisions customarily contained in instruments securing bonds, including, without limiting the generality of the foregoing, provisions respecting the fixing and collection of rents for any project covered by such proceedings or mortgage, the terms to be incorporated in the lease of such project, the maintenance and insurance of such project, the creation and maintenance of special funds from the revenues from such project and the rights and remedies available in event of default to the bondholders or to the trustee under a mortgage, as the governing body shall deem advisable and as shall not be in conflict with the provisions of this article; provided, however, that in making any such agreements or provisions a municipality shall not have the power to obligate itself except with respect to the project and the application of the revenues therefrom and shall not have the power to incur a pecuniary liability or a charge upon its general credit or against its taxing powers.
The proceedings authorizing any bonds under this article and any mortgage securing such bonds may provide that, in the event of default in payment of the principal of or the interest on such bonds or in the performance of any agreement contained in such proceedings or mortgage, such payment and performance may be enforced by mandamus or by the appointment of a receiver with power to charge and collect rents and to apply the revenues from the project in accordance with such proceedings or the provisions of such mortgage. Any such mortgage may provide also that, in the event of default in such payment or the violation of any agreement contained in the mortgage, the mortgage may be foreclosed either by sale at public outcry or by civil action and may provide that any trustee under such mortgage or the holder of any of the bonds secured thereby may become the purchaser at any foreclosure sale if the highest bidder therefor. No breach of any such agreement shall impose any pecuniary liability upon a municipality or any charge upon its general credit or against its taxing powers.
(Acts 1973, No. 812, p. 1251, §5.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations. › Section 11-54-56 - Bonds - Disposition of Proceeds From Sale.

Section 11-54-56
Bonds - Disposition of proceeds from sale.
(a) The proceeds derived from the sale of any bonds issued under authority of this article, other than refunding bonds, shall be used only to pay the cost of acquiring, constructing, improving, enlarging, equipping and furnishing one or more projects as may be provided in the proceedings in which the bonds are authorized to be issued.
(b) Such cost shall be deemed to include the following:
(1) The cost of acquiring any land forming a part of the project;
(2) The cost of the labor, materials and supplies used in any such construction, improvement or enlargement, including architect's and engineer's fees and the cost of preparing contract documents;
(3) The purchase price of and the cost of installing equipment, furniture and furnishings for the project;
(4) The cost of landscaping the lands forming a part of the project and of constructing and installing roads, sidewalks, curbs, gutters, utilities and parking facilities in connection therewith;
(5) Legal, fiscal and recording fees and expenses incurred in connection with any such acquisition and construction and with the authorization, sale and issuance of the bonds issued in connection with the project; and
(6) Interest on the bonds for a reasonable period prior to the commencement of the construction of the project and during the period that it is estimated will be required for such construction and for a period of not more than six months after the completion of such construction.
(c) If any proceeds derived from the sale of the bonds remain undisbursed after completion of the work and payment of all costs and expenses in connection with the project with respect to which the bonds are issued, such balance shall be applied toward the retirement of the bonds. The proceeds derived from the sale of any refunding bonds shall be used only for the purposes for which the refunding bonds were authorized to be issued.
(Acts 1973, No. 812, p. 1251, §8.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations. › Section 11-54-57 - Refunding Bonds.

Section 11-54-57
Refunding bonds.
Any bonds issued under this article and at any time outstanding may at any time and from time to time be refunded by a municipality by the issuance of its refunding bonds in such amount as the governing body may deem necessary but not exceeding an amount sufficient to refund the principal of the bonds so to be refunded, together with any unpaid interest thereon, any premiums and commissions necessary to be paid in connection therewith and the expenses incurred in connection with such refunding.
Any such refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature either by sale of the refunding bonds and the application of the proceeds thereof for the payment, redemption or retirement of the bonds to be refunded thereby or by exchange of the refunding bonds for the bonds to be refunded thereby or by any combination thereof; provided, that the holders of any bonds so to be refunded shall not be compelled without their consent to surrender their bonds for payment or exchange prior to the date on which they are payable or, if they are called for redemption, prior to the date on which they are by their terms subject to redemption.
Any refunding bonds issued under the authority of this article shall be payable solely from the revenues out of which the bonds to be refunded thereby were payable and shall be subject to the provisions contained in Section 11-54-54 and may be secured in accordance with the provisions of Section 11-54-55.
(Acts 1973, No. 812, p. 1251, §7.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations. › Section 11-54-58 - Notice To, Consent or Approval of Governmental Body, etc., Not to Be Required for Issuance or Sale of Bonds or Execution of Mortgages.

Section 11-54-58
Notice to, consent or approval of governmental body, etc., not to be required for issuance or sale of bonds or execution of mortgages.
No notice to or consent or approval by any governmental body or public officer shall be required as a prerequisite to the sale or issuance of any bonds or the making of a mortgage under the authority of this article.
(Acts 1973, No. 812, p. 1251, §13.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations. › Section 11-54-59 - Investment in Bonds by Savings Banks and Insurance Companies.

Section 11-54-59
Investment in bonds by savings banks and insurance companies.
Bonds issued under the provisions of this article shall be legal investments for savings banks and insurance companies organized under the laws of this state.
(Acts 1973, No. 812, p. 1251, §10.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations. › Section 11-54-60 - Municipalities Not to Contribute to Costs of Acquisition of Projects or Use Municipal Lands for Projects.

Section 11-54-60
Municipalities not to contribute to costs of acquisition of projects or use municipal lands for projects.
No municipality shall have the power to pay out of its general funds or otherwise contribute any part of the costs of acquiring a project and shall not have the power to use land already owned by the municipality or in which the municipality has an equity for construction thereon of a project or any part thereof. The entire cost of acquiring any project must be paid out of the proceeds from the sale of bonds issued under the authority of this article; provided, however, that this provision shall not be construed to prevent a municipality from accepting donations of property to be used as a part of any project or money to be used for defraying any part of the cost of any project or from requiring any lessee of a project to pay the cost of completing such project in the event the proceeds from the sale of the bonds are insufficient therefor.
(Acts 1973, No. 812, p. 1251, §9.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations. › Section 11-54-61 - Exemption From Taxation of Projects, Bonds, Etc.

Section 11-54-61
Exemption from taxation of projects, bonds, etc.
The bonds authorized by this article and the income therefrom, all mortgages executed as security therefor, all lease agreements made pursuant to the provisions of this article, any deeds or other documents whereby properties are acquired by a municipality under authority of this article and all projects and the revenue derived from any lease thereof shall be exempt from all taxation in the State of Alabama.
(Acts 1973, No. 812, p. 1251, §11.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 3 - Acquisition, etc., of Projects for Provision of Buildings and Other Facilities for Certain National Organizations. › Section 11-54-62 - Construction of Article.

Section 11-54-62
Construction of article.
Neither this article nor anything contained in this article shall be construed as a restriction or limitation upon any powers which a municipality might otherwise have under any laws of this state, but shall be construed as cumulative, and this article shall not be construed as requiring an election by the voters of a municipality prior to the issuance of bonds under this article by such municipality.
(Acts 1973, No. 812, p. 1251, §12.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-81 - Legislative Intent; Construction of Division Generally.

Section 11-54-81
Legislative intent; construction of division generally.
(a) It is the intent of the Legislature by the passage of this division to authorize the incorporation in the several municipalities in this state of industrial development boards to acquire, enlarge, improve, replace, own, lease, and dispose of properties to the end that such boards may be able to promote industry, develop trade, and further the use of the agricultural products and natural and human resources of this state and the development and preservation of the said resources, by inducing manufacturing, industrial, commercial, and research enterprises:
(1) To locate in this state,
(2) To enlarge, expand, and improve existing operations in this state, or
(3) To relocate in or within 25 miles of the same municipality in this state operations theretofore conducted at a site all or a major portion of which may have been acquired for one or more public purposes by the United States of America, the State of Alabama, or any branch, arm, agency, instrumentality, or political subdivision of either, whether by purchase, through the exercise of the power of eminent domain (whether or not a final decree of condemnation shall have been entered) or by other means. It is the further intent of the Legislature by the passage of this chapter to vest such industrial development boards with all powers that may be necessary to enable them to accomplish such purposes. It is not intended hereby that any such board shall itself be authorized to operate any such manufacturing, industrial, commercial, or research enterprise.
(b) This division shall be liberally construed in conformity with the said intention.
(Acts 1949, No. 648, p. 991, §2; Acts 1963, 2nd Ex. Sess., No. 122, p. 310; Acts 1964, 1st Ex. Sess., No. 164, p. 229, §3; Acts 1965, No. 395, p. 572; Acts 1971, No. 48, p. 297, §2.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-82 - Application for Authority to Incorporate Industrial Development Board; Adoption of Resolution by Governing Body Authorizing Incorporation; Execution, Acknowledgment, and Filing of Certificate of Incorporation Generally.

Section 11-54-82
Application for authority to incorporate industrial development board; adoption of resolution by governing body authorizing incorporation; execution, acknowledgment, and filing of certificate of incorporation generally.
Whenever any number of natural persons, not less than three, each of whom shall be a duly qualified elector of and taxpayer in the municipality, shall file with the governing body thereof an application in writing seeking permission to apply for the incorporation of an industrial development board of such municipality, the governing body shall proceed to consider such application.
If the governing body shall by appropriate resolution duly adopted find and determine that it is wise, expedient, necessary, or advisable that the industrial development board be formed and shall authorize the persons making such application to proceed to form such board and shall approve the form of certificate of incorporation proposed to be used in organizing the board, then the persons making such application shall execute, acknowledge, and file a certificate of incorporation for the corporation as provided in Section 11-54-83.
No board may be formed unless such application shall have first been filed with the governing body of the municipality and the governing body shall have adopted a resolution as provided in this section.
(Acts 1949, No. 648, p. 991, §3.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-83 - Certificate of Incorporation - Contents; Execution and Acknowledgment.

Section 11-54-83
Certificate of incorporation - Contents; execution and acknowledgment.
(a) The certificate of incorporation shall set forth:
(1) The names and residences of the applicants together with a recital that each of them is an elector of and taxpayer in the municipality;
(2) The name of the board which shall be The Industrial Development Board of the _____ of _____ (the blank spaces to be filled in with the name of the municipality, including the proper designation thereof as a city or town) if such name shall be available for use by the board and if not available then the incorporators shall designate some other similar name that is available;
(3) A recital that permission to organize the board had been granted by resolution duly adopted by the governing body of the municipality and the date of the adoption of such resolution;
(4) The location of the principal office of the board (which shall be in the municipality);
(5) The purposes for which the board is proposed to be organized;
(6) The number of directors of the board;
(7) The period, if any, for the duration of the board; and
(8) Any other matter which the applicants may choose to insert therein which shall not be inconsistent with this division or with the laws of the State of Alabama.
(b) The certificate of incorporation shall be subscribed and acknowledged by each of the applicants before an officer authorized by the laws of Alabama to take acknowledgments to deeds.
(Acts 1949, No. 648, p. 991, §4.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 2 - Provisions Applicable to Municipal Corporations Only. › Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control. › Article 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-84 - Certificate of Incorporation - Filing With Probate Judge; Examination, Approval, and Recordation by Probate Judge.

Section 11-54-84
Certificate of incorporation - Filing with probate judge; examination, approval, and recordation by probate judge.
When executed and acknowledged in conformity with Section 11-54-83, the certificate of incorporation shall be filed with the judge of probate of any county in which may be located any portion of the territory embraced within the corporate limits of the municipality. The judge of probate shall thereupon examine the certificate of incorporation and, if he finds that the recitals contained therein are correct, that the requirements of Section 11-54-83 have been complied with and that the name is not identical with or so nearly similar to that of another corporation already in existence in this state as to lead to confusion and uncertainty, he shall approve the certificate of incorporation and record it in an appropriate book or record in his office.
When such certificate has been so made, filed, and approved, the applicants shall constitute a public corporation under the name set out in the certificate of incorporation.
(Acts 1949, No. 648, p. 991, §5.)