reglab/statecodes huggingface dataset:
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-174 - Refunding Bonds.

Section 11-81-174
Refunding bonds.
Any bonds issued under this article solely for refunding purposes shall, unless it shall be otherwise provided in the authorizing proceedings providing for the issuance thereof, be secured to the same extent and have the same sources of payment as the bonds refunded thereby. Unless otherwise provided in the authorizing proceedings providing for the issuance of any such bonds issued solely for refunding purposes, the holders of such bonds shall be subrogated to all the rights and powers of the holders of the bonds refunded thereby.
(Acts 1933, Ex. Sess., No. 102, p. 88; Acts 1936-37, Ex. Sess., No. 203, p. 236; Code 1940, T. 37, §325; Acts 1945, No. 390, p. 607; Acts 1955, No. 494, p. 1127, §9.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-175 - Applicability of Limitations, etc., in Certain Other Provisions of Chapter as to Bonds Generally.

Section 11-81-175
Applicability of limitations, etc., in certain other provisions of chapter as to bonds generally.
The bonds authorized under this article shall not be subject to any limitations or provisions contained in Articles 3 and 6 and Division 2 of Article 4 of this chapter.
(Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §316; Acts 1955, No. 494, p. 1127, §8.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-176 - Elections and Publication of Ordinances, Resolutions, etc., Not Required for Issuance and Sale of Bonds.

Section 11-81-176
Elections and publication of ordinances, resolutions, etc., not required for issuance and sale of bonds.
This article shall be construed as authorizing the issuance and sale of such bonds provided for herein without submitting the proposition for the approval of same to the voters of the borrower. Where bonds are authorized under this article it shall not be necessary to make publication of any ordinance, resolution, notice or proceeding relating thereto other than is provided in Section 11-81-164; provided, that nothing in this article shall be construed to prohibit the governing body from making such publication as it may deem necessary in relation thereto.
(Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §338.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-177 - Investment in Bonds by Executors, Trustees, Savings Banks, Etc.

Section 11-81-177
Investment in bonds by executors, trustees, savings banks, etc.
Bonds issued under the provisions of this article are legal investments for executors, administrators, trustees and other fiduciaries and for savings banks and insurance companies organized under the laws of this state.
(Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §317.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-178 - Statutory Mortgage Lien of Bondholders - Creation Generally; Filing, Recordation, etc., of Notice Thereof.

Section 11-81-178
Statutory mortgage lien of bondholders - Creation generally; filing, recordation, etc., of notice thereof.
(a) In the authorizing proceedings or in the trust indenture, if any, under which bonds may be issued pursuant to the provisions of this article, there shall be created a statutory mortgage lien in favor of the holders of such bonds and of the interest coupons applicable thereto on each system or systems (including any additions thereto and extensions thereof that may be thereafter made) out of the revenues from which such bonds are made payable.
(b) The authorizing proceedings or such trust indenture may provide for the filing for record in the office of the judge of probate of each county in which any part of such system or systems may be located of a notice containing a brief description of such system or systems, a brief description of such bonds and a declaration that said statutory mortgage lien has been created for the benefit of the holders of such bonds and the interest coupons applicable thereto upon such system or systems, including any additions thereto and extensions thereof. Each judge of probate shall receive, record and index any such notice filed for record in his office. The recording of such notice as provided in this subsection shall operate as constructive notice of the contents thereof.
(Acts 1933, Ex. Sess., No. 102, p. 88; Acts 1936-37, Ex. Sess., No. 203, p. 236; Code 1940, T. 37, §313; Acts 1955, No. 494, p. 1127, §5.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-179 - Statutory Mortgage Lien of Bondholders - Duration; Enforcement.

Section 11-81-179
Statutory mortgage lien of bondholders - Duration; enforcement.
(a) Any system or systems that shall be made subject to a statutory mortgage lien as provided for in Section 11-81-178 shall remain subject to such lien until payment in full of the principal of and the interest on the bonds to secure the payment of which such lien was created or until moneys sufficient for the payment thereof shall have been set aside in trust for payment thereof.
(b) Any holder of any of said bonds or of any of the interest coupons applicable thereto and the trustee under any trust indenture, if so provided in such indenture, may, by civil action, mandamus or other proceedings, protect, enforce and compel performance of all duties of the officials of the borrower, including the fixing of sufficient rates, the collection of revenues, the proper segregation of the revenues of the system or systems and the proper application thereof; provided, however, that such statutory mortgage lien shall not be construed to give any such holder of bonds or coupons or such trustee authority to compel the sale of such system or systems or any part thereof. Any trust indenture provided for by the authorizing proceedings may contain such provisions regarding the rights and remedies of the trustee thereunder and the holders of the bonds and coupons as the governing body may deem advisable and as are not in conflict with the provisions of this article, and may contain such provisions restricting the individual right of action of the holders of the bonds or coupons as are customary in indentures respecting bonds or debentures of corporations.
(Acts 1933, Ex. Sess., No. 102, p. 88; Acts 1936-37, Ex. Sess., No. 203, p. 236; Code 1940, T. 37, §314; Acts 1955, No. 494, p. 1127, §6.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-180 - Appointment of Receiver Upon Default in Payment of Principal and Interest on Bonds; Powers of Receiver.

Section 11-81-180
Appointment of receiver upon default in payment of principal and interest on bonds; powers of receiver.
If there shall be any default in the payment of the principal of or interest upon any bonds issued under this article, any court having jurisdiction in any proper civil action may appoint a receiver to administer and operate the system or systems out of the revenues from which such bonds are payable with power to fix and charge rates and collect revenues sufficient to provide for the payment of such bonds and any other obligations outstanding against said system or systems or the revenues therefrom and for the payment of the expenses of operating and maintaining such system or systems and with power to apply the income and revenues of said system or systems in conformity with this article and the authorizing proceedings and any trust indenture provided for therein.
(Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §315; Acts 1955, No. 494, p. 1127, §7.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-182 - Payment of Expenses of Operation or Maintenance of System Out of General Funds.

Section 11-81-182
Payment of expenses of operation or maintenance of system out of general funds.
Nothing in this article shall be construed to prohibit the borrower from appropriating and using any part of its available income or revenues derived from any source other than from the operation of such system or combined system in paying any immediate expenses of operation or maintenance of any such system or combined system, but nothing in this article shall be construed to require the borrower to do so.
(Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §328.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-183 - Designation of Depository; Disposition and Disbursement of Gross Revenue Account and Special Funds by Depository.

Section 11-81-183
Designation of depository; disposition and disbursement of gross revenue account and special funds by depository.
The governing body of the borrower shall designate as depository for the "gross revenue account" and each of the special funds provided for in Section 11-81-181 a bank or trust company duly qualified and doing business within the State of Alabama. The moneys in said account and in each of the said funds shall be received and held by the respective depositories therefor in separate and special accounts as trust funds for the benefit of the borrower and the holders of the bonds and coupons as their respective interests may appear and shall be applied only for the respective purposes specified in the authorizing proceedings or any trust indenture provided for in the authorizing proceedings; provided, that the authorizing proceedings or such trust indenture may provide that any depository for said account or for the said replacement and extension fund shall not be liable for the misapplication of moneys in said account or said fund, as the case may be, if disbursed pursuant to the written order of a duly authorized officer of the borrower and without knowledge or reason to believe that such disbursement constitutes a misapplication of funds.
(Acts 1933, Ex. Sess., No. 102, p. 88; Acts 1936-37, Ex. Sess., No. 203, p. 236; Code 1940, T. 37, §329; Acts 1955, No. 494, p. 1127, §11.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-184 - Establishment, etc., of Rates for Services Furnished by System.

Section 11-81-184
Establishment, etc., of rates for services furnished by system.
Rates for services furnished by any such system or combined system shall be fixed precedent to the issuance of the bonds.
Such rates shall be sufficient to provide for the payment of the interest upon and the principal of all such bonds as and when the same become due and payable, to create a bond and interest redemption fund therefor, to provide for the payment of the expenses of administration and operation and such expenses for maintenance of the system or combined system necessary to preserve the same in good repair and working order, to build up a reserve for depreciation of the existing system or combined system and to build up a reserve for improvements, betterments and extensions to the existing system or combined system other than those necessary to maintain the same in good repair and working order as provided in this section.
Such rates shall be fixed and revised from time to time so as to produce those amounts, and the governing body shall covenant and agree in the ordinance authorizing the issuance of such bonds and on the face of each bond at all times to maintain such rates for services furnished by such system or combined system as shall be sufficient to provide for the foregoing.
(Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §326.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-185 - Rates Not Subject to State Supervision or Regulation; Supervision, etc., of Operation, etc., of Sewer Systems by State Board of Health.

Section 11-81-185
Rates not subject to state supervision or regulation; supervision, etc., of operation, etc., of sewer systems by State Board of Health.
Rates charged for services furnished by any system or combined system purchased, constructed, improved, enlarged, extended or repaired under the provisions of this article shall not be subject to supervision or regulation by any state bureau, board, commission or other like instrumentality or agency thereof, and it shall not be necessary for any borrower operating under the provisions of this article, except as otherwise provided in this section, to obtain any franchise or other permit from any state bureau, board, commission or other instrumentality thereof, except the State Board of Health, in order to construct, improve, enlarge, extend or repair any system or combined system named in this article; provided, however, that the functions, powers and duties of the State Board of Health shall remain unaffected by this article, except for the following additional cumulative and supplemental authority: No governing body under the provisions of this article shall construct, add to, modify, alter or operate any sewage collection system or sewage treatment plant or plants as set out in this article or incur any debt or issue any bonds in aid of such systems or works unless a permit shall first have been obtained from the State Board of Health. Such permit shall be based upon adequacy of financing of operation and the maintenance of effluent of such quality as will not constitute a menace or damage to the health or lives of human beings or endanger the public health, welfare or comfort. If any governing body fails or refuses after a period of 30 days after a notice and order is given it by the State Board of Health to perform any act or acts required of it by this section and by any such order or notice of the State Board of Health, such order of the State Board of Health may be enforced by a writ of mandamus issued by any court authorized to issue such writ.
(Acts 1933, Ex. Sess., No. 102, p. 88; Acts 1935, No. 154, p. 195; Code 1940, T. 37, §334; Acts 1951, No. 192, p. 455, §1.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-186 - Payment by Counties, Municipalities, etc., for Services Furnished by System.

Section 11-81-186
Payment by counties, municipalities, etc., for services furnished by system.
The governing body may provide in the ordinance authorizing the issuance of bonds under the authority of this article that no free service shall be furnished by any such system or combined system to the county, city or incorporated town or to any agency, instrumentality, person, firm or corporation.
The reasonable cost and value of any service rendered to any such borrower by any such system or combined system shall, in that event, be charged against the borrower and shall be paid for monthly as the service accrues from the current funds or from the proceeds of taxes which such borrower, within constitutional limitations, is hereby authorized and required to levy in an amount sufficient for that purpose, and such funds, when so paid, shall be accounted for in the same manner as other revenues of such system or combined system.
(Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §323.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-187 - Determination as to Operation of System Upon Calendar, Operating or Fiscal Year Basis, Etc.

Section 11-81-187
Determination as to operation of system upon calendar, operating or fiscal year basis, etc.
The ordinance authorizing the issuance of such bonds shall definitely determine whether such system or combined system shall be operated upon a calendar, operating or fiscal year basis and the dates of the beginning and ending of the same.
(Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §330.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-188 - Maintenance of Books of Record and Accounts, Balance Sheets, etc., as to Properties, Financial Condition, etc., of System; Inspection and Examination of Same.

Section 11-81-188
Maintenance of books of record and accounts, balance sheets, etc., as to properties, financial condition, etc., of system; inspection and examination of same.
(a) Any borrower issuing revenue bonds under the provisions of this article shall install and maintain proper books of record and account, separate entirely from other records and accounts of such borrower, in which full and correct entries shall be made of all dealings or transactions of or in relation to the properties, business and affairs of the system or combined system. The governing body of such borrower, not later than three months after the close of any calendar, operating or fiscal year, shall cause to be prepared a balance sheet and an income and surplus account showing, respectively, in reasonable detail, the financial condition of the system or combined system at the close of each preceding calendar, operating or fiscal year and the financial operations thereof during such year.
(b) Said balance sheets and income and surplus accounts shall at all reasonable times during usual business hours be open to examination and inspection by any taxpayer, user of the services furnished by the system or any holder of bonds issued under the provisions of this article or anyone acting for or on behalf of such taxpayer, user of the services of the system or bondholder.
(Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §335.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-189 - Impairment, etc., of Valid Liens or Contracts Not Authorized by Article.

Section 11-81-189
Impairment, etc., of valid liens or contracts not authorized by article.
Nothing in this article shall be construed as authorizing any borrower to impair or commit a breach of the obligation of any valid lien or contract created or entered into by it, the intention of this article being to authorize the pledging, setting aside and segregation of gross revenues only where consistent with outstanding obligations of such borrower.
(Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §337.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. › Section 11-81-190 - Construction of Article.

Section 11-81-190
Construction of article.
This article, being necessary for and to secure the public health, safety, convenience and welfare of the counties, cities and incorporated towns of the State of Alabama, shall be liberally construed to effect the purposes hereof.
(Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §339.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 6 - Alternate Borrowing for Electric Systems. › Section 11-81-200 - Acquisition, Extension, Operation, etc., of Power Plants, Power Lines, Electric Systems, etc., by Counties or Municipalities Authorized; Acquisition of Rights-of-Way.

Section 11-81-200
Acquisition, extension, operation, etc., of power plants, power lines, electric systems, etc., by counties or municipalities authorized; acquisition of rights-of-way.
(a) Any county or municipal corporation within this state is hereby authorized and empowered to acquire by purchase, construction, condemnation or otherwise and to maintain, extend, improve and operate electric light plants, power plants, power lines and electric distribution systems together with the extension and the appurtenances thereto and all the property, tangible and intangible and of like or different kind to be used or useful in connection therewith, either within or without or partly within and partly without the corporate limits of such municipal corporation or the boundaries of such county, under the provisions of this article for the purpose of producing, obtaining, distributing or furnishing an adequate supply of electricity for public, industrial, business, domestic, light, power or other consumption within or partly within and partly without the corporate limits of such municipal corporation or the boundaries of such county. Franchises for the supply of such service to other municipalities or counties or to the inhabitants, industries or businesses therein shall be included within the properties which any municipal corporation or county may acquire under the provisions of this article, and such franchises may be acquired either from such municipalities or counties or from the owners of such franchises. All or any part of any existing power plant shall also be included in the properties which any municipal corporation or county may acquire under the provisions of this article.
(b) Such municipal corporation or county may acquire necessary or convenient rights-of-way within the municipal corporation and without the municipal corporation and within the county and without the county in order to reach any necessary or accessible source of power at a United States government owned power plant or otherwise.
(Acts 1933, Ex. Sess., No. 107, p. 100; Code 1940, T. 37, §353.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 6 - Alternate Borrowing for Electric Systems. › Section 11-81-201 - Election as to Proposed Undertaking.

Section 11-81-201
Election as to proposed undertaking.
Whenever any county or municipal corporation through its governing body shall vote to take advantage of the authority granted in this article, as a condition to the exercise of such authority it shall call an election, at which election the question of whether or not such county or municipality will enter upon the undertaking proposed by the governing body of the county or municipal corporation will be voted upon. If the majority of the voters shall vote in the affirmative, then the county or municipal governing body shall proceed with the proposed undertaking in conformity with the provisions of this article and the law of the state pertinent thereto; otherwise, it shall not. Such election shall be ordered, held, canvassed and may be contested in the same manner as is or may be hereafter provided by the law applicable to the authorization of municipal or county bonds.
(Acts 1933, Ex. Sess., No. 107, p. 100; Code 1940, T. 37, §354.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 6 - Alternate Borrowing for Electric Systems. › Section 11-81-202 - Borrowing of Money for Acquisition, Extension, etc., of Plants, etc., by Counties or Municipalities Authorized; Limitations.

Section 11-81-202
Borrowing of money for acquisition, extension, etc., of plants, etc., by counties or municipalities authorized; limitations.
For the purpose of defraying the cost of acquiring such plants, or any one or more of them, or any part or parts thereof and making improvements and extensions thereto, either by purchase, construction, condemnation or otherwise, any municipal corporation or county may borrow money from any lender whomsoever, in such amount or amounts as the governing body of such municipal corporation or county may deem necessary or expedient, but no such municipal corporation or county that has reached or exceeded its constitutional debt limit which borrows money under the authority of this article shall bind its general credit or incur any personal liability or charge any general or special fund other than that authorized in this article or charge any property other than that authorized in this article for the repayment of such borrowed money or the payment of interest thereon.
(Acts 1933, Ex. Sess., No. 107, p. 100; Code 1940, T. 37, §355.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 6 - Alternate Borrowing for Electric Systems. › Section 11-81-203 - Pledges, etc., of Plants, etc., as Security for Repayment of Money Borrowed With Interest.

Section 11-81-203
Pledges, etc., of plants, etc., as security for repayment of money borrowed with interest.
Any such county or municipal corporation which borrows money under the authority of this article may pledge, create a lien upon and mortgage any such plants, or any one or more of them or any part or parts thereof, together with the extensions, improvements and appurtenances thereto and all other property, tangible or intangible and of like or different kind, including franchises, acquired, constructed or installed by means of money borrowed under the authority of this article and also all or any part of the revenues derived from the operation of such plants, or any one or more of them or any part or parts thereof, as security for the repayment of such borrowed money with interest.
(Acts 1933, Ex. Sess., No. 107, p. 100; Code 1940, T. 37, §356.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 6 - Alternate Borrowing for Electric Systems. › Section 11-81-204 - Contracts for Security of Lender; Limitation as to Charges for Electric Energy and Service by Counties or Municipalities.

Section 11-81-204
Contracts for security of lender; limitation as to charges for electric energy and service by counties or municipalities.
(a) In addition and for the further security of the lender, any such county or municipal corporation which has borrowed money under the authority of this article may enter into a contract with the lender binding itself for the proper application of money borrowed from such lender and for the operation and maintenance of any such plants, or any one or more of them or any part or parts thereof, and for the imposition, collection, safeguarding, application, disposition and remittance of reasonable rates for energy supply and services, and for the promulgation of reasonable regulations relating to rates and services and for any other act, series of acts, duty or thing not inconsistent with the provisions of this article for the protection of the lender's loan and the assurance of a reasonable return upon the properties in which the proceeds of such loan are invested, out of which operating expenses and the principal and interest of such loan may be met.
(b) No county or municipal corporation acquiring or constructing any electric light plant or electric distributing system under the provisions of this article nor receiver of any such electric light plant or distributing system shall charge any rate for electric energy and service that is higher than the rate for similar electric energy and service that has been authorized and approved by the Alabama Public Service Commission for public utility companies operating in counties or municipal corporations of approximately the same size in Alabama.
(Acts 1933, Ex. Sess., No. 107, p. 100; Code 1940, T. 37, §357.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 6 - Alternate Borrowing for Electric Systems. › Section 11-81-205 - Form, Terms, etc., of Instrument Evidencing Loan.

Section 11-81-205
Form, terms, etc., of instrument evidencing loan.
Any such county or municipal corporation which borrows money under the authority of this article may evidence the loan by an instrument or instruments in such form and of such tenor and maturity as may be agreed upon between lender and borrower, but no such instrument shall purport or be effective to impose upon the borrower or the borrower's funds or property any liability in excess of or inconsistent with the liability, the assumption of which is authorized by this article.
(Acts 1933, Ex. Sess., No. 107, p. 100; Code 1940, T. 37, §358.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 6 - Alternate Borrowing for Electric Systems. › Section 11-81-206 - Construction of Article.

Section 11-81-206
Construction of article.
Neither this article nor anything contained in this article shall be construed as a restriction or limitation upon any power or right which any such city may have in the absence thereof. Nor shall any enumeration of subjects in this article be construed to exclude any subject which is embraced within any general language of this article.
(Acts 1933, Ex. Sess., No. 107, p. 100; Code 1940, T. 37, §359.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 7 - Validation of Bonds Prior to Issuance. › Section 11-81-220 - Definitions.

Section 11-81-220
Definitions.
As used in this article, the following words and phrases shall have the following meanings respectively, unless the context clearly indicates otherwise:
(1) UNIT. Any public corporation organized in this state pursuant to authorization or determination by any municipality or municipalities or county or counties or a municipality and a county or by any combination of municipalities and counties or by the governing body of any one or more thereof and shall include also any county board of education and any city board of education.
(2) ORGANIZING SUBDIVISION. With respect to any unit, each municipality or county which may have granted authorization or made determinations respecting the incorporation of the unit or the governing body of which may have granted such authorization or made such determinations and, in the case of a board of education, the county or city with respect to which such board of education is organized.
(3) OBLIGATIONS. Bonds, warrants, certificates of indebtedness and notes of a unit, including bonds, warrants, certificates and notes that are general obligations of the issuing unit and those that are payable solely from a specified source.
(4) DISTRICT ATTORNEY. The district attorney of the judicial circuit in which the county is located.
(Acts 1953, No. 859, p. 1148, §1; Acts 1971, No. 973, p. 1736, §1.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 7 - Validation of Bonds Prior to Issuance. › Section 11-81-221 - Filing of Complaint for Determination as to Legality of Proposed Issuance of Obligations.

Section 11-81-221
Filing of complaint for determination as to legality of proposed issuance of obligations.
When any unit desiring to issue any obligations shall, by its governing body, adopt any resolution or take any other action required by law for the issuance of obligations of such unit, the governing body of such unit may, in its discretion, before the issuance of any of such obligations, determine its authority to issue such obligations and the legality of all proceedings had or taken in connection therewith, the validity of the tax or other revenues or means provided for the payment thereof and the validity of all pledges of revenues and of all covenants and provisions contained in any such resolution by filing a complaint against the taxpayers and citizens of each organizing subdivision. Such complaint shall be filed in the circuit court of the county in which the principal office of the unit is located.
(Acts 1953, No. 859, p. 1148, §2.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 7 - Validation of Bonds Prior to Issuance. › Section 11-81-223 - Hearing and Entry of Judgment; Appeals From Judgment of Circuit Court.

Section 11-81-223
Hearing and entry of judgment; appeals from judgment of circuit court.
At the time and place designated in said order, the judge of said circuit court shall proceed to hear and determine all questions of law and of fact in said civil action, and he shall make such orders as to the proceedings in said civil action and adjournments as will best conserve the interests of all parties and enable him to enter a final judgment with the least possible delay. The final judgment shall find the facts specially and shall state separately the judge's conclusions of law thereon. Any taxpayer or citizen of each organizing subdivision may appear in such proceedings either personally or by attorney, and any party thereto, whether petitioner, defendant or intervenor, dissatisfied with the judgment of the court, may appeal therefrom to the Alabama Supreme Court in accordance with the Alabama Rules of Appellate Procedure. Such appeal shall take priority in the Supreme Court over all other civil cases therein pending, except habeas corpus.
(Acts 1953, No. 859, p. 1148, §4.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 7 - Validation of Bonds Prior to Issuance. › Section 11-81-224 - When Judgment of Circuit Court Final and Conclusive as to Validity of Obligations, Etc.

Section 11-81-224
When judgment of circuit court final and conclusive as to validity of obligations, etc.
If the circuit court shall enter a judgment validating and confirming the issuance of the obligations and no appeal shall be taken within the time prescribed by the Alabama Rules of Appellate Procedure; or, if an appeal is taken, the judgment validating such obligations shall be affirmed by the Supreme Court; or, if the circuit court shall render a judgment refusing to validate and confirm the issuance of the obligations and on appeal such judgment shall be reversed by the Supreme Court (in which case the Supreme Court shall issue its mandate to the circuit court requiring it to enter a judgment validating and confirming the issuance of the obligations), the judgment of the circuit court validating and confirming the issuance of the obligations shall be forever conclusive as to the validity of such obligations against the unit issuing them and against all taxpayers and citizens of each organizing subdivision, and the validity of such obligations or of the taxes, revenues or other means provided for their payment and of any pledge, covenant or provision for the benefit of said obligations, to the extent that the validity of any such pledge, covenant or provision shall have been presented to the court and validated by its judgment, shall never be called in question in any court in this state.
(Acts 1953, No. 859, p. 1148, §5.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 7 - Validation of Bonds Prior to Issuance. › Section 11-81-225 - Legend to Appear on Validated Obligations.

Section 11-81-225
Legend to appear on validated obligations.
Obligations validated under the provisions of this article shall have stamped or written thereon by the proper officers of such unit the words: "Validated and confirmed by judgment of the Circuit Court of ______ County, State of Alabama, entered on the _____ day of ______, 2__," which shall be signed by the register or clerk of the circuit court in which the judgment was entered, and such entry shall be original evidence of said judgment in any court in this state.
(Acts 1953, No. 859, p. 1148, §6.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 7 - Validation of Bonds Prior to Issuance. › Section 11-81-226 - Costs of Proceedings.

Section 11-81-226
Costs of proceedings.
The costs in any proceeding under this article shall be paid by the unit issuing such obligations.
(Acts 1953, No. 859, p. 1148, §7.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 7 - Validation of Bonds Prior to Issuance. › Section 11-81-227 - Article Not Applicable Where Validity of Obligations in Controversy in Pending Actions or Proceedings.

Section 11-81-227
Article not applicable where validity of obligations in controversy in pending actions or proceedings.
No action shall be taken under this article for the validation of obligations of a unit in any case where the validity of such obligations is in controversy in any civil action or proceeding now pending in any state or federal court.
(Acts 1953, No. 859, p. 1148, §8.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 8 - Property Insurance and Energy Reduction Act of Alabama. › Section 11-81-240 - Short Title.

Section 11-81-240
Short title.
This article shall be known and may be cited as the Property Insurance and Energy Reduction Act of Alabama.
(Act 2015-494, §1.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 8 - Property Insurance and Energy Reduction Act of Alabama. › Section 11-81-242 - Designation of Regions for Qualified Projects; Issuance of Bonds, Notes, Etc.

Section 11-81-242
Designation of regions for qualified projects; issuance of bonds, notes, etc.
(a)(1) The governing body of a local government may designate an area of the local government as a region within which the local government may provide financing to the record owners of real property and impose assessments for the repayment of costs of a qualified project.
(2)a. A local government may issue bonds or notes or use other financing to finance qualified projects under this article.
b. Bonds or notes issued under this section are not general obligations of the local government, but are payable from any of the following:
1. Payments of assessments on benefited real property in one or more designated regions under this article.
2. Reserves established by the local government from grants, bonds, or net proceeds or other lawfully available funds.
3. Municipal bond insurance, lines of credit, public or private guaranties, standby bond purchase agreements, collateral assignments, mortgages, or any other available means of providing credit support or liquidity.
(b) An area designated as a region by the governing body of a local government under this section:
(1) May include the entire area of the local government.
(2) Must be located wholly within the local government's jurisdiction.
(c) A local government may designate more than one region. If multiple regions are designated, the regions may be separate, overlapping, or coterminous.
(d) This article does not apply to residential property consisting of fewer than five units or individual residential units of condominiums or cooperatives or limited common elements and common elements attached to or related to the condominium or cooperative units.
(Act 2015-494, §3.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 8 - Property Insurance and Energy Reduction Act of Alabama. › Section 11-81-243 - Establishment and Amendment of Programs.

Section 11-81-243
Establishment and amendment of programs.
(a) To establish a program under this article, the governing body of a local government must take the following actions in the following order:
(1) Adopt a resolution of intent that includes all of the following:
a. A finding that financing qualified projects through assessments is a valid public purpose.
b. A statement that the local government intends to make assessments to repay financing for qualified projects available to real property owners.
c. A description of the types of qualified projects eligible for the program.
d. A description of the boundaries of the designated region.
e. A statement of the time and place for a public hearing on the proposed program.
(2) Hold a public hearing at which the public may comment on the proposed program.
(3) Adopt a resolution establishing the program and the terms of the program, including a description of each aspect of the program that may be amended only after another public hearing is held.
(b) Subject to the terms of the resolution establishing the program, the governing body of a local government may amend a program by resolution.
(c) A local government may do both of the following:
(1) Hire and set the compensation of a program administrator and program staff.
(2) Contract for professional services necessary to administer a program.
(d) A local government may impose fees to offset the costs of administering a program. The fees authorized by this subsection may be assessed as any of the following:
(1) A program application fee paid by the real property owner requesting to participate in a program.
(2) A component of the interest rate on the assessment in the written contract between the local government and the real property owner.
(3) A combination of subdivisions (1) and (2).
(Act 2015-494, §4.)
2023 Code of Alabama › Title 11 - Counties and Municipal Corporations. › Title 3 - Provisions Applicable to Counties and Municipal Corporations. › Chapter 81 - Municipal and County Bonds. › Article 8 - Property Insurance and Energy Reduction Act of Alabama. › Section 11-81-245 - Consent Requirements; Disclosure Statement.

Section 11-81-245
Consent requirements; disclosure statement.
(a)(1) Before entering into a written contract with a local government, the real property owner shall provide, or the local government shall obtain, a verified recordable copy of written consent and subordination agreement signed by the holder of each existing mortgage or other lien on the relevant real property stating that the mortgagee or other lienholder consents to the imposition of the assessment and that the priority of the mortgage or other lien is subordinated to the assessment lien in a form and substance acceptable to each mortgagee and other lienholder. The consent and subordination agreement must be in a form that may be recorded in the appropriate recording office in the county or counties where the real property is located, and the consent and subordination agreement with the owner’s assessment contract shall be recorded in that office.
(2) This subsection does not limit in any way the rights or authority of any mortgagee or other lienholder under any agreement or applicable law.
(b) At or before the time a purchaser executes a contract for the sale and purchase of any real property for which a non-ad valorem assessment has been levied under this article and has an unpaid balance due, the seller shall give the prospective purchaser a written disclosure statement in the following form, which shall be set forth in the contract or in a separate writing:
QUALIFYING IMPROVEMENTS FOR ENERGY EFFICIENCY AND RESILIENCY TO STORM-RELATED EVENTS. This real property being purchased is located within the jurisdiction of a local government that has placed an assessment on the real property pursuant to Section 11-81-242. The assessment is for a qualifying improvement to the real property relating to energy efficiency and community resilience to storm-related events, such as high winds and flooding and is not based on the value of the real property. You are encouraged to contact the county property appraiser's office to learn more about this and other assessments that may be provided by law.
(Act 2015-494, §6.)