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 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-85 - Certificate of Incorporation - Amendment.

Section 11-54-85
Certificate of incorporation - Amendment.
The certificate of incorporation may at any time and from time to time be amended so as to make any changes therein and add any provisions thereto which might have been included in the certificate of incorporation in the first instance.
Any such amendment shall be effected in the following manner: The members of the board of directors of the board shall file with the governing body of the municipality an application in writing seeking permission to amend the certificate of incorporation, specifying in such application the amendment proposed to be made. Such governing body shall consider such application and, if it shall by appropriate resolution duly find and determine that it is wise, expedient, necessary, or advisable that the proposed amendment be made and shall authorize the same to be made and shall approve the form of the proposed amendment, then the persons making such application shall execute an instrument embodying the amendment specified in such application and shall file the same with the judge of probate of the county in which the certificate of incorporation was originally filed. The proposed amendment shall be subscribed and acknowledged by each member of the board of directors before an officer authorized by the laws of Alabama to take acknowledgments to deeds. Such judge of probate shall thereupon examine the proposed amendment and, if he finds that the requirements of this section have been complied with and the proposed amendment is within the scope of what might be included in an original certificate of incorporation, he shall approve the amendment and record it in an appropriate book in his office. When such amendment has been so made, filed, and approved, it shall thereupon become effective, and the certificate of incorporation shall thereupon be amended to the extent provided in the amendment. No certificate of incorporation shall be amended except in the manner provided in this section.
(Acts 1949, No. 648, p. 991, §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 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-86 - Board of Directors.

Section 11-54-86
Board of directors.
The industrial development board shall have a board of directors in which all powers of the board shall be vested and which shall consist of any number of directors, not less than seven, five of whom shall be duly qualified electors of and taxpayers in the municipality. At the discretion of the municipal governing body, all of the remaining members shall be qualified electors and taxpayers of the municipality, or up to two of the remaining members may be qualified electors and taxpayers in the area outside of the corporate limits of the municipality where a project may be located. The directors shall serve without compensation except that they shall be reimbursed for their actual expenses incurred in and about the performance of their duties under this article. No director shall be an officer or employee of the municipality. The directors shall be elected by the governing body of the municipality, and they shall be so elected that they shall hold office for staggered terms. At the time of the election of the first board of directors, the governing body of the municipality shall divide the directors into three groups containing as nearly equal whole numbers as may be possible. The first term of the directors included in the first group shall be two years; the first term of the directors included in the second group shall be four years; the first term of the directors included in the third group shall be six years and thereafter the terms of all directors shall be six years; provided, that if at the expiration of any term of office of any director a successor thereto shall not have been elected, then the director whose term of office shall have expired shall continue to hold office until his or her successor shall be so elected. If at the time of the election of any directors there shall be in existence in the municipality a chamber of commerce, board of trade, or other similar civic organization, the directors elected shall be chosen by the governing body from the membership of any one or more of such organizations, unless in the judgment of the governing body there are no members of such organizations who are both suitable and available to serve as directors of the industrial development board.
(Acts 1949, No. 648, p. 991, §7; Act 2009-222, p. 399, §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 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-90 - Bonds - Security for Payment of Principal and Interest; Remedies Upon Default.

Section 11-54-90
Bonds - Security for payment of principal and interest; remedies upon default.
The principal of and interest on any bonds issued by the industrial development board shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable and may be secured by a mortgage or deed of trust covering all or any part of the projects from which the revenues or receipts so pledged may be derived, including any enlargements of and additions to any such projects thereafter made.
The resolution under which the bonds are authorized to be issued and any such mortgage or deed of trust may contain any agreements and provisions respecting the maintenance of the projects covered thereby, the fixing and collection of rents for any portions thereof leased by the board to others, the creation and maintenance of special funds from such revenues and the rights and remedies available in the event of default as the board of directors shall deem advisable not in conflict with the provisions of this division. Each pledge, agreement, mortgage and deed of trust made for the benefit of security of any of the bonds of the board shall continue effective until the principal of and interest on the bonds for the benefit of which the same were made shall have been fully paid.
In the event of default in such payment or in any agreements of the board made as a part of the contract under which the bonds were issued, whether contained in the proceedings authorizing the bonds or in any mortgage and deed of trust executed as security therefor, may be enforced by mandamus, the appointment of a receiver or by foreclosure of any such mortgage and deed of trust or any one or more of said remedies.
(Acts 1949, No. 648, p. 991, §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 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-91 - Borrowing of Money for Temporary Use and Issuance of Temporary Revenue Bonds as Evidence Thereof.

Section 11-54-91
Borrowing of money for temporary use and issuance of temporary revenue bonds as evidence thereof.
(a) Any industrial development board organized under the provisions of this division, as amended, may, in addition to the other powers granted in the other provisions of this division, borrow money for temporary use for any of its corporate purposes and, in evidence of such borrowing, issue from time to time revenue bonds or notes maturing not later than 18 months from the date of issuance.
(b) Any such temporary borrowing may be made in anticipation of the sale and issuance of long-term revenue bonds; and, in such event, the principal proceeds from the sale of such long-term revenue bonds shall, to the extent necessary, be used for payment of the principal of and the interest on the temporary revenue bonds or notes issued in anticipation of the sale and issuance of such long-term revenue bonds.
(c) Any such temporary borrowing may also be made with respect to a project (as that term is defined in this article, as amended) simultaneously with or after the sale and issuance of long-term revenue bonds issued with respect to such project if, under the terms of the proceedings under which such long-term revenue bonds are issued, the proceeds therefrom or any part thereof may not be used or released until completion of the project with respect to which issued or other similar contingency. In such case, the principal proceeds from the long-term revenue bonds shall, when released and to the extent necessary, be applied for payment of the principal of and the interest on such temporary revenue bonds or notes.
(d) Any temporary bonds or notes issued pursuant to this section may be refunded or renewed or extended for an additional period of not more than 18 months from the date of maturity of the temporary bonds or notes being refunded or renewed or extended, but otherwise pursuant to all of the terms and conditions of this section, whether or not the project with respect to which the outstanding temporary revenue bonds or notes were issued has been completed.
(Acts 1963, No. 90, p. 474; Acts 1975, 4th Ex. Sess., No. 88, p. 2754, §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 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-92 - Liability of Municipalities Upon Bonds, Agreements, Obligations, etc., of Boards.

Section 11-54-92
Liability of municipalities upon bonds, agreements, obligations, etc., of boards.
The municipality shall not in any event be liable for the payment of the principal of or interest on any bonds of the industrial development board or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever which may be undertaken by the board, and none of the bonds of the board or any of its agreements or obligations shall be construed to constitute an indebtedness of the municipality within the meaning of any constitutional or statutory provision whatsoever.
(Acts 1949, No. 648, p. 991, §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 11-54-93 - Disposition of Net Earnings of Boards.

Section 11-54-93
Disposition of net earnings of boards.
The industrial development board shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall enure to the benefit of any individual, firm, or corporation; except, that in the event the board of directors of the board shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of the board, then any net earnings of the corporation thereafter accruing shall be paid to the municipality with respect to which the board was organized.
(Acts 1949, No. 648, p. 991, §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 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-94 - Authority and Procedure for Dissolution of Boards; Vesting of Title to Funds and Properties Thereof in Municipalities Upon Dissolution.

Section 11-54-94
Authority and procedure for dissolution of boards; vesting of title to funds and properties thereof in municipalities upon dissolution.
Whenever the board of directors of the industrial development board shall by resolution determine that the purposes for which the board was formed have been substantially complied with and all bonds theretofore issued and all obligations theretofore incurred by the board have been fully paid, the members of the board of directors of the board shall thereupon execute and file for record in the office of the judge of probate of the county in which the board is organized a certificate of dissolution reciting such facts and declaring the board to be dissolved. Such certificate of dissolution shall be executed under the corporate seal of the board.
Upon the filing of such certificate of dissolution, the board shall stand dissolved, the title to all funds and properties owned by it at the time of such dissolution shall vest in the municipality, and possession of such funds and properties shall forthwith be delivered to such municipality.
(Acts 1949, No. 648, p. 991, §14.)
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 11-54-95 - Documents of Boards May Be Filed for Record Without Payment of Taxes or Certain Fees.

Section 11-54-95
Documents of boards may be filed for record without payment of taxes or certain fees.
The certificate of incorporation of the industrial development board, any deeds or other documents whereby properties are conveyed to the board, any mortgages or deeds of trust executed by the board, any leases or agreements or contracts of sale made by the board, any deeds or other documents whereby properties are conveyed by the board to another pursuant to a contractual obligation of the board or as a result of the exercise of an option theretofore granted by the board, and the certificate of dissolution of the board may all be filed for record in the office of the judge of probate of the county in which the board is organized or any county in which any property involved is located without the payment of any tax or fees other than such fees as may be authorized by law for the recording of such instruments.
(Acts 1949, No. 648, p. 991, §15; Acts 1953, No. 854, p. 1144, §2; Acts 1982, No. 82-432, p. 682.)
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 11-54-96 - Exemptions of Boards - Taxation.

Section 11-54-96
Exemptions of boards - Taxation.
The industrial development board and all properties at any time owned by it and the income therefrom and all bonds issued by it and the income therefrom shall be exempt from all taxation in the State of Alabama.
(Acts 1949, No. 648, p. 991, §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 4 - Industrial Development Boards. › Division 1 - General Provisions. › Section 11-54-96.1 - Ad Valorem Taxes Required of Hotels, etc., Built Under Section 11-54-80.

Section 11-54-96.1
Ad valorem taxes required of hotels, etc., built under Section 11-54-80.
All hotels and motor inns built under Section 11-54-80 shall not be exempt from ad valorem taxes.
(Acts 1983, 2nd Ex. Sess., No. 83-199, p. 372, §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 11-54-97 - Exemption of Boards - Usury and Interest Laws.

Section 11-54-97
Exemption of boards - Usury and interest laws.
Each industrial development board now or hereafter organized under the provisions of this division is hereby exempted from the laws of the State of Alabama governing usury or prescribing or limiting interest rates, including, without limitation, the provisions of Chapter 8 of Title 8.
(Acts 1969, No. 1150, p. 2157.)
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 11-54-98 - Exemption of Boards - Competitive Bid Laws.

Section 11-54-98
Exemption of boards - Competitive bid laws.
The industrial development board and all contracts made by it shall be exempt from the provisions and requirements of Sections 41-16-50 through 41-16-63, which provide for competitive bids in connection with certain contracts.
(Acts 1971, No. 48, p. 297, §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 11-54-99 - Validation of Attempted Incorporation of Certain Industrial Development Boards.

Section 11-54-99
Validation of attempted incorporation of certain industrial development boards.
In all cases where there has heretofore been an attempt to incorporate a municipal industrial development board under the provisions of this article and a certificate of incorporation with respect to such board has been filed in the office of the judge of probate of the county in which such board was sought to be incorporated, but the attempted incorporation is invalid because of some irregularity in the procedure followed, the attempted incorporation of such industrial development board with respect to which such a certificate of incorporation has been filed shall be and hereby is validated ab initio, notwithstanding any irregularity in the procedure for the incorporation of such board, including without limiting the generality of the foregoing:
(1) The failure of the judge of probate in whose office such certificate of incorporation was filed to examine such certificate of incorporation;
(2) The failure of such judge of probate to find or make an order that
a. The recitals contained in the certificate of incorporation were correct;
b. The requirements of Section 11-54-83 were complied with; or,
c. The name of such board was not identical with or so nearly similar to that of another corporation already in existence in this state as to lead to confusion or uncertainty.
(3) The failure of such judge of probate to approve such certificate of incorporation or make an order so approving it; and
(4) The organization in a municipality, prior to January 1, 1967, of a second industrial development board subsequent to the organization of a previous validly incorporated industrial development board.
(Acts 1957, No. 484, p. 669; Acts 1967, No. 516, p. 1240.)
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 11-54-100 - Construction of Division.

Section 11-54-100
Construction of division.
(a) Neither this division nor anything contained in this division shall be construed as a restriction or limitation upon any powers which the industrial development board might otherwise have under any laws of this state, but shall be construed as cumulative of any such powers.
(b) No proceedings, notice, or approval shall be required for the organization of the board or the issuance of any bonds or any instrument as security therefor, except as is provided in this division, any other law to the contrary notwithstanding; provided, that nothing in this division shall be construed to deprive the state and its governmental subdivisions of their respective police powers over any properties of the board or to impair any power thereover of any official or agency of the state and its governmental subdivisions which may be otherwise provided by law.
(Acts 1949, No. 649, p. 998, §16.)
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 11-54-101 - Powers Cumulative; Administrative Fees.

Section 11-54-101
Powers cumulative; administrative fees.
(a) The powers conferred by this division shall be cumulative of and in addition to all powers heretofore conferred on industrial development boards by the Industrial Development Board Act.
(b) In addition to any other powers conferred by this division, in order to encourage economic and industrial development and to promote the creation of jobs within any Class 1 municipality, any industrial development board in a Class 1 municipality whose directors are elected by the governing body of the Class 1 municipality that grants a tax abatement pursuant to Chapter 9B of Title 40, may charge an administrative fee in an amount not to exceed .0025 percent of the total estimated investment amount for the project up to an estimated investment amount of forty million dollars ($40,000,000) as reflected in the application for abatement of taxes submitted to a board by a private entity, business, or other private user, as defined in Section 40-9B-3. Notwithstanding any other provision of law, an administrative fee received pursuant to this subsection shall be retained and used by the board for economic or industrial development data mining; data-driven economic or industrial development projects; the location, development, or acquisition of potential industrial sites or industrial parks; and for other lawful purposes for which the industrial development board is authorized to use funds pursuant to this division.
(Acts 1971, No. 1893, p. 3082, §4; Act 2019-321, §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 2 - Ancillary Facilities. › Section 11-54-120 - Definitions.

Section 11-54-120
Definitions.
Wherever used in this division, unless a different meaning clearly appears in the context, the following terms, whether used in the singular or plural, shall be given the following respective interpretations:
(1) INDUSTRIAL DEVELOPMENT BOARD. Any public corporation now in existence or hereafter organized pursuant to the provisions of the Industrial Development Board Act.
(2) INDUSTRIAL DEVELOPMENT BOARD ACT.
a. Act No. 648 enacted at the 1949 Regular Session of the Legislature of Alabama, as amended (Division 1 of this article), and
b. This chapter.
(3) ANCILLARY FACILITY. Any land and any building or other improvement thereon and all real and personal properties deemed necessary in connection therewith, including without limitation office facilities and any other necessary or appropriate facilities, whether or not now in existence, which shall be suitable for use by any of following or by any combination of two or more thereof:
a. Any industrial development board;
b. Any local or regional chamber of commerce, board of trade, or other similar association or organization, one of the purposes or objects of which is the promotion of industrial or commercial development or the improvement of trade, business, professional, or economic conditions;
c. Any convention, visitors, or other similar bureau or organization, one of the purposes or objects of which is the promotion of tourism or of conventions or meetings of business, civic or trade association groups; and
d. Any non-profit educational foundation, one of the purposes or objects of which is the acquisition, development, and sale of land for industrial development purposes and whose net earnings inure to the benefit of one or more institutions of higher education operated by the State of Alabama.
(Acts 1982, No. 82-510, p. 843, §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 4 - Industrial Development Boards. › Division 2 - Ancillary Facilities. › Section 11-54-121 - Legislative Intent; Liberal Construction.

Section 11-54-121
Legislative intent; liberal construction.
It is the intent of the Legislature by passage of this division to confer on industrial development boards now or hereafter organized, in addition to those powers heretofore or hereafter conferred on them, the power to sell and issue their bonds for, and to acquire, construct, enlarge, improve, replace, equip, maintain, use, operate, lease, and dispose of ancillary facilities. This division shall be liberally construed to conform with the said intention.
(Acts 1982, No. 82-510, p. 843, §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 2 - Ancillary Facilities. › Section 11-54-122 - Additional Powers of Industrial Development Boards; Powers With Respect to Ancillary Facilities.

Section 11-54-122
Additional powers of industrial development boards; powers with respect to ancillary facilities.
In addition to all other powers at any time conferred on it by law, each industrial development board shall have the following powers:
(1) To acquire, whether by construction, purchase, exchange, gift, lease, or otherwise, and to enlarge, improve, replace, equip, and maintain, one or more ancillary facilities, including all real and personal properties deemed necessary or desirable in connection therewith, and to sell and issue its bonds for any of such purposes;
(2) To lease to others and otherwise dispose of all or any portion of any ancillary facility, provided that an industrial development board may operate and use any ancillary facility, or any part thereof, intended for its own use; and
(3) To exercise with respect to any ancillary facility, and each part thereof, any and all powers that are conferred on industrial development boards by the Industrial Development Board Act.
Each industrial development board shall have with respect to ancillary facilities all powers that are conferred on such boards by the Industrial Development Board Act with respect to other projects; all applicable provisions of the Industrial Development Board Act shall apply to the exercise by an industrial development board of the powers conferred on it by this division; and all other provisions of the Industrial Development Board Act with which this division is not in conflict shall be applicable to the exercise by an industrial development board of its powers under this division, all to the same extent as if the said provisions of the Industrial Development Board Act were set out in full herein; provided, however, that any bonds issued by an industrial development board in connection with any ancillary facility intended, in whole or in part, for its own use and operation need not be payable solely out of the revenues and receipts derived from the leasing or sale of such facility but shall be payable solely out of such revenues and receipts as may be designated in the proceedings of the board of directors of such industrial development board under which such bonds shall be authorized to be issued.
(Acts 1982, No. 82-510, p. 843, §3; Acts 1983, 2nd Ex. Sess., No. 83-131, p. 137, §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 4 - Industrial Development Boards. › Division 2 - Ancillary Facilities. › Section 11-54-123 - Powers Cumulative.

Section 11-54-123
Powers cumulative.
The powers conferred by this division shall be cumulative of and in addition to all powers heretofore conferred on industrial development boards by the Industrial Development Board Act.
(Acts 1982, No. 82-510, p. 843, §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 3 - Endowment Trust Funds. › Section 11-54-126 - Legislative Findings and Intent.

Section 11-54-126
Legislative findings and intent.
(a) The Legislature hereby finds and declares all of the following:
(1) That industrial development boards have been, and may hereafter be, organized, under the provisions of either industrial development board act, to promote industry, develop trade, and further the use of the agricultural products and natural and human resources of the State of Alabama and the development and preservation of such resources.
(2) That in order to enable all industrial development boards to act more effectively to promote both the establishment of new business, manufacturing, industrial, commercial, service, and research enterprises, and the expansion of such enterprises already existing in Alabama, it is advisable that they be empowered to receive, manage, use, and expend contributions from private sources that are separate from and in addition to any other moneys or other properties that such boards are empowered by law to expend or to own.
(3) That the inducement of new business, manufacturing, industrial, commercial, service, and research enterprises to locate in this state, and the promotion of the prosperity of such enterprises already existing within this state, are in the best interests of the people of this state.
(4) That the purposes for which endowment trust funds may be created under this division, and the purposes to be accomplished by this division, are proper public purposes.
(b) It is therefore the intent of the Legislature to confer on industrial development boards, in addition to those powers heretofore or hereafter conferred on them, the power to establish and administer endowment trust funds in support and furtherance of the purposes herein authorized. This division shall be liberally construed in conformity with such intention.
(Act 2000-730, p. 1569, §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 3 - Endowment Trust Funds. › Section 11-54-128 - Authorizing Resolution.

Section 11-54-128
Authorizing resolution.
(a) In order to provide for the establishment of an endowment trust fund, the directors shall adopt an authorizing resolution authorizing the execution and delivery, on behalf of the industrial development board, of a trust agreement under which such fund shall be established and maintained. The directors may, in either the authorizing resolution or the trust agreement authorized thereby, or, at the discretion of the directors, in both, all as the directors shall deem appropriate, set out all of the following:
(1) The general purpose or purposes of such fund, and, subject to the provisions of Section 11-54-129, the purpose or purposes for which moneys held in and forming a part of such fund may be expended and the manner in which all other properties, whether real or personal, tangible or intangible contributed to such fund may be managed, used and disposed of.
(2) A procedure or procedures for the distribution or expenditure of such moneys and the management, use, and disposition of such other properties.
(3) The period, if any, for the duration of the fund, except that the period may not exceed the duration of the board itself.
(4) Any limitations, conditions, or restrictions to be placed on the investment committee with respect to the investment policy pertaining to the fund.
(5) Any other terms and conditions under which the fund shall be administered.
(6) Any other provisions not inconsistent with this division, including, without limitation, provisions for the expenditure and use of the properties held in or forming a part of such fund upon and after the termination or dissolution of such fund.
(b) The directors may also prescribe, in the authorizing resolution, the terms of office of members of the investment committee supervising such fund, subject, however, to Section 11-54-130.
(Act 2000-730, p. 1569, §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 3 - Endowment Trust Funds. › Section 11-54-132 - Trust Agreement.

Section 11-54-132
Trust agreement.
Each trust agreement shall obligate each trustee bank that is a party to the agreement to accept custody of contributions to the endowment trust fund created under the trust agreement, and the agreement shall obligate each trustee bank to administer the fund in accordance with the terms and provisions thereof and, if the trustee bank is also a fund manager with respect to the fund, to manage and invest the fund in accordance with such terms and provisions. Subject to the terms and provisions of any trust agreement, and subject to this division, each trustee bank may hold, purchase, sell, assign, transfer, and dispose of any investments held in any endowment trust fund, and it shall do so in accordance with any directions given to it by a fund manager for the fund, provided that the directions are themselves not inconsistent with this division or of any trust agreement.
(Act 2000-730, p. 1569, §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 4 - Industrial Development Boards. › Division 3 - Endowment Trust Funds. › Section 11-54-133 - Termination or Dissolution of Fund.

Section 11-54-133
Termination or dissolution of fund.
Upon the termination or dissolution of an endowment trust fund, all properties held in and forming a part of such fund, whether real or personal, tangible or intangible, and whether characterized as principal or income of such fund, shall continue to be or shall become, as the case may be, the property of the industrial development board that created or established the fund; provided, that the board may, subject to any applicable conditions set out in either the authorizing resolution or the trust agreement pertaining to the fund, from time to time pay over, distribute, or convey, with or without consideration, to the municipality whose governing body authorized the incorporation of the board, all or any of the properties or any portion or portions thereof. After the termination or dissolution of the fund, all such properties may be expended or used, whether by the board or the municipality, for one or more of the purposes specified in Section 11-54-129, and for no other purpose, subject, however, to any applicable condition, limitation, or restriction under the Constitution of Alabama of 1901, as amended, including, without limitation, the provisions of Section 94; and any such expenditure or use for any such purpose shall be deemed for a public purpose.
(Act 2000-730, p. 1569, §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 4 - Industrial Development Boards. › Division 3 - Endowment Trust Funds. › Section 11-54-134 - Liability.

Section 11-54-134
Liability.
No member of an investment committee shall in any way be personally liable for any liability, loss, or expense suffered by the endowment trust fund supervised and administered by the committee unless such liability, loss, or expense arises out of or results from the wilful misconduct or wrongdoing of such member.
(Act 2000-730, p. 1569, §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 4 - Industrial Development Boards. › Division 3 - Endowment Trust Funds. › Section 11-54-135 - Powers Cumulative.

Section 11-54-135
Powers cumulative.
The powers conferred by this division shall be cumulative of and in addition to all powers heretofore conferred on industrial development boards by the industrial development board act.
(Act 2000-730, p. 1569, §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 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generally in Certain Municipalities. › Section 11-54-140 - Definitions.

Section 11-54-140
Definitions.
Wherever used in this article, unless a different meaning clearly appears in the context, the following terms, whether used in the singular or plural, shall be given the following respective interpretations:
(1) MUNICIPALITY. Either, as the case may be, any Class 1, 2, 3, 4, 5, 6, 7, or 8 incorporated city in this state.
(2) PROJECT. Any land and any building or other improvement thereon, and all real and personal properties deemed necessary in connection therewith, whether or not now in existence, which shall be suitable for use by any commercial enterprise in furnishing hotel, excluding specifically public dormitories or student housing facilities for institutions of higher learning, including food or lodging or both, and the rental of ground floor space or other accommodations to others engaged in any business, trade, profession, occupation, or activity.
(3) GOVERNING BODY. The board or body in which the legislative powers of the municipality are vested.
(4) MORTGAGE. A mortgage or a mortgage and deed of trust.
(Acts 1979, No. 79-722, p. 1277, §1; Acts 1980, No. 80-315, p. 434, §2; Acts 1983, 2nd Ex. Sess., No. 83-198, p. 369, §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 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generally in Certain Municipalities. › Section 11-54-141 - Legislative Intent; Liberal Construction.

Section 11-54-141
Legislative intent; liberal construction.
It is the intent of the Legislature by the passage of this article to authorize municipalities to acquire, own, and lease projects for the purpose of promoting trade by inducing commercial enterprises to locate in this state. It is intended that each project be self-liquidating. It is not intended hereby to authorize any municipality itself to operate any commercial enterprise. This article shall be liberally construed in conformity with the said intent.
(Acts 1979, No. 79-722, p. 1277, §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 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generally in Certain Municipalities. › Section 11-54-142 - Additional Powers Conferred on Municipalities.

Section 11-54-142
Additional powers conferred on municipalities.
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, 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 acquiring, by construction and purchase, or either, any project, and to secure the payment of such bonds, all as hereinafter provided. No municipality shall have the power to operate any project as a business or in any manner except as lessor thereof.
(Acts 1979, No. 79-722, p. 1277, §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 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generally in Certain Municipalities. › Section 11-54-143 - Bonds Issued to Finance Projects.

Section 11-54-143
Bonds issued to finance projects.
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 herewith, all as shall be provided in the proceedings of the governing body whereunder the bonds shall be authorized to be issued. The bonds issued hereunder 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 1979, No. 79-722, p. 1277, §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 5 - Acquisition, etc., of Projects for Promotion of Hotel Services and Other Businesses Generally in Certain Municipalities. › Section 11-54-144 - Security for Bonds.

Section 11-54-144
Security for bonds.
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, all 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 hereunder and any mortgage securing such bonds may provide that, in the event of default in payments 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 in equity 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 proceedings in equity, 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 1979, No. 79-722, p. 1277, §5.)