Chapter 1 - Alabama Education Authority
- Section 16-15-1 Definitions
For the purposes of this chapter, the following words and phrases shall have the following respective meanings: (1) THE AUTHORITY. The public corporation organized ...
- Section 16-15-2 Legislative findings of fact and declaration of intent
The Legislature hereby makes the findings of fact and declaration of intent hereinafter set forth in this section. The great increase during recent years ...
- Section 16-15-3 Incorporation authorized
The Director of Finance, the Commissioner of Revenue, the Attorney General, the State Auditor, the State Treasurer and the State Superintendent of Education may ...
- Section 16-15-4 Application for incorporation
(a) To become a corporation, the Director of Finance, the Commissioner of Revenue, the Attorney General, the State Auditor, the State Treasurer and the ...
- Section 16-15-5 Issuance and recording of certificate of incorporation; no fees to be paid
When the application has been made, filed and recorded as herein provided, the applicants shall constitute a corporation under the name proposed in the ...
- Section 16-15-6 Members, officers and directors; record of proceedings
The applicants named in the application and their respective successors in office shall constitute the members of the authority. The Director of Finance shall ...
- Section 16-15-7 Powers generally
The authority shall have the following powers: (1) To have succession by its corporate name until the principal of and interest on all bonds ...
- Section 16-15-8 Issuance and sale of bonds; contracts; purchases
(a) The Alabama Education Authority is hereby authorized from time to time to sell and issue its bonds, not exceeding $100,000,000.00 in aggregate principal ...
- Section 16-15-9 Execution, form, terms and conditions of bonds; sale; refunding bonds; security for payment; bonds to be negotiable instruments; exemption from taxation; bonds legal investments
(a) The bonds of the authority shall be signed by its president and attested by its secretary, and the seal of the authority shall ...
- Section 16-15-10 Disposition of proceeds of bonds
(a) The proceeds of all bonds, other than refunding bonds, issued by the authority remaining after paying expenses of their issuance, shall be deposited ...
- Section 16-15-11 Pledge of revenues for payment of bonds
For the purpose of providing funds to enable the authority to pay at their respective maturities the principal of and interest on any bonds ...
- Section 16-15-12 Payment of bonds
Out of the revenues appropriated and pledged in Section 16-15-11, the State Treasurer is hereby authorized and directed to pay the principal of and ...
- Section 16-15-13 Dissolution of authority
At any time when no bonds of the authority are outstanding, the authority may be dissolved upon the filing with the Secretary of State ...
