Alabama § 11-20-4 Requirements as to Leasing of Projects

Alabama Statutes

§ 11-20-4 — Requirements as to Leasing of Projects

Alabama·Title 11 Counties and Municipal Corporations·Ch. 20 Promotion of Industry and Trade·Art. 1 Acquisition, Ownership, and Lease of Projects by Counties

Prior to the issuance of any bonds, the county shall lease the project to a lessee under an agreement providing for payment to the county of such rentals as will be sufficient:

(1)To pay the principal of and interest on the bonds issued to finance the project as such principal and interest respectively mature;

(2)To build up and maintain any reserves deemed by the county commission to be advisable in connection therewith; and

(3)To pay the cost of maintaining the project in good repair and keeping it properly insured unless the agreement of lease obligates the lessee to pay for the maintenance and insurance of the project.

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Prior to the issuance of any bonds, the county shall lease the project to a lessee under an agreement providing for payment to the county of such rentals as will be sufficient:
(1) To pay the principal of and interest on the bonds issued to finance the project as such principal and interest respectively mature;
(2) To build up and maintain any reserves deemed by the county commission to be advisable in connection therewith; and
(3) To pay the cost of maintaining the project in good repair and keeping it properly insured unless the agreement of lease obligates the lessee to pay for the maintenance and insurance of the project.

Alabama § 11-20-4 (Requirements as to Leasing of Projects) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.