Alabama § 41-10-325 Lease of Vacant Facilities to Prevent Default on Bonds

Alabama Statutes

§ 41-10-325 — Lease of Vacant Facilities to Prevent Default on Bonds

Alabama·Title 41 State Government·Ch. 10 Authorities·Art. 10 Alabama Space Science Exhibit Finance Authority

If at any time any facility constructed or acquired by the authority is, or is about to be, vacant or unused as a result of there being no lease for such facility in effect for the current fiscal year, then, but only in such event, in order to prevent default on its bonds, the authority is hereby authorized to lease such facility to any other agency, department, bureau, or commission of the state, any municipal corporation, public corporation, county, or other public body in the state, or any agency of the federal government. Any such lease shall not be for the purpose of lending public credit but shall be solely to avoid default on the authority’s bonds and to insure the prompt payment of the principal thereof and interest thereon when due.

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If at any time any facility constructed or acquired by the authority is, or is about to be, vacant or unused as a result of there being no lease for such facility in effect for the current fiscal year, then, but only in such event, in order to prevent default on its bonds, the authority is hereby authorized to lease such facility to any other agency, department, bureau, or commission of the state, any municipal corporation, public corporation, county, or other public body in the state, or any agency of the federal government. Any such lease shall not be for the purpose of lending public credit but shall be solely to avoid default on the authority’s bonds and to insure the prompt payment of the principal thereof and interest thereon when due.

Alabama § 41-10-325 (Lease of Vacant Facilities to Prevent Default on Bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.