§ 41-10-432 — Funds Appropriated for Alabama Real Estate Commission Building Authority Fund; State to Have No Further Obligations or Rights After Property, Contracts, Etc., Assigned, Transferred, or Conveyed

Alabama § 41-10-432

• Jurisdiction: Alabama
• Title 41: State Government
• Ch. 10: Authorities
• Art. 13: Real Estate Commission Building Authority

Text

Upon issuance of the certificate of incorporation, all funds appropriated from the Real Estate Commission Fund for purposes of capital outlay by Acts of Alabama 88-777 and 88-953, which remain unspent or unencumbered, are hereby transferred to a fund in the State Treasury to be known as the Alabama Real Estate Commission Building Authority Fund. All funds received by the authority from any source whatsoever shall be deposited into such fund. Moneys contained therein are hereby appropriated for the purposes set forth in this article; said funds shall not revert to any other fund at the end of a fiscal year but are hereby reappropriated to the authority to be expended for any lawful purpose.
Upon issuance of the certificate of incorporation and pursuant to a written transfer, assignment, or conveyance by the State of Alabama to the authority, all contracts, leases, management agreements, real, or personal property acquired by the State of Alabama for the purpose of erecting a facility for the Real Estate Commission, shall be transferred, assigned, or conveyed to the authority without payment or other consideration. Upon such assignment, transfer, or conveyance, the State of Alabama shall have no further obligations or rights to or under the items or subject matters so assigned, transferred, or conveyed.

Legislative History

(Acts 1990, No. 90-293, p. 396, §13.)