§ 41-10-653 — Powers of the Authority

Alabama § 41-10-653

• Jurisdiction: Alabama
• Title 41: State Government
• Ch. 10: Authorities
• Art. 17: Alabama 21st Century Authority
• Div. 2: Job Development Act of 1999

Text

The authority shall have, in addition to all powers heretofore granted to the authority pursuant to Division 1, the following powers:
(1) To sell and issue the bonds authorized herein for the purposes specified herein.
(2) To pledge the pledged revenues as security for the payment of the bonds.
(3) To acquire any real or personal property and to convey the same to the company or to any local governmental entity with or without consideration.
(4) To lease any real or personal property to the company or to any local governmental entity for use in any part of the project.
(5) To mortgage any part of the project as security for the bonds.
(6) To make, enter into, and execute contracts, agreements, or other instruments necessary to acquire or construct capital improvements to any part of the project.
(7) To incur ancillary costs, project costs and training costs and to pay for the same out of proceeds of the bonds, subject to the provisions of Section 41-10-657.
(8) To cooperate with and provide financial assistance to local governmental entities in order to facilitate the construction of public improvements that benefit the company.
(9) To guarantee the performance by any local governmental entity of any obligations or commitments undertaken by such local governmental entity as an incentive to induce the company to locate the manufacturing facility in the state, and to provide indemnification to the company with respect to such obligations and commitments.

Legislative History

(Act 99-391, p. 641, §4.)