§ 41-10-673 — Powers and Duties of the Authority

Alabama § 41-10-673

• Jurisdiction: Alabama
• Title 41: State Government
• Ch. 10: Authorities
• Art. 17: Alabama 21st Century Authority
• Div. 3: Job Development Act of 2001

Text

The authority shall have, in addition to all powers heretofore granted to the authority pursuant to the enabling act, 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 companies or to any local governmental entity with or without consideration.
(4) To lease any real or personal property to the companies or to any local governmental entity for use in any part of the projects.
(5) To mortgage any part of the projects 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 projects.
(7) To incur ancillary costs, projects costs, and training costs and to pay for the same out of proceeds of the bonds, subject to the provisions of Section 41-10-677.
(8) To cooperate with and provide financial assistance to local governmental entities in order to effectuate the reconstruction and improvement of the flood levees identified in subsection (a) of Section 41-10-674.
(9) To reimburse any company for the payment of training costs incurred by such company pursuant to an agreement with the authority.

Legislative History

(Act 2001-691, p. 1430, §4; Act 2009-563, p. 1634, §1; Act 2010-220, p. 365, §1.)