§ 45-37A-54.67 — Borrowing; Revenue Bonds

Alabama § 45-37A-54.67

• Jurisdiction: Alabama
• Title 45: Local Laws
• Ch. 37A: Jefferson County Municipalities
• Art. 5: Birmingham
• Part 5: Parks, Recreation, and Tourism

Text

The authority shall have the power to borrow money and to issue revenue bonds as evidence of any money so borrowed, which bonds shall be payable solely from the revenues derived from the fairs, exhibitions, amusements, and other activities and enterprises in which the authority is hereby authorized to engage. As security for any money so borrowed, together with interest thereon and any obligations incurred or assumed, the authority may mortgage, pledge, or otherwise transfer and convey its real, personal, and mixed property, or any part or parts thereof, whether then owned or thereafter acquired, including any franchises then owned or thereafter acquired, and all or any part of the revenues derived from the fairs, exhibitions, amusements, and other activities and enterprises in which the authority is hereby authorized to engage. The instrument whereunder such mortgage or pledge shall be made may contain such agreements as the authority shall deem advisable respecting the rights and duties of the parties to such instrument or for the benefit of whom such instrument is made, including the right to foreclose or to take possession without foreclosure. In addition, and for the further security of the lender, the authority may enter into a contract or contracts with the lender binding itself for the proper application of money borrowed from such lender, and for the operation and maintenance of properties held by the authority or of exhibitions, amusements, or other activities then or thereafter conducted by the authority. When money is borrowed under the authority of this subpart, the loan may be evidenced by revenue bonds in such form and such tenor and maturities as may be agreed upon between the lender and the authority. And such bonds so issued may thereafter from time to time be refunded by the issuance or sale or exchange of refunding bonds at such times and in such forms and of such tenor or maturities as may be refunding is by exchange, and as may be determined by the authority if such refunding is by sale of refunding bonds. Such authority may restrict the source of payment of such bonds and the security given therefor to whatever extent the authority shall deem advisable, but no such bonds shall purport to be effective to impose on the authority or its funds or property, any liability in excess of or inconsistent with the liability authorized to be incurred or assumed by this subpart. Such borrowing may be evidenced by sale of such bonds either at private or public sale in such manner and from time to time as may be determined by the authority to be most advantageous, and the authority may pay all expenses, premiums, and commissions which the authority may deem necessary and advantageous in connection with any such financing. All such bonds shall be regarded as negotiable instruments. All such bonds and all instruments executed as security therefor shall be exempt from all taxation under the laws of the State of Alabama. The city in which the authority is located shall in no event be liable for any money so borrowed, nor shall the same be construed to be an indebtedness of or against such city. The bonds provided for herein shall be issued in the name of the corporation appearing in the certificate filed with the judge of probate of the county; and the bonds shall be executed in such name by the chair of the board of directors, attested by the secretary of the board, and thereon shall be impressed or printed the corporate seal. Coupons attached to the bonds may be executed solely by impressing or printing thereon the facsimile signature of the chair.

Legislative History

(Acts 1947, No. 215, p. 81, §8.)