This text of Alabama § 45-51A-31.28 (Establishment and Revision of Rentals, Licenses, Rates, Fees, and Charges for Services or Facilities Rendered by Authority) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Rates, fees, charges, rentals, and licenses for services rendered by the authority or facilities provided by the authority from any of its projects shall be so fixed and, from time to time, revised as at all times to provide funds at least sufficient, taking into account other sources for the payment thereof, to do all of the following:
(1)Pay the cost of operating, maintaining, repairing, replacing, extending, and improving the project or projects of the authority.
(2)Pay the principal of and the interest on obligations assumed by the authority that are payable out of the revenues derived from operation of the project or projects of the authority as the principal and interest become due and payable.
(3)Create and maintain such reserves for the foregoing purposes or any of them as may b
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Rates, fees, charges, rentals, and licenses for services rendered by the authority or facilities provided by the authority from any of its projects shall be so fixed and, from time to time, revised as at all times to provide funds at least sufficient, taking into account other sources for the payment thereof, to do all of the following:
(1) Pay the cost of operating, maintaining, repairing, replacing, extending, and improving the project or projects of the authority.
(2) Pay the principal of and the interest on obligations assumed by the authority that are payable out of the revenues derived from operation of the project or projects of the authority as the principal and interest become due and payable.
(3) Create and maintain such reserves for the foregoing purposes or any of them as may be provided in any trust indenture executed by the authority under this subpart or in any resolution authorizing the assumption of any obligation or the acquisition of any such project.
(4) Make such annual payments, if any, to the United States of America or any agency or instrumentality thereof, the state, municipalities, counties, departments, authorities, agencies, and political subdivisions of the state and any public corporations organized under the laws of the state as the authority may have contracted to make.