Code of Alabama - Title 14: Criminal Correctional and Detention Facilities - Chapter 2 - Alabama Corrections Institution Finance Authority

• Section 14-2-1 Definitions
  For the purposes of this chapter, the following terms shall have the meanings respectively ascribed to them by this section: (1) AUTHORITY. The public corporation...
• Section 14-2-2 Purpose of chapter; construction thereof
  It is the intent of the Legislature, by the passage of this chapter, to authorize the incorporation of the Governor, the Commissioner of Corrections, the...
• Section 14-2-3 Incorporation by state officials - Authority
  The Governor, the Commissioner of Corrections, the Director of Finance, the Lieutenant Governor and the Attorney General may become a public corporation with the power...
• Section 14-2-4 Incorporation by state officials - Application
  To become a corporation, the Governor, the Commissioner of Corrections, the Director of Finance, the Lieutenant Governor and the Attorney General shall present to the...
• Section 14-2-5 Incorporation by state officials - Certificate of incorporation
  When the application has been made, filed and recorded as provided in Section 14-2-4, the Secretary of State shall make and issue to the applicants...
• Section 14-2-6 Members; officers; directors; quorum; vacancies; salaries
  The applicants named in the application and their respective successors in office shall constitute the members of the authority. The Governor shall be the president...
• Section 14-2-7 Resolutions and proceedings of board of directors
  All resolutions adopted by the board of directors shall constitute actions of the authority, and all proceedings of the board of directors shall be reduced...
• Section 14-2-8 Powers - Generally
  The authority shall have the following powers among others specified in this chapter: (1) To have succession in its corporate name until the principal of...
• Section 14-2-9 Powers - Eminent domain
  The authority shall have the same power of eminent domain as the state. Such power shall be exercised in the same manner and under the...
• Section 14-2-10 Temporary loans in anticipation of issuance of bonds
  In anticipation of issuance of bonds under this chapter, the authority may, from time to time, borrow such sums as may be needed, not exceeding...
• Section 14-2-11 Execution of bonds and notes
  The bonds and notes of the authority shall be executed by the manual or facsimile signature of either its president or its treasurer, as shall...
• Section 14-2-12 Bonds - Authorization
  (a) For the purpose of providing funds for the acquisition of sites, for the construction, reconstruction, alteration and improvement of facilities, for the procurement and...
• Section 14-2-13 Bonds - Sale and issuance of refunding bonds
  The authority may, from time to time, sell and issue its refunding bonds for the purpose of refunding any matured or unmatured bonds of the...
• Section 14-2-13.1 Bonds - Limitations on issuance of refunding bonds; present value of debt service; average maturity of refunding bonds
  It is hereby further provided that no refunding bonds as provided for by Section 14-2-13 shall be issued unless the present value of all debt...
• Section 14-2-14 Bonds - Specifications; redemption; precedence
  Any bonds of the authority may be executed and delivered by it at any time and from time to time, shall be in such form...
• Section 14-2-15 Bonds - Recital, notice and contest of authorizing resolution, etc
  (a) Any resolution or indenture of trust authorizing any bonds under this chapter shall contain a recital that they are issued pursuant to the provisions...
• Section 14-2-16 Bonds - Sale
  Bonds of the authority may be sold at such price or prices and at such time or times as the board of directors of the...
• Section 14-2-16.1 Bonds - Report to Legislature; contents
  The bonding authority provided herein must file a report, in concise, simple language to each legislator between the first and the twelfth legislative day of...
• Section 14-2-17 Bonds - Investment of surplus in state fund, etc., and trust funds
  Any surplus in any state fund and any retirements or trust fund, where the investment thereof is permitted or required by law, may be invested...
• Section 14-2-18 Bonds - Security for deposit of governmental funds
  Any bonds issued by the authority may be used by the holders thereof as security for deposits of any funds belonging to the state or...
• Section 14-2-19 Bonds - Disposition of proceeds
  (a) All proceeds derived from the sale of any bonds, except refunding bonds, sold by the authority, remaining after payment of the expenses of issuance...
• Section 14-2-20 Bonds - Investment of proceeds
  Any portion of the principal proceeds derived from the sale of the bonds which the board of directors of the authority may determine is not...
• Section 14-2-21 Bonds - Security
  The principal of, premium, if any, and interest on the bonds of the authority shall be secured by any or all of the following, as...
• Section 14-2-22 Bonds - Enforcement upon default
  If there be any default by the authority in the payment of the principal of or interest on the bonds or in any of the...
• Section 14-2-23 Bonds - Bonds and coupons deemed negotiable instruments
  All bonds issued by the authority, while not registered, shall be construed to be negotiable instruments even though they are payable from a limited source....
• Section 14-2-24 Obligations, bonds, and notes not debt of state
  All obligations incurred by the authority and all bonds and notes issued by it shall be solely and exclusively an obligation of the authority, payable...
• Section 14-2-25 Conveyance of property by state; right to possession thereof; consideration therefor
  The Governor of the state is authorized to execute and deliver, at any time and from time to time, an appropriate deed or deeds conveying...
• Section 14-2-26 Kilby property - Sale or lease by authority
  (a) The authority shall have the power to sell, convey and lease all or any part of the Kilby property and, as an aid to...
• Section 14-2-27 Kilby property - Lease to United States Environmental Protection Agency
  Notwithstanding the provisions of this chapter to the contrary, the authority is authorized, in its discretion, to continue to lease to the Environmental Protection Agency...
• Section 14-2-28 Facilities - Construction
  All facilities constructed by the authority shall be constructed according to plans and specifications of architects or engineers, or both, selected by the department. Such...
• Section 14-2-28.1 Facilities - Determination on provider of telephone service
  When a facility is constructed with the proceeds from any bonds issued under this chapter, a determination on the provider of telephone service for the...
• Section 14-2-29 Facilities - Leasing - State or agency thereof
  (a) The authority is hereby authorized to enter into a lease or leases of any one or more facilities constructed, acquired, reconstructed, renovated or improved...
• Section 14-2-30 Facilities - Leasing - County, municipal corporation, agency of federal government, etc
  If at any time any facility constructed by the authority is, or is about to be, vacant or unused as a result of there being...
• Section 14-2-31 Special funds
  In the resolution or proceedings authorizing the issuance of any bonds, any temporary loans or in any indenture of trust, the authority may provide for...
• Section 14-2-32 Exemption from taxation
  The properties of the authority and the income therefrom, all lease agreements made by the authority and all bonds issued by the authority, the coupons...
• Section 14-2-33 Venue for actions
  Any action to protect or enforce any rights under the provisions of this chapter shall be brought in the circuit court of Montgomery County, Alabama.
• Section 14-2-34 Dissolution
  When all bonds and securities issued by the authority and all obligations assumed by it under the provisions of this chapter shall have been paid...
• Section 14-2-35 Fees of Secretary of State
  There shall be no fees paid to the Secretary of State for any work done in connection with the incorporation or dissolution of the authority.
• Section 14-2-36 Exemption from competitive bid laws
  All leases of facilities made by the authority shall be exempt from the provisions and requirements of Chapter 16 of Title 41 of this Code.
• Section 14-2-37 Swap agreements
  Notwithstanding any other provision of law, including without limitation Article 3, commencing with Section 41-1-40, of Chapter 1 of Title 41, the Alabama Corrections Institution...

Last modified: May 3, 2021