Code of Alabama - Title 16: Education - Chapter 18B - Alabama Forensic Sciences Bond Authority

• Section 16-18B-1 Legislative findings
  The Legislature hereby finds and declares that it is necessary, desirable, and in the public interest that the state provide adequate forensic sciences laboratories and...
• Section 16-18B-2 Definitions
  Where used in this article the following words and terms shall be given the following respective meanings unless the context hereof clearly indicates otherwise: (1)...
• Section 16-18B-3 Authorization and procedure for incorporations; application
  The Governor, the Lieutenant Governor, the Speaker of the House of Representatives, the State Treasurer, and the Director of Finance of the state may become...
• Section 16-18B-4 Certificate of incorporation
  When the application has been made, filed and recorded, as herein provided, the applicants shall constitute a public corporation under the name proposed in the...
• Section 16-18B-5 Members; officers; quorum; vacancies; salaries; record of proceedings
  The applicants named in the application and their respective successors in office shall constitute the members of the corporation. The Governor shall be the president...
• Section 16-18B-6 Powers of authority
  The corporation shall have the following powers: (1) To have succession by its corporate name without time limit; (2) To sue and be sued and...
• Section 16-18B-7 Bonds - Issuance and sale
  The bonds issued pursuant to this article shall not be obligations of said corporation but shall be general obligations of the state with the full...
• Section 16-18B-8 Bonds - Payment of principal, premium, and interest; records
  The State Treasurer is authorized and directed to pay the principal of, premium, if any, and interest on the bonds issued under the provisions of...
• Section 16-18B-9 Bonds - Redemption
  The bonds of each series issued pursuant to this article may be issued as serial bonds payable in annual installments or as term bonds or...
• Section 16-18B-10 Bonds - Execution; facsimiles; validity
  The bonds of each series thereof issued pursuant to this article shall be sold by said corporation at public sale as provided in the amendment....
• Section 16-18B-11 Alabama Forensic Sciences Bond Fund
  The proceeds derived from the sale of each series of the bonds issued pursuant to this article other than refunding bonds shall be paid into...
• Section 16-18B-12 Use of proceeds from bonds
  Upon order of the board of directors of the corporation, all expenses incurred in connection with the authorization, preparation, sale, and issuance of bonds authorized...
• Section 16-18B-13 Refunding bonds
  Pursuant to the provisions of the aforesaid amendment and this article, the corporation may, at any time and from time to time, issue for the...
• Section 16-18B-14 Exemption from taxes; use of bonds as security; investment of funds
  All bonds (including refunding bonds) issued pursuant hereto, and the income therefrom (including the interest income thereon) shall be free from all taxation by the...
• Section 16-18B-15 Contracts to be in writing
  All contracts for the acquisition, provision, construction, improvement, renovation, equipping and maintenance of forensic sciences laboratories and educational facilities for the provision of instruction and...
• Section 16-18B-16 Appropriation and allocation of funds
  There is hereby appropriated so much of the bond proceeds and interest income thereon as may be necessary for the acquisition, provision, construction, improvement, renovation,...
• Section 16-18B-17 Dissolution of corporation
  At any time when no bonds of the corporation are outstanding the corporation may be dissolved upon the filing with the Secretary of State of...
• Section 16-18B-18 Diversity of corporation
  The Alabama Forensic Sciences Bond Authority shall, to the extent possible and practical, utilize businesses and companies in all aspects of the bond and construction...
• Section 16-18B-19 Exemption from federal income taxation
  The corporation on behalf of the state shall have the power to provide for such payments to the United States of America as the directors...

Last modified: May 3, 2021