As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) APPLICANT. A natural person who files a written application with the governing body of a county or municipality, or two or more thereof, in accordance with Section 11-101A-3.
(2) AUTHORITY. A public corporation organized pursuant to this chapter.
(3) AUTHORIZING RESOLUTION. A resolution adopted by the governing body of an authorizing subdivision in accordance with Section 11-101A-3, that authorizes the incorporation of an authority under this chapter.
(4) AUTHORIZING SUBDIVISION. Each county and municipality with the governing body of which an application for the incorporation of an authority under this chapter is filed.
(5) BOARD. The board of directors of an authority.
(6) BONDS. Any bonds authorized to be issued by an authority hereunder, including refunding bonds.
(7) CODE. The Code of Alabama 1975.
(8) COUNTY. Any county in the state.
(9) DIRECTOR. A member of the board of an authority.
(10) FEDERAL SECURITIES. Direct obligations of the United States of America for the payment of which the full faith and credit of the United States of America is pledged, or obligations issued by a person controlled or supervised by and acting as an instrumentality of the United States of America, the payment of the principal of, premium, if any, and interest on which is fully and unconditionally guaranteed as a full faith and credit obligation by the United States of America.
(11) FISCAL YEAR. A fiscal year of an authorizing subdivision.
(12) GOVERNING BODY. With respect to a county, its county commission or other like governing body, and with respect to a municipality, its city or town council, board of commissioners, or other like governing body.
(13) INCORPORATORS. The persons forming a public corporation organized pursuant to this chapter.
(14) INDENTURE. A mortgage, mortgage indenture, mortgage and trust indenture, or trust indenture executed by an authority as security for any of its securities.
(15) LEGISLATURE. The Legislature of the state.
(16) MUNICIPALITY. An incorporated city or town of the state.
(17) PRINCIPAL OFFICE. The place at which the certificate of incorporation and amendments thereto, the bylaws, and the minutes of the proceedings of the board of an authority are kept.
(18) PROJECT. Any land and any buildings or other improvements thereon and all real and personal properties deemed necessary in connection therewith, whether or not now in existence, which shall be suitable for use by the United States.
(19) SECURITIES. Bonds, notes, warrants, certificates of indebtedness, or other evidences of indebtedness, including, without limiting the generality of the foregoing, notes issued in anticipation of the sale of any of the foregoing.
(20) STATE. The State of Alabama.
(21) UNITED STATES. The United States of America or any of its departments, agencies, or instrumentalities.
Last modified: May 3, 2021