Code of Alabama - Title 16: Education - Chapter 17A - University Authority Act of 2016

• Section 16-17A-1 Short title
  This chapter shall be known and may be cited as the "University Authority Act of 2016."
• Section 16-17A-2 Definitions
  For purposes of this chapter, the following terms shall have the following meanings: (1) ACADEMIC MEDICAL CENTER. The teaching, research, and clinical facilities provided, established,...
• Section 16-17A-3 Incorporation of authority
  (a) In order to incorporate an authority, the sponsoring university shall adopt a resolution containing at least the following provisions: (1) A finding that it...
• Section 16-17A-4 Articles of incorporation - Requirements
  (a) In addition to any other matters relating to the authority that the sponsoring university may choose to insert and that are not inconsistent with...
• Section 16-17A-5 Articles of incorporation - Amendments
  (a) The articles of incorporation of any authority may be amended by filing articles of amendment with the Secretary of State, but only with the...
• Section 16-17A-6 Board of directors
  (a) Each authority shall have a board of directors composed of the number of directors provided in the articles of incorporation. (b) All powers of...
• Section 16-17A-7 Officers
  (a) The officers of an authority shall consist of a president, a vice president, a secretary, a treasurer, and other officers and assistant officers as...
• Section 16-17A-8 Powers of authority
  (a) An authority shall have and may exercise any power granted nonprofit corporations under Title 10A, together with all powers incidental thereto or necessary or...
• Section 16-17A-9 Eminent domain
  An authority shall have, in addition to all other powers granted by this chapter, the same power of eminent domain as is vested by law...
• Section 16-17A-10 Indebtedness
  (a) An authority from time to time may borrow money or incur indebtedness and issue bonds, notes, or other evidence of indebtedness in such principal...
• Section 16-17A-11 Pledge of revenues; security documents
  (a) Any pledge of any revenues of an authority or university affiliate, including, without limitation, tax revenues made available to an authority, shall be valid...
• Section 16-17A-12 Obligations of authority
  (a) All agreements and covenants undertaken, and all indebtedness issued, by an authority shall be solely and exclusively an obligation of the authority and, except...
• Section 16-17A-13 Investment in indebtedness
  Indebtedness issued under the provisions of this chapter is hereby made a legal investment for savings banks and insurance companies organized under state law and...
• Section 16-17A-14 Default in payments
  (a) If there should be any default in the payment of the principal of, or interest on, any indebtedness issued under this chapter or of...
• Section 16-17A-15 Exemptions from taxation
  Notwithstanding any provision of law to the contrary: (1) Any indebtedness issued by an authority or a university affiliate, and the income therefrom, including any...
• Section 16-17A-16 Audits
  (a) Each authority shall engage a firm or firms of certified public accountants to conduct an annual audit of the financial affairs of the authority....
• Section 16-17A-17 Conveyance of property, etc., to authority; pledge of full faith and credit
  (a) The state, any university, any governmental entity, and any public corporation is hereby authorized to give, transfer, convey, or sell to any authority or...
• Section 16-17A-18 Legislative findings
  In support of and in furtherance of the powers granted in Section 16-17A-8, the Legislature hereby finds and declares all of the following: (1) Authorities...
• Section 16-17A-19 Sovereign immunity; damage limitation
  (a) This chapter is not intended to extend or grant sovereign immunity to any authority or university affiliate that is not entitled to sovereign immunity...
• Section 16-17A-20 Applicability of other laws
  Notwithstanding any other provision of law to the contrary: (1) Each authority shall be exempt from all laws of the state governing usury or prescribing...
• Section 16-17A-21 Reincorporation
  (a) Any public corporation that meets the criteria specified in subsection (b) may reincorporate as an authority under this chapter, and become subject to and...
• Section 16-17A-22 Disposition of excess revenues
  No part of the net earnings of an authority remaining after payment of its expenses shall inure to the benefit of any person other than...
• Section 16-17A-23 Dissolution of authority
  (a) At any time when an authority does not have any indebtedness or other contractual or legal obligations outstanding, an authority may be dissolved by...
• Section 16-17A-24 Construction of chapter
  The provisions of this chapter are cumulative and shall not be deemed to repeal existing laws, except to the extent such laws are clearly inconsistent...

Last modified: May 3, 2021