Code of Alabama - Title 16: Education - Chapter 18 - Public Educational Building Authorities

• Section 16-18-1 Definitions
  For the purposes of this chapter, the following words and phrases shall have the following respective meanings: (1) ANCILLARY IMPROVEMENTS. Educational and related facilities of...
• Section 16-18-2 Legislative intent
  It is the purpose of the Legislature by this chapter to authorize the incorporation of educational building authorities as public corporations and as political subdivisions...
• Section 16-18-3 Procedure to incorporate
  (a) By proceeding in the manner set forth herein, any number of natural persons, not less than three, may incorporate an educational building authority as...
• Section 16-18-4 Amendments to certificate of incorporation
  (a) The certificate of incorporation of any authority incorporated under the provisions of this chapter may at any time and from time to time be...
• Section 16-18-5 Board of directors
  Each authority shall be governed by a board of directors. All powers of the authority shall be exercised by the board or pursuant to its...
• Section 16-18-6 Officers of authority
  The officers of an authority shall consist of a chairman, vice-chairman, secretary, treasurer and such other officers as its board shall deem necessary or appropriate....
• Section 16-18-7 Powers of authority
  The authority shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof in corporate form: (1) To have...
• Section 16-18-8 Location of ancillary improvements
  Any ancillary improvements of the authority may be located within or without or partially within and partially without the determining municipality, subject to the following...
• Section 16-18-9 Lease by educational institutions of ancillary improvements
  (a) Any one or more educational institutions in the state, except those educational institutions to which subsection (b) of this section applies, are hereby authorized...
• Section 16-18-10 Remedies under lease agreements
  If there is any default in the payment of any rental required to be paid or in the performance of any covenant required to be...
• Section 16-18-11 Bonds of authority
  (a) All bonds issued by the authority shall be signed by its chairman and attested by its secretary, and the seal of the authority shall...
• Section 16-18-12 Contracts to secure bonds and assumed obligations
  As security for payment of the principal of and interest on bonds issued or obligations assumed by it, the authority may enter into a contract...
• Section 16-18-13 Statutory mortgage lien
  Any resolution of the board or trust indenture under which bonds may be issued pursuant to the provisions of this chapter may contain provisions creating...
• Section 16-18-14 Proceeds from sale of bonds
  All moneys derived from the sale of any bonds issued by the authority shall be used solely for the purpose or purposes for which the...
• Section 16-18-15 Cooperation; aid from other public bodies
  For the purpose of securing ancillary improvements in connection with educational institutions or aiding or cooperating with the authority in the planning, development, undertaking, construction,...
• Section 16-18-16 Exemption from taxation
  The authority, the property and income of the authority, all bonds issued by the authority, the income from such bonds, conveyances by or to the...
• Section 16-18-17 Freedom of authority from state supervision and control
  This chapter is intended to aid the state in the execution of its duties by providing appropriate and independent instrumentalities of the state with full...
• Section 16-18-18 Earnings of authority
  The authority shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall inure to the benefit...
• Section 16-18-19 Investments in bonds of authority
  Unless otherwise directed by the court having jurisdiction thereof, or by the document that is the source of authority, a trustee, executor, administrator, guardian or...
• Section 16-18-20 Notice of bond resolution
  Upon the adoption by the board of any resolution providing for the issuance of bonds, the authority may, in its discretion, cause to be published...
• Section 16-18-21 Dissolution of authority and vesting of title to its properties
  At any time when the authority does not have any bonds outstanding and when there shall be no obligations assumed by the authority that are...

Last modified: May 3, 2021