Code of Alabama - Title 16: Education - Chapter 18A - Private Colleges and Universities Facilities Authority

• Section 16-18A-1 Short title
  This chapter may be cited as the "Private Colleges and Universities Facilities Authority Act."
• Section 16-18A-2 Definitions
  As used in this chapter, the following words and terms shall have the following meanings unless the context clearly indicates otherwise: (1) AUTHORITY. The Private...
• Section 16-18A-3 Creation of authority; members, organization, etc
  There is hereby created a public body corporate and politic to be known as the Private Colleges and Universities Facilities Authority and by that name,...
• Section 16-18A-4 Powers and duties
  The purpose of the authority shall be to assist institutions for higher education in the construction, financing and refinancing of the projects. The exercise by...
• Section 16-18A-5 Revenue bonds - Issuance; negotiable, forms, terms, etc.; refunding bonds; security
  The authority shall have power and is hereby authorized from time to time to provide by resolution for the issuance of negotiable revenue bonds for...
• Section 16-18A-6 Revenue bonds - Contracts to secure payment
  As security for payment of the principal and interest on bonds issued or obligations assumed by it, the authority may enter into a contract or...
• Section 16-18A-7 Revenue bonds - Creation of statutory mortgage lien; recording
  Any resolution of the authority or trust indenture under which bonds may be issued pursuant to the provisions of this chapter may contain provisions creating...
• Section 16-18A-8 Use of proceeds from sale
  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 16-18A-9 Exemptions from taxation, fees and costs
  The property and income of the authority, all bonds issued by the authority, the income from such bonds or from any other sources, the interest...
• Section 16-18A-10 Venue and jurisdiction
  The authority's legal situs or residence for the purpose of this chapter shall be Montgomery County. Any action to protect or enforce any rights under...
• Section 16-18A-11 Interest of bondholders protected; enforceability
  While any of the revenue bonds issued by the authority remain outstanding, the powers, duties or existence of the authority or of any of its...
• Section 16-18A-12 Moneys considered trust funds
  All moneys received by the authority pursuant to this chapter shall be deemed to be trust funds for the holders of the bonds and interest...
• Section 16-18A-13 Title to projects
  The authority may hold title to any project financed by it but shall not be required to do so.

Last modified: May 3, 2021