Code of Alabama - Title 16: Education - Chapter 65 - Alabama Higher Education Equipment Loan Authority

• Section 16-65-1 Short title
  This chapter may be cited as the "Alabama Higher Education Equipment Loan Authority Act."
• Section 16-65-2 Legislative intent
  (a) It is the intent of the Legislature by passage of this chapter to enable the state, acting by and through the authority, to aid...
• Section 16-65-3 Definitions
  The following terms shall have the following meanings, respectively: (1) AUTHORITY. The Alabama Higher Education Equipment Loan Authority created by this chapter and any successor...
• Section 16-65-4 Creation of authority; members, organization, etc
  There is hereby created a public body corporate and politic to be known as Alabama Higher Education Equipment Loan Authority. The authority shall not be...
• Section 16-65-5 Powers of authority
  The authority shall have all of the following powers: (1) To adopt an official seal and alter the same at its pleasure. (2) To sue...
• Section 16-65-6 Bonds generally
  (a) Issuance of bonds. The authority is authorized and empowered to issue its bonds from time to time for the purpose of making equipment loans...
• Section 16-65-7 Proceeds from the sale of bonds, revenues, and other funds
  (a) After making adequate provision for the payment of the expenses of issuance, the authority is authorized and empowered to use the proceeds of any...
• Section 16-65-8 Dedicated source of revenue as security for the repayment of equipment loans
  In order to provide for the funding of an equipment loan by the authority to an educational institution, such educational institution shall establish a dedicated...
• Section 16-65-9 Refunding bonds
  Any bonds issued by the authority may from time to time be refunded by the issuance, by sale or exchange, of refunding bonds or obligations...
• Section 16-65-10 Investment in bonds
  The State Treasurer may invest any idle or surplus moneys of the state in bonds of the authority. The governing body of any county or...
• Section 16-65-11 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 16-65-12 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 16-65-13 Interest of bondholders protected; enforceability
  While any of the bonds issued by the authority remain outstanding, the powers, duties, or existence of the authority or of any of its officers...
• Section 16-65-14 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 shall...

Last modified: May 3, 2021