Code of Alabama - Title 2: Agriculture - Chapter 3A - Alabama Agricultural Development Authority

• Article 1 General Provisons.
• Section 2-3A-1 Declaration of purpose and legislative findings
  The Legislature has found and determined and does hereby declare that in this state the following conditions exist: (1) That there exists in this state...
• Section 2-3A-2 Definitions
  The following words and phrases used in this article, and others evidently intended as the equivalent thereof, shall, in the absence of clear implication herein...
• Section 2-3A-3 Incorporation of authority; procedure
  (a) The Governor, the Commissioner of Agriculture and Industries and the Director of Finance may incorporate and organize a public corporation, with the power and...
• Section 2-3A-4 Board of directors; members; terms; vacancies; qualifications; expenses; quorum; impeachment; copies of proceedings as evidence
  (a) The authority shall be governed by a board of directors, and all powers of the authority shall be exercised by the board or pursuant...
• Section 2-3A-5 Officers of the authority
  The officers of the authority shall consist of a chairman, vice chairman, secretary, treasurer and such other officers as the board shall deem necessary or...
• Section 2-3A-6 Legislative oversight committee; members; expenses
  There shall be established a legislative oversight committee to provide recommendations to the board concerning efficient operation of the authority. The committee shall consist of...
• Section 2-3A-7 Powers of authority; open meetings
  (a) The authority shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof in corporate form: (1) To...
• Section 2-3A-8 Bonds of the authority
  (a) Source of payment. All bonds issued by the authority shall be payable solely out of the revenues and other receipts of the authority as...
• Section 2-3A-9 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 2-3A-10 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 payable from...
• Section 2-3A-11 Exemption from taxation
  The property and income of the authority, all bonds issued by the authority, the income from such bonds, conveyances by or to the authority, and...
• Section 2-3A-12 Exemption from usury and interest laws
  The authority shall be exempt from the laws of the State of Alabama governing usury or prescribing or limiting interest rates, including, but without limitation...
• Section 2-3A-13 Freedom of authority from state supervision and control; applicability of code of ethics
  (a) This article is intended to aid the state through the furtherance of the purposes of the article by providing an appropriate and independent instrumentality...
• Section 2-3A-14 Dissolution of authority and vesting of title to its property
  At any time when the authority has no bonds or other obligations outstanding, its board may adopt a resolution, which shall be duly entered upon...
• Section 2-3A-15 Article cumulative
  The provisions of this article are cumulative and shall not be deemed to repeal existing laws, except to the extent such laws are clearly inconsistent...
• Section 2-3A-16 Liberal construction of article
  This article being remedial in nature, the provisions of this article shall be liberally construed to effect its purpose.
• Article 2 1999 Bond Issue for Animal Diagnostic Laboratories, Agricultural and Forestry Research, and Veterninary Medicine Facilities.
• Section 2-3A-30 Issuance of bonds; obligation of state; proceeds; specifications
  In order to implement Constitutional Amendment 618 authorizing the issuance by the state of $52,000,000 in principal amount of its general obligation bonds, which amendment...
• Section 2-3A-31 Issuance and redemption
  The bonds of each series issued pursuant to this article may be issued as serial bonds payable in annual installments or as term bonds or...
• Section 2-3A-32 Execution
  The bonds of each series thereof issued pursuant to this article shall be sold by said authority at public sale as provided in Amendment 618....
• Section 2-3A-33 Alabama Agricultural, Forestry, and Veterinary Medicine Facilities Improvement Fund
  The proceeds derived from the sale of each series of the bonds issued pursuant to Section 2-3A-30 shall be paid into the State Treasury upon...
• Section 2-3A-34 Expenses; disposition of proceeds
  Upon order of the board of directors of said authority, all expenses incurred in connection with the authorization, preparation, sale, and issuance of bonds authorized...
• Section 2-3A-35 Refunding bonds
  Pursuant to the provisions of Amendment 618 and this article, the authority may, at any time and from time to time, issue for the state...
• Section 2-3A-36 Exemption from taxation
  All bonds (including refunding bonds) issued pursuant hereto, and the income therefrom (including the interest income thereon) shall be free from all taxation by the...
• Article 3 1998 Bond Issue for Textile Technology Facilities.
• Section 2-3A-50 Issuance of bonds; obligation of state; proceeds; specifications
  In order to implement Constitutional Amendment 619 authorizing the issuance by the state of five million seven hundred thousand dollars ($5,700,000) principal amount of its...
• Section 2-3A-51 Issuance and redemption
  The bonds of each series issued pursuant to this article may be issued as serial bonds payable in annual installments or as term bonds or...
• Section 2-3A-52 Execution
  The bonds of each series thereof issued pursuant to this article shall be sold by said authority at public sale as provided in Amendment 619....
• Section 2-3A-53 Alabama Agricultural and Textile Technology Facilities Improvement Fund
  The proceeds derived from the sale of each series of the bonds issued pursuant to Section 2-3A-50 shall be paid into the State Treasury upon...
• Section 2-3A-54 Expenses; disposition of proceeds
  Upon order of the board of directors of said authority, all expenses incurred in connection with the authorization, preparation, sale, and issuance of bonds authorized...
• Section 2-3A-55 Refunding bonds
  Pursuant to the provisions of Amendment 619 and this article, the authority may, at any time and from time to time, issue for the state...
• Section 2-3A-56 Exemption from taxation
  All bonds (including refunding bonds) issued pursuant hereto, and the income therefrom (including the interest income thereon) shall be free from all taxation by the...

Last modified: May 3, 2021