Code of Alabama - Title 37: Public Utilities and Public Transportation - Chapter 13 - Incorporation of Railroad Authorities as Public Corporations

• Section 37-13-1 Definitions
  When used in this chapter, unless the context plainly indicates otherwise, the present tense shall include the future tense, the singular shall include the plural,...
• Section 37-13-2 Authority and procedure to incorporate
  Pursuant to this chapter, authorities may be organized as public corporations with the powers herein set forth. To organize an authority, no fewer than three...
• Section 37-13-3 Certificate of incorporation - Contents
  The certificate of incorporation of an authority shall state; (1) The names of the incorporators together with the residence of each thereof, and a statement...
• Section 37-13-4 Certificate of incorporation - Execution and recordation
  The certificate of incorporation of an authority shall be signed and acknowledged by the aforesaid incorporators before an officer authorized by the laws of the...
• Section 37-13-5 Board of directors of authority
  Each authority shall be governed by a board of directors composed of the number of directors provided in its certificate of incorporation, all of whom...
• Section 37-13-6 Officers of authority
  The officers of the authority shall consist of a chairman, a vice-chairman, a secretary, a treasurer and such other officers as the board shall deem...
• Section 37-13-7 Powers of authority generally
  Each 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 37-13-8 Acceptance, etc., of federal and state aid authorized
  Each authority is authorized to accept, receive, receipt for, disburse and expend federal and state moneys and other moneys, public or private, made available by...
• Section 37-13-9 Cooperation of cities, counties, etc
  For the purpose of aiding and cooperating with an authority in the planning, development, undertaking, construction, extension, improvement or operation of railroad properties and facilities,...
• Section 37-13-10 Suits against manager or director of authority
  No action or suit shall be brought or maintained against the manager or any director of an authority for or on account of the negligence...
• Section 37-13-11 Bonds of authority - Generally
  Each authority shall have the power and is hereby authorized at any time and from time to time to issue and sell its revenue bonds...
• Section 37-13-12 Bonds of authority - Execution
  All bonds shall be signed by the chairman or vice-chairman and the secretary or treasurer of the authority and the seal of the authority shall...
• Section 37-13-13 Bonds of authority - Security
  In the discretion of the authority any bonds may be issued under and secured by an indenture between the authority and a trustee. Said trustee...
• Section 37-13-14 Bonds of authority - Disposition of proceeds from sale of bonds
  The proceeds derived from the sale of any bonds (other than refunding bonds) may be used only to pay the costs of acquiring, constructing, improving,...
• Section 37-13-15 Bonds of authority - Refunding bonds
  An authority may at any time and from time to time issue refunding bonds for the purpose of refunding the principal of and the interest...
• Section 37-13-16 Bonds of authority - Exemption from taxation
  The bonds issued by an authority and the income therefrom shall be exempt from all taxation in the state. All property and income of an...
• Section 37-13-17 Investment of county and municipal funds in bonds of authority
  The governing body of any county, city or town within this state is authorized in its discretion to invest in bonds of the authority any...
• Section 37-13-18 Eligibility of bonds as investments for trust funds
  Bonds issued under the provisions of this chapter are hereby made legal investments for executors, administrators, trustees and other fiduciaries, unless otherwise directed by the...
• Section 37-13-19 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 37-13-20 Exemption from contracting and purchasing laws and from certain Public Service Commission jurisdiction
  Authorities organized pursuant to this chapter shall be exempt from (a) all laws relating to the advertising and award of construction contracts and purchase contracts...
• Section 37-13-21 Dissolution of authority
  At any time when no bonds of an authority are outstanding, such authority may be dissolved upon the filing, with the judge of probate of...

Last modified: May 3, 2021