Code of Alabama - Title 37: Public Utilities and Public Transportation - Chapter 5 - Power Districts

Section 37-5-1 Definitions
Unless the context otherwise requires, the following terms, when used in this chapter, shall have the meanings respectively ascribed to them by this section: (1)...
Section 37-5-2 Creation; alteration; consolidation; dissolution
A municipal power district may be created as provided in this chapter and, when so created, shall be considered a municipal corporation and may exercise...
Section 37-5-3 Purpose and general powers
A district shall be created for the purpose of conducting and operating a utility and, to carry out such purpose, shall have power and authority...
Section 37-5-4 Board of directors - Appointment; terms; oath; vacancies; compensation and expenses
The government of the district shall be vested in a board of three directors, to be appointed by the Governor within 10 days after the...
Section 37-5-5 Board of directors - Powers
The board of directors of any district shall have power and authority: (1) To exercise by vote, ordinance or resolution all of the general powers...
Section 37-5-6 Bonds - Authorization to issue; manner of issuance; repurchase; interim receipts, etc
Each district shall have power and is authorized from time to time to issue its negotiable bonds in anticipation of the revenues from an enterprise....
Section 37-5-7 Bonds - Consent of Department of Finance
No bonds or other evidence of indebtedness of a district created under this chapter shall be issued or sold until consent to the issuance and...
Section 37-5-8 Bonds - Rights and remedies of bondholders
In addition to all other remedies, any holder of a bond of any district incorporated under this chapter, including a trustee for bondholders, shall have...
Section 37-5-9 Municipal aid
Any municipality situated within the territorial limits of a district may advance funds to such district to pay the preliminary organization and administration expenses thereof,...

Last modified: May 3, 2021