Code of Alabama - Title 41: State Government - Chapter 16A - Governmental Leasing

• Section 41-16A-1 Short title
  This chapter shall be known and may be cited as the Alabama Governmental Leasing Act.
• Section 41-16A-2 Legislative intent
  It is hereby found and declared by the Legislature of Alabama that it is in the public interest that the state, political subdivisions, agencies, boards,...
• Section 41-16A-3 Definitions
  For the purposes of this chapter, the following terms shall have the respective meanings provided by this section: (a) ALTERNATIVE FINANCING CONTRACT. A lease, lease-purchase,...
• Section 41-16A-4 Authorization to utilize alternative financing contracts; scope of contracts
  In addition to and not as a limitation upon other powers and authority, any governmental entity shall have the power and authority to execute, perform,...
• Section 41-16A-5 Permissible contract provisions; general and limited obligation distinction may be made; allowable pledge payment sources; classification of entity's contracting and contracts
  (a) Alternative financing contracts may be for such term, provide for such renewal or extension options, provide for such terminating events, provide for the payment...
• Section 41-16A-6 Proprietary function contracting not restricted
  Nothing in this chapter shall restrict governmental entities from executing contracts arising out of their proprietary functions.
• Section 41-16A-7 Impact of other state laws upon interpretation of contracts executed pursuant to this chapter
  The provisions of any alternative financing contract that are either permitted or required to be included therein pursuant to this chapter shall be valid and...
• Section 41-16A-8 Investment status of contracts
  Alternative financing contracts or any interest therein shall be a legal and authorized investment for banks, savings and loan associations, insurance companies, fiduciaries, and trustees.
• Section 41-16A-9 Construction
  To the extent of any conflict or inconsistency between any provisions of this chapter and any provisions of any other law as applied to alternative...
• Section 41-16A-10 Reliance of grantor party on legal authority of entity
  Any grantor party and each person claiming by, through, or under a grantor party may conclusively rely on the legal authority of a governmental entity...
• Section 41-16A-11 Chapter declaratory of existing law
  It is hereby found, determined, and declared that the provisions of this chapter are declaratory of existing law and the provisions of this chapter shall...

Last modified: May 3, 2021