Such authority formed under this subpart shall constitute a public benefit agency of the State of Alabama and shall have a board of directors of nine members selected as herein provided. Such board of directors shall constitute the governing body of the authority. The members of the board of directors shall serve without compensation, except they shall be reimbursed for actual expenses incurred in and about the performance of their duties hereunder. No member of the board of directors shall be an officer of the city. The six original and their subsequent directors shall be elected by the governing body of the city, and they shall be so elected that they shall hold office for staggered terms. For the purpose of so staggering the terms, the directorships shall be numbered one through six, inclusive. The first term of office of each director shall be for a number of years corresponding to the number of the directorship which he or she holds; and, thereafter the term of office of each director shall be six years. Any person appointed to any vacant directorship during any term of such directorship shall be deemed appointed for the remainder of such term; provided, that if any person be appointed to any vacant directorship during the last six months of any term of such directorship, he or she shall be deemed appointed for the remainder of such term and for the next succeeding term of such directorship. Three members shall be selected as follows: Two members selected by the Alabama Senate members representing the county in which the city of the authority is located, approved by a majority vote of the members of the Senate composing the county delegation; and one member selected by the House of Representatives members representing the county in which the city of the authority is located, approved by a majority vote of the members of the House comprising the county delegation. The incumbent of a directorship may be removed from the board of directors by the council, commission, or other governing body of the city for inefficiency, neglect of duty, or malfeasance after a fair hearing or opportunity therefor. Every appointment or removal of a director, except for legislative appointed members, shall be by resolution of the council, commission, or other governing body of such city. A chair and vice chair of the authority shall be elected by the authority from among its members, and a secretary shall be appointed, who may be or may not be a member of the board. In the absence of incapacity of the chair, the vice chair shall serve as chair and may perform such acts and duties as the chair is authorized to perform. The power of the authority shall be vested in and exercised by the majority of the members of the authority then in office. The authority may delegate to one or more of its members or its officers, agents, and employees such power and duties as it may deem proper, and shall appoint a treasurer, who may or may not be a member of the authority, to act as custodian of all of the funds, from whatever source derived, received by the authority, and shall deposit the moneys in a separate account or accounts in one or more banks or trust companies which are duly qualified and doing business in the State of Alabama. The authority may by resolution or by trust indenture securing the issuance of bonds herein authorized designate a fiscal agent or trustee, which shall be a bank or trust company duly qualified to do business in the State of Alabama, and may authorize such fiscal agent or trustee to receive and disburse, upon such terms and conditions, and subject to such exceptions, if any, as may be specified in such resolution or trust indenture, all funds applicable to payment of the bonds. All such banks and trust companies are authorized to give security for moneys deposited with it.
Last modified: May 3, 2021