(a) The corporation shall have the power to borrow money and to issue revenue bonds as evidence of any money borrowed, which bonds shall be payable solely from the revenues derived from the activities and enterprises in which the corporation is hereby authorized to engage. As security for any money so borrowed, together with interest thereon, and any obligations incurred or assumed, the corporation in its discretion may mortgage, pledge, or otherwise transfer and convey its real, personal, and mixed property, or any part or parts thereof, whether then owned or thereafter acquired, including any franchises then owned or thereafter acquired, and all or any part of the revenues derived from the activities or enterprises in which the corporation is hereby authorized to engage.
(b) When the corporation deems it advisable, convenient, necessary, or expedient to issue such bonds, it shall so resolve and all the provisions of the resolution or mortgage and of such covenants and agreements as it may enter into to secure the issuance of such bonds shall constitute valid and legally binding contracts between the corporation and the several holders of the bonds, regardless of the time of issuance of such bonds, and shall be enforce- able by any such holder or holders by mandamus or other appropriate action, suit, or proceedings in any court of competent jurisdiction. The circuit court of Alabama, or any court of competent jurisdiction, shall have the authority to appoint a receiver for the properties of the corporation upon the terms and conditions specified in the resolution authorizing the issuance of the bonds or in any mortgage securing the payment of the principal and interest thereof. Any mortgage given as security for the payment of the bonds may contain such agreements as the corporation shall deem advisable respecting the rights and duties of the parties to such instrument or for the benefit of those to whom such instrument is made, including the right to foreclose or to take possession without foreclosure. Revenue bonds issued under the authority of this section may be in such form and tenor, may bear such rate or rates of interest, and have such maturities and redemption privileges as the corporation shall determine.
(c) Any bonds so issued may thereafter, from time to time, be refunded by the issuance or sale or exchange of refunding bonds at such times and in such forms and of such tenor, maturities, or rate or rates of interest as may be agreed upon by the authority and the holders of the bonds so refunded if such refunding is by exchange, and as may be determined by the corporation, if such refunding is by sale of refunding bonds. Such borrowing may be evidenced by sale of such bonds either at private or public sale, in such manner and from time to time as may be determined by the corporation to be most advantageous, and the corporation may pay all expenses, premiums, and commissions which the authority may deem necessary and advantageous in connection with any such financing. All such bonds shall be regarded as negotiable instruments. All such bonds and all instruments executed as security therefor shall be exempt from all taxation under the laws of the State of Alabama. The City of Bayou La Batre shall not in any event be liable for any money so borrowed, nor shall the same be construed to be an indebtedness of such city. The bonds provided for herein shall be issued in the name of the corporation appearing in the certificate filed by the judge of probate of the county and the bonds shall be executed in such name by the president, attested by the secretary of the board, and thereon shall be impressed or printed the corporate seal. Coupons attached to the bonds may be executed solely by impressing or printing thereon the facsimile signature of the chair.
Last modified: May 3, 2021