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https://law.justia.com/codes/alabama/title-2/chapter-5/article-2/section-2-5-32/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5 - Farmers' Market Authority.›Article 2 - Bond Issuance Authorized.›Section 2-5-32 - Execution and Other Details of the Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5 - Farmers' Market Authority. › Article 2 - Bond Issuance Authorized. › Section 2-5-32 - Execution and Other Details of the Bonds. | Section 2-5-32
Execution and other details of the bonds.
Repealed by Act 2013-286, §2, effective August 1, 2013.
(Act 98-243, p. 396, §4.) |
https://law.justia.com/codes/alabama/title-2/chapter-5/article-2/section-2-5-33/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5 - Farmers' Market Authority.›Article 2 - Bond Issuance Authorized.›Section 2-5-33 - Sale of the Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5 - Farmers' Market Authority. › Article 2 - Bond Issuance Authorized. › Section 2-5-33 - Sale of the Bonds. | Section 2-5-33
Sale of the bonds.
Repealed by Act 2013-286, §2, effective August 1, 2013.
(Act 98-243, p. 396, §5.) |
https://law.justia.com/codes/alabama/title-2/chapter-5/article-2/section-2-5-34/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5 - Farmers' Market Authority.›Article 2 - Bond Issuance Authorized.›Section 2-5-34 - Security for the Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5 - Farmers' Market Authority. › Article 2 - Bond Issuance Authorized. › Section 2-5-34 - Security for the Bonds. | Section 2-5-34
Security for the bonds.
Repealed by Act 2013-286, §2, effective August 1, 2013.
(Act 98-243, p. 396, §6.) |
https://law.justia.com/codes/alabama/title-2/chapter-5/article-2/section-2-5-35/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5 - Farmers' Market Authority.›Article 2 - Bond Issuance Authorized.›Section 2-5-35 - Refunding Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5 - Farmers' Market Authority. › Article 2 - Bond Issuance Authorized. › Section 2-5-35 - Refunding Bonds. | Section 2-5-35
Refunding bonds.
Repealed by Act 2013-286, §2, effective August 1, 2013.
(Act 98-243, p. 396, §7.) |
https://law.justia.com/codes/alabama/title-2/chapter-5/article-2/section-2-5-36/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5 - Farmers' Market Authority.›Article 2 - Bond Issuance Authorized.›Section 2-5-36 - Establishment of Debt Service Reserve Fund. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5 - Farmers' Market Authority. › Article 2 - Bond Issuance Authorized. › Section 2-5-36 - Establishment of Debt Service Reserve Fund. | Section 2-5-36
Establishment of debt service reserve fund.
Repealed by Act 2013-286, §2, effective August 1, 2013.
(Act 98-243, p. 396, §8.) |
https://law.justia.com/codes/alabama/title-2/chapter-5/article-2/section-2-5-37/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5 - Farmers' Market Authority.›Article 2 - Bond Issuance Authorized.›Section 2-5-37 - Investment of Proceeds From Bond Sale. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5 - Farmers' Market Authority. › Article 2 - Bond Issuance Authorized. › Section 2-5-37 - Investment of Proceeds From Bond Sale. | Section 2-5-37
Investment of proceeds from bond sale.
Repealed by Act 2013-286, §2, effective August 1, 2013.
(Act 98-243, p. 396, §9.) |
https://law.justia.com/codes/alabama/title-2/chapter-5/article-2/section-2-5-38/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5 - Farmers' Market Authority.›Article 2 - Bond Issuance Authorized.›Section 2-5-38 - Property of Authority Exempt From Taxation. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5 - Farmers' Market Authority. › Article 2 - Bond Issuance Authorized. › Section 2-5-38 - Property of Authority Exempt From Taxation. | Section 2-5-38
Property of authority exempt from taxation.
Repealed by Act 2013-286, §2, effective August 1, 2013.
(Act 98-243, p. 396, §10.) |
https://law.justia.com/codes/alabama/title-2/chapter-5/article-2/section-2-5-39/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5 - Farmers' Market Authority.›Article 2 - Bond Issuance Authorized.›Section 2-5-39 - Maintain Federal Tax-Exempt Status. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5 - Farmers' Market Authority. › Article 2 - Bond Issuance Authorized. › Section 2-5-39 - Maintain Federal Tax-Exempt Status. | Section 2-5-39
Maintain federal tax-exempt status.
Repealed by Act 2013-286, §2, effective August 1, 2013.
(Act 98-243, p. 396, §11.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-1/section-2-5a-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 1 - General Provisions.›Section 2-5A-1 - Establishment; Powers and Duties. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 1 - General Provisions. › Section 2-5A-1 - Establishment; Powers and Duties. | Section 2-5A-1
Establishment; powers and duties.
(a) The Farmers' Market Authority is established in the Department of Agriculture and Industries. The authority shall have the powers and duties to establish agricultural markets to prevent waste and to provide marketing facilities where farm products, including fruits, vegetables, nuts, truck crops, and other agricultural commodities, and fish products, including, but not limited to, farm-raised fish, shellfish, and wild fish, may be processed, graded, packaged, displayed, or exhibited in order to encourage the buying and selling of the commodities, and to encourage the public interest, thus promoting good will between the rural and urban sectors of the State of Alabama. The Commissioner of the Department of Agriculture and Industries, with approval of the Board of Agriculture and Industries, may procure by purchase, lease, rent, gift, or otherwise, necessary market sites in this state on which to conduct farmers' markets.
(b) Notwithstanding Article 3 of Chapter 15 of Title 9, the commissioner, upon the approval of the Governor, may grant, bargain, sell, and convey all its right, title, and interest in any market which it has established and any facility installed in any market or in connection with any market upon terms and conditions as it deems expedient. The commissioner, however, may not execute a deed of conveyance to any market and market facilities, including the land on which it is located, until the department has received payment in full of an amount sufficient to reimburse the department for the expenses incurred in acquiring the land, erecting any buildings thereon, and installing any facilities. No deed of conveyance shall be executed until the grantee agrees to continue to operate the market for the benefit of agricultural producers in the area then being served by the market, as long as this need continues to exist, pursuant to rules of operation as are prescribed by the commissioner and stipulated in the contract and deed of sale.
(c) In the event a market is no longer needed to serve the agricultural community as stipulated by the commissioner, the commissioner, as a means to recoup to the extent possible all moneys expended by the Department of Agriculture and Industries in establishing the market, shall obtain a certified appraisal of the market, advertise for four weeks that the market will be sold at public auction or sealed bid on a certain date, and sell the market at public auction or sealed bid with the commissioner reserving the right to accept or reject any or all bids. No sale shall be executed without the approval of the Governor.
(d) No sale shall be made by the commissioner without a complete and full recitation of the facts and reasons for the sale being spread on the minutes of the Board of Agriculture and Industries and in a certificate signed by the chair certifying to the Governor that the stated facts and reasons are true to the best of his or her knowledge and belief.
(e) All functions of the Farmers’ Market Authority provided in Chapter 5, and all books, records, supplies, funds, equipment, and personnel of the Farmers’ Market Authority existing on August 1, 2013, shall be transferred to the Department of Agriculture and Industries.
(Act 2013-286, p. 981, §1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-1/section-2-5a-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 1 - General Provisions.›Section 2-5A-2 - Director. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 1 - General Provisions. › Section 2-5A-2 - Director. | Section 2-5A-2
Director.
(a) The commissioner may appoint a director who, under the supervision of the commissioner, shall administer this article. The director shall receive a salary to be fixed as provided in Section 36-6-6, payable in installments in the same manner as the salaries of other state employees are paid, and shall be allowed the same travel expenses in the performance of his or her duties as are allowed to other state employees as provided by law. The director, with the approval of the commissioner and subject to the state Merit System, shall appoint all necessary clerks, stenographers, inspectors, and other employees to administer this article. The director shall act as manager, secretary, and custodian of all records unless the commissioner shall otherwise direct. In addition to those duties already described, the director's duties shall include, but shall not be limited to, all of the following:
(1) Directing the overall planning, development, and administration of promotional or assistive services or programs of the authority.
(2) Directing the development and implementation of departmental planning and budget issues.
(3) Directing compliance activities at farmers' markets and in programs administered by the authority.
(4) Directing promotional activities of the authority.
(5) Managing real property and other assets of the authority.
(6) Representing the authority to the public and to federal, state, and local governments.
(7) Managing the personnel of the authority.
(8) Managing the fiscal affairs of the authority.
(9) Writing grant proposals.
(10) Negotiating and administering contracts, grants, and cooperative agreements.
(b) The director, with the approval of the commissioner, shall fix the duties of all employees of the authority. The director shall be at the time of his or her appointment a resident of the State of Alabama.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-1/section-2-5a-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 1 - General Provisions.›Section 2-5A-3 - Establishment of Farmers' Markets. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 1 - General Provisions. › Section 2-5A-3 - Establishment of Farmers' Markets. | Section 2-5A-3
Establishment of farmers' markets.
When a site has been acquired by purchase, lease, rent, gift, or otherwise, the commissioner may establish thereon a farmers' market, independent of and without the necessity of securing any permit from any municipality in which a site or sites may be located.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-1/section-2-5a-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 1 - General Provisions.›Section 2-5A-4 - Regulation of Market Location; No Right of Eminent Domain. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 1 - General Provisions. › Section 2-5A-4 - Regulation of Market Location; No Right of Eminent Domain. | Section 2-5A-4
Regulation of market location; no right of eminent domain.
Any farmers' market, as to its location in any municipality, shall be subject to any necessary or fair municipal zoning ordinances or fire or health regulations. This article shall not be construed as conferring the right of eminent domain upon the Department of Agriculture and Industries.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-1/section-2-5a-5/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 1 - General Provisions.›Section 2-5A-5 - Regulating Conduct of Markets; Grades and Classes for Produce; Sale of Cull Produce... | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 1 - General Provisions. › Section 2-5A-5 - Regulating Conduct of Markets; Grades and Classes for Produce; Sale of Cull Produce. | Section 2-5A-5
Regulating conduct of markets; grades and classes for produce; sale of cull produce.
The commissioner, with approval of the Board of Agriculture and Industries, may make such rules as in his or her judgment may be necessary to conduct properly such farmers' market or markets, both wholesale and retail. The commissioner may provide experienced and competent persons to act as graders and classifiers on such markets. The commissioner may prescribe and designate reasonable grades and classes for farm products, truck crops, fruits, vegetables, and fish products and to enforce the same in all markets in the state. The commissioner may designate separate places on any market where fruits, vegetables, truck crops, and fish products of the different classes and grades shall be handled and kept separate. The commissioner may promulgate rules regulating or prohibiting the sale of cull produce or produce unfit for human consumption at any state farmers' market. Ripe peaches, cantaloupes, tomatoes, and other commodities of a similar nature shall not be classed as cull produce when sold in Alabama for local consumption.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-1/section-2-5a-6/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 1 - General Provisions.›Section 2-5A-6 - Market Charges. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 1 - General Provisions. › Section 2-5A-6 - Market Charges. | Section 2-5A-6
Market charges.
In acquiring the sites for such market or markets and in conducting same, the commissioner, with approval of the Board of Agriculture and Industries, may prescribe and collect reasonable charges to pay the necessary costs of acquiring, operating, and maintaining such sites and markets, may erect the necessary buildings, and may conduct the markets as provided by law.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-1/section-2-5a-7/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 1 - General Provisions.›Section 2-5A-7 - Sale of Articles Unfit for Food to Be Prohibited. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 1 - General Provisions. › Section 2-5A-7 - Sale of Articles Unfit for Food to Be Prohibited. | Section 2-5A-7
Sale of articles unfit for food to be prohibited.
Whenever any farm products are found on any market in this state in such condition that they are unfit for food, it shall be the duty of the commissioner or his or her duly authorized agent to forbid the same from being sold in this state, the same as is now done with other food and feeds.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-1/section-2-5a-8/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 1 - General Provisions.›Section 2-5A-8 - Rules to Enforce Article. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 1 - General Provisions. › Section 2-5A-8 - Rules to Enforce Article. | Section 2-5A-8
Rules to enforce article.
The commissioner, with the approval of the Board of Agriculture and Industries, may make and promulgate such rules as in his or her judgment may be necessary to enforce this article. The rules shall be promulgated by being posted for a period of 24 hours in a conspicuous place in each market established under this article and, when so promulgated, shall have the force and effect of law.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-1/section-2-5a-9/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 1 - General Provisions.›Section 2-5A-9 - Ejection of Persons From Markets. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 1 - General Provisions. › Section 2-5A-9 - Ejection of Persons From Markets. | Section 2-5A-9
Ejection of persons from markets.
The commissioner, through his or her authorized agents, may eject from any farmers' market any person, and his or her property, refusing to comply with this article and the rules promulgated hereunder.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-1/section-2-5a-10/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 1 - General Provisions.›Section 2-5A-10 - Fixing Minimum Prices. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 1 - General Provisions. › Section 2-5A-10 - Fixing Minimum Prices. | Section 2-5A-10
Fixing minimum prices.
The commissioner, from time to time, as he or she may deem necessary, may fix minimum prices on the different grades and classes as provided for in this article and enforce the same by not permitting any person to sell any fruits, vegetables, or truck crops within the bounds of any market established under this article, at a lower price than the minimum price fixed by the commissioner.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-1/section-2-5a-11/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 1 - General Provisions.›Section 2-5A-11 - Facilitating Sale and Exchange of Products. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 1 - General Provisions. › Section 2-5A-11 - Facilitating Sale and Exchange of Products. | Section 2-5A-11
Facilitating sale and exchange of products.
The commissioner, when in his or her judgment it shall be advisable and necessary, shall provide a suitable means of communication between the Board of Agriculture and Industries and the farmers' market or markets established under this article so as to facilitate the sale and exchange of farm products and fish products of all kinds.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-1/section-2-5a-12/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 1 - General Provisions.›Section 2-5A-12 - Disposition of Funds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 1 - General Provisions. › Section 2-5A-12 - Disposition of Funds. | Section 2-5A-12
Disposition of funds.
All funds collected under this article shall be deposited in the State Treasury to the credit of a special fund for the use of the Department of Agriculture and Industries and shall be used solely for maintenance, repair, and capital outlay for markets and market facilities, for payment of other expenses of operations as approved by the authority, and for liquidation of costs of construction of the markets and facilities. The funds shall be paid out on warrants drawn by the state Comptroller on the State Treasury, upon the authorization of the commissioner. After August 1, 2013, all funds remaining in the original Farmers’ Market Authority Fund #0360 shall transfer into a newly created Farmers’ Market Authority Fund for use by the Department of Agriculture and Industries.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-1/section-2-5a-13/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 1 - General Provisions.›Section 2-5A-13 - Sales by Producer to Consumer Outside Markets. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 1 - General Provisions. › Section 2-5A-13 - Sales by Producer to Consumer Outside Markets. | Section 2-5A-13
Sales by producer to consumer outside markets.
No provision of this article shall be construed to apply to any producer of this state who sells his or her own produce directly to the consumer outside of the state markets established under this article.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-1/section-2-5a-14/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 1 - General Provisions.›Section 2-5A-14 - Lease of Space or Facilities; Remedies Upon Default. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 1 - General Provisions. › Section 2-5A-14 - Lease of Space or Facilities; Remedies Upon Default. | Section 2-5A-14
Lease of space or facilities; remedies upon default.
To assure the liquidation of the costs incurred in the installation of facilities at farmers' markets, notwithstanding Article 3 (commencing with Section 9-15-70) of Chapter 15 of Title 9, the commissioner, with approval of the Board of Agriculture and Industries, may enter into contracts whereby persons who desire space or facilities at the markets may lease the facilities or space as necessary for their operation for a term not exceeding 30 years. The contract or lease, or both, shall contain provisions for the termination of the contract or lease, or both, upon the breach of the conditions therein or upon the failure to comply with the rules promulgated by the commissioner. The venue of any action resulting from the termination of such a lease or contract, or both, shall be in Montgomery County. If there be any default by the municipality, county, state, or any public corporation or state agency in the payment of any installment of rent or the performance of any agreement required to be made or performed under the provisions of any lease agreement, the corporation and the trustee, under any indenture, shall have and may exercise any one or more of the following remedies:
(1) By mandamus, injunction, or other proceedings, compel performance by the officials of such lessee of their duties respecting payment of the rentals required to be paid and the performance of the agreements on the part of such lessee required to be performed under any such lease agreement.
(2) Obtain a judgment against such lessee for all monetary payments required to be made by such lessee under the provisions of such lease agreement with respect to which the lessee is then in default.
(3) Terminate the lease and take possession of the project or part thereof leased to such lessee.
(4) Exercise any other remedy provided for in the lease.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-1/section-2-5a-15/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 1 - General Provisions.›Section 2-5A-15 - Local Appropriations Authorized. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 1 - General Provisions. › Section 2-5A-15 - Local Appropriations Authorized. | Section 2-5A-15
Local appropriations authorized.
The county commission of any county and the governing body of any municipality may make such appropriations as, in their discretion, may be deemed necessary or proper to assist in the establishment of farmers' markets under this article.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-2/section-2-5a-30/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 2 - Bond Issuance Authorized.›Section 2-5A-30 - Definitions. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-30 - Definitions. | Section 2-5A-30
Definitions.
Whenever used in this article, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) BONDS. Those bonds, including the refunding bonds, issued under and pursuant to the provisions of this article.
(2) GOVERNMENT SECURITIES. Any bonds or other obligations which as to principal and interest constitute direct obligations of, or are unconditionally guaranteed by, the United States of America, including obligations of any federal agency to the extent such obligations are unconditionally guaranteed by the United States of America and any certificates or any other evidences of an ownership interest in such obligations of, or unconditionally guaranteed by, the United States of America or in specified portions thereof, which may consist of the principal thereof or the interest thereon.
(3) PERMITTED INVESTMENTS. (i) Government securities; (ii) bonds, debentures, notes or other evidences of indebtedness issued by any of the following agencies: bank for cooperatives; federal intermediate credit banks; Federal Financing Bank; federal home loan banks; Federal Farm Credit Bank; Export-Import Bank of the United States; federal land banks; or Farmers Home Administration or any other agency or corporation which has been or may hereafter be created by or pursuant to an act of the Congress of the United States as an agency or instrumentality thereof; (iii) bonds, notes, pass through securities or other evidences of indebtedness of Government National Mortgage Association and participation certificates of Federal Home Loan Mortgage Corporation; (iv) full faith and credit obligations of any state, provided that at the time of purchase such obligations are rated at least "AA" by Standard & Poor's Corporation and at least "Aa" by Moody's Investors Service; (v) public housing bonds issued by public agencies or municipalities and fully secured as to the payment of both principal and interest by contracts with the United States of America, or temporary notes, preliminary notes or project notes issued by public agencies or municipalities, in each case fully secured as to the payment of both principal and interest by a requisition or payment agreement with the United States of America; (vi) time deposits evidenced by certificates of deposit issued by banks or savings and loan associations which are members of the Federal Deposit Insurance Corporation, provided that, to the extent such time deposits are not covered by federal deposit insurance, such time deposits, including interest thereon, are fully secured by a pledge of obligations described in clauses (i), (ii), (iii), and (v) above, which at all times have a market value not less than the amount of such bank time deposits required to be so secured and which meet the greater of 100 percent collateralization or the "AA" collateral levels established by Standard & Poor's Corporation for structured financings; (vii) repurchase agreements for obligations of the type specified in clauses (i), (ii), (iii), and (v) above, provided such repurchase agreements are fully collateralized and secured by such obligations which have a market value at least equal to the purchase price of such repurchase agreements which are held by a depository satisfactory to the State Treasurer in such manner as may be required to provide a prefected security interest in such obligations, and which meet the greater of 100 percent collateralization or the "AA" collateral levels established by Standard & Poor's Corporation for structured financings; and (viii) uncollateralized investment agreements with, or certificates of deposit issued by, banks or bank holding companies, the senior long-term securities of which are rated at least "AA" by Standard & Poor's Corporation and at least "Aa" by Moody's Investors Service.
(4) REFUNDING BONDS. Those refunding bonds issued under and pursuant to Section 2-5A-35.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-2/section-2-5a-31/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 2 - Bond Issuance Authorized.›Section 2-5A-31 - Authorization to Issue Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-31 - Authorization to Issue Bonds. | Section 2-5A-31
Authorization to issue bonds.
The commissioner, with approval of the Board of Agriculture and Industries, in addition to all other powers previously conferred upon it, may issue and sell its bonds in the aggregate principal amount not to exceed ten million dollars ($10,000,000) for the purpose of acquiring, constructing, enlarging, improving, renovating, equipping, and maintaining farmers' market facilities which the Department of Agriculture and Industries may establish pursuant to Section 2-5A-1. The bonds shall be in such form or forms and denomination or denominations and of such tenor and maturities, shall bear such rate or rates of interest payable and evidenced in such manner, shall be made subject to redemption prior to their maturities, and shall contain provisions not inconsistent with this article, all as may be provided by the resolution under which the bonds may be issued; provided, that those bonds having maturities more than 10 years after their date shall be subject to redemption at the option of the commissioner, with the approval of the Board of Agriculture and Industries, on any interest payment date on and after the tenth anniversary after their date at such redemption price and under such conditions as may be prescribed in the proceedings of the Board of Agriculture and Industries under which they are issued.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-2/section-2-5a-32/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 2 - Bond Issuance Authorized.›Section 2-5A-32 - Execution and Other Details of Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-32 - Execution and Other Details of Bonds. | Section 2-5A-32
Execution and other details of bonds.
The bonds shall be signed by the chair or vice chair of the Board of Agriculture and Industries, and the seal of the Department of Agriculture and Industries shall be affixed thereto, or a facsimile thereof imprinted thereon, and attested by the secretary of the board. All signatures of the chair, vice chair, and secretary may be facsimile signatures if the proceedings under which the bonds are issued provide for the manual authentication of such bonds by a trustee or paying agent or by named individuals who are employees of the State of Alabama and who are assigned to the Department of Finance or office of the State Treasurer. The seal of the Department of Agriculture and Industries shall be impressed on the bonds and a facsimile of such seal may be printed or otherwise reproduced on any of the bonds in lieu of being manually impressed thereon. Delivery of bonds so executed shall be valid notwithstanding any changes in officers subsequent to the signing of such bonds. For the purpose of paying the principal of, premium, if any, and interest on the bonds, the commissioner shall designate the State Treasurer. Funds for the payment of debt service shall be transferred by the Department of Agriculture and Industries to the State Treasurer on the actual due date of such principal, premium, if any, or interest.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-2/section-2-5a-33/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 2 - Bond Issuance Authorized.›Section 2-5A-33 - Sale of Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-33 - Sale of Bonds. | Section 2-5A-33
Sale of bonds.
The bonds may be sold by the Department of Agriculture and Industries from time to time in series. Each series of the bonds shall be sold at competitive bid and at such price or prices and at such time or times as the commissioner may consider advantageous. Bonds sold by competitive bid shall be sold, whether on sealed bids or at public auction, to the bidder whose bid reflects the lowest effective borrowing cost to the Department of Agriculture and Industries on the series of bonds being sold; provided, that if no bid acceptable to the commissioner is received, he or she may reject all bids. Summary notice of each such sale shall be given by publication in either a financial journal or a financial newspaper published in the City of New York, New York, and also by publication in a newspaper published in the State of Alabama which is customarily published not less often than three days during each calendar week, each of which notices must be published at least one time not less than 10 days prior to the date fixed for the sale or, in the event no bid acceptable to the commissioner is received at any such sale and the bonds so offered are thereafter reoffered on the same terms and conditions, not less than five days prior to the date fixed for sale. Neither a public hearing nor consent of the state Department of Finance or any other department or agency shall be a prerequisite to the issuance of any of the bonds.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-2/section-2-5a-34/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 2 - Bond Issuance Authorized.›Section 2-5A-34 - Security for Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-34 - Security for Bonds. | Section 2-5A-34
Security for bonds.
The bonds shall not be general obligations of the Department of Agriculture and Industries but shall be limited obligations payable solely from one or more specified sources, including, but not limited to, revenues derived from market charges, authorized under Section 2-5A-6, lease revenues, authorized under Section 2-5A-14, and appropriations made under Section 2-5A-15. The commissioner, with approval of the Board of Agriculture and Industries, may pledge all or any portion of such revenues as security for the payment of the bonds. All such pledges made by the commissioner shall take precedence in the order of the adoption of the resolutions containing the pledges. The commissioner may also obtain credit enhancement for the department’s bonds, including, but not limited to, bond insurance and letters of credit, and to pledge all or a portion of its revenues as security for its reimbursement obligations with respect thereto. All bonds issued by the Department of Agriculture and Industries pursuant to the provisions hereof shall be solely and exclusively obligations of the Department of Agriculture and Industries and shall not be an obligation or debt of the State of Alabama or any county or any municipality within the State of Alabama.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-2/section-2-5a-35/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 2 - Bond Issuance Authorized.›Section 2-5A-35 - Refunding Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-35 - Refunding Bonds. | Section 2-5A-35
Refunding bonds.
(a) Any bonds issued by the Department of Agriculture and Industries pursuant to this article may from time to time thereafter be refunded by the issuance of refunding bonds of the Department of Agriculture and Industries; provided, however, that no refunding bonds shall be issued unless the present value of all debt service on the refunding bonds, computed with a discount rate equal to the true interest rate of the refunding bonds and taking into account all underwriting discount and issuance expenses, shall not be greater than 97 percent of the present value of all debt service on the bonds to be refunded, computed using the same discount rate and taking into account the underwriting discount and other issuance expenses originally applicable to such bonds, determined as if such bonds to be refunded were paid and retired in accordance with the schedule of maturities, considering mandatory redemption as a scheduled maturity, provided at the time of their issuance. Such refunding bonds may be sold and issued from time to time, at either public or private sale, and on such other terms and conditions as the commissioner, with approval of the Board of Agriculture and Industries, shall determine to be advantageous and shall adopt and provide for in its proceedings for the sale and issuance of such refunding bonds. Any such refunding bonds may be issued whether the bonds to be refunded shall have then matured or shall thereafter mature, and such refunding may be effected either by sale of the refunding bonds and the application of the proceeds thereof to the payment or redemption of the bonds so refunded or by exchange of the refunding bonds for those to be refunded thereby.
(b) The proceeds derived from any sale of refunding bonds remaining after payment of the expenses of their issuance shall be applied in accordance with the proceedings of the Board of Agriculture and Industries under which such refunding bonds are issued. Pending the application of the proceeds to the purchase, redemption, or payment of such outstanding bonds, such proceeds may be invested in permitted investments pursuant to a trust agreement providing for the future application of such proceeds to the purchase, redemption, or payment of such outstanding bonds. Bonds refunded prior to their maturity with the proceeds of refunding bonds shall be deemed not outstanding if the Board of Agriculture and Industries, in the proceedings under which such refunding bonds are issued, establishes a trust fund consisting of cash or government securities, or both, sufficient to pay in accordance with the provisions of such trust fund when due, the entire principal of and interest and premium, if any, on the bonds to be refunded; provided that such government securities shall not be subject to redemption prior to their maturities other than at the option of the holder thereof.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-2/section-2-5a-36/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 2 - Bond Issuance Authorized.›Section 2-5A-36 - Establishment of Debt Service Reserve Fund. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-36 - Establishment of Debt Service Reserve Fund. | Section 2-5A-36
Establishment of debt service reserve fund.
A debt service reserve fund may be established and maintained in such an amount and under such conditions for any or all series of the bonds as may be determined by the Board of Agriculture and Industries in its resolution relating to the bonds. The Department of Agriculture and Industries may make payments from bond proceeds or any other funds or revenues available to it into the debt service reserve fund. Income earned from the investment of monies held in the debt service reserve fund may be used by the Department of Agriculture and Industries for any purpose designated by the Board of Agriculture and Industries that would constitute a permitted use of funds of the Department of Agriculture and Industries under Act 98-243. Monies on deposit in the debt service reserve fund shall be invested only in permitted investments and the department is authorized to determine the conditions for the utilization of the debt service reserve fund in its resolution relating to the bonds secured thereby, and by the terms of such resolution, to dedicate and pledge such fund and the investment earnings therefrom to payment of debt service on the bonds.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-2/section-2-5a-37/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 2 - Bond Issuance Authorized.›Section 2-5A-37 - Investment of Proceeds From Bond Sales. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-37 - Investment of Proceeds From Bond Sales. | Section 2-5A-37
Investment of proceeds from bond sales.
Prior to the completion of farmers' market facilities to be financed with proceeds of bonds, any portion of the principal proceeds derived from the sale of the bonds which the commissioner may determine is not then needed for any of the purposes for which the bonds are authorized to be issued shall be invested by the State Treasurer in permitted investments which mature at such time or times as the department shall direct. At any time, and from time to time on order of the commissioner, any such investments may be sold or otherwise converted by the State Treasurer into cash.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-2/section-2-5a-38/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 2 - Bond Issuance Authorized.›Section 2-5A-38 - Property of Authority Exempt From Taxation. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-38 - Property of Authority Exempt From Taxation. | Section 2-5A-38
Property of authority exempt from taxation.
The Department of Agriculture and Industries, its property and income and all obligations issued by the Department of Agriculture and Industries, the income from such obligations or from the investment of such income, and all conveyances, leases, mortgages, and deeds of trust by or to the department shall be exempt from all taxation in the State of Alabama.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-5a/article-2/section-2-5a-39/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 5A - Farmers' Marketauthority.›Article 2 - Bond Issuance Authorized.›Section 2-5A-39 - Maintaining Federal Tax-Exempt Status. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 5A - Farmers' Marketauthority. › Article 2 - Bond Issuance Authorized. › Section 2-5A-39 - Maintaining Federal Tax-Exempt Status. | Section 2-5A-39
Maintaining federal tax-exempt status.
The Board of Agriculture and Industries has the power and hereby delegates power to the Commissioner of Agriculture and Industries to cause appropriate reports to be prepared and payments submitted to the United States of America as shall be deemed necessary to cause the interest on any bonds of the Department of Agriculture and Industries to be and remain exempt from federal income taxation. The commissioner shall have the power to make agreements respecting the investment of funds of the Department of Agriculture and Industries necessary in order that the interest income on bonds of the Department of Agriculture and Industries be and remain exempt from federal income taxation.
(Act 2013-286, p. 981,§1.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-1/section-2-6-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 1 - Agricultural Center Board.›Section 2-6-1 - Creation; Composition; Duties; Compensation; Rules and Regulations. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 1 - Agricultural Center Board. › Section 2-6-1 - Creation; Composition; Duties; Compensation; Rules and Regulations. | Section 2-6-1
Creation; composition; duties; compensation; rules and regulations.
There is hereby created and established an Agricultural Center Board, to consist of the Director of Finance, Governor, Commissioner of Agriculture and Industries, Chair of the Montgomery County Commission, President of the Montgomery City Council, Mayor of Montgomery, and four members who shall be qualified electors of the State of Alabama and who shall be appointed by the Governor to hold office concurrently with the Governor and until their successors are appointed and qualified. Board members appointed after June 9, 2011, shall be inclusive and reflect the racial, gender, urban/rural, and economic diversity of the state. The board shall be charged with the management, development, operation, promotion, improvement, and control of any structure, facility or coliseum constructed by the Alabama Building Commission as an agricultural center for the purpose of housing livestock shows, agricultural and industrial displays and other exhibits. Vacancies on the board shall be filled in the same manner as the original appointments are made. One member of the board shall be designated by the Governor to act as chairman. Members of the board, except any elected official or state official, shall receive twenty-five dollars ($25) per day, and their expenses for attending meetings of the board and affairs of the board shall be paid as provided in Article 2 of Chapter 7 of Title 36; provided, that no member shall receive annually in excess of an aggregate of one thousand two hundred dollars ($1,200). The board shall have the right to adopt such rules and regulations as may be reasonably necessary to carry out the effect and purposes of this chapter.
(Acts 1945, No. 282, p. 447, §1; Act 2011-575, p. 1231, §3.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-1/section-2-6-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 1 - Agricultural Center Board.›Section 2-6-3 - Employees. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 1 - Agricultural Center Board. › Section 2-6-3 - Employees. | Section 2-6-3
Employees.
The Agricultural Center Board is authorized, subject to the provisions of the state Merit System, to employ such persons as may be necessary for the official and economical management and maintenance of the agricultural center.
(Acts 1986, No. 86-224, p. 329, §2.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-1a/section-2-6-10/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 1A - Garrett Coliseum Agricultural Center Restoration and Improvement Act.›Section 2-6-10 - Short Title. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 1A - Garrett Coliseum Agricultural Center Restoration and Improvement Act. › Section 2-6-10 - Short Title. | Section 2-6-10
Short title.
This article shall be known as the Garrett Coliseum Agricultural Center Restoration and Improvement Act.
(Act 2010-751, p. 1903, §1.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-1a/section-2-6-11/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 1A - Garrett Coliseum Agricultural Center Restoration and Improvement Act.›Section 2-6-11 - Legislative Findings. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 1A - Garrett Coliseum Agricultural Center Restoration and Improvement Act. › Section 2-6-11 - Legislative Findings. | Section 2-6-11
Legislative findings.
The Legislature finds that the Garrett Coliseum and the Alabama Agricultural Center, hereinafter the facility, is a significant historic facility owned by the State of Alabama and which faces imminent closure because of operational and public safety concerns if it is not restored, renovated, and improved. The facility was designed in 1949 by Betty Robinson, the first woman graduate from Auburn University with a degree in architecture. The facility, completed in 1953, is of historic and cultural significance to the State of Alabama and its restoration will enhance opportunities for economic development that will benefit the state. The Legislature further finds that the most efficient way to restore the facility and to operate it profitably is for the Alabama Agricultural Center Board, hereinafter referred to as the board, to enter into agreements with public institutions and other entities through which the use of private funding is primarily used to restore, renovate, and improve the facility. To assist the board with the restoration, renovation, further development, and improvement of the facility, the Legislature will provide for an annual continuing appropriation to the board as specified herein.
(Act 2010-751, p. 1903, §2.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-1a/section-2-6-12/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 1A - Garrett Coliseum Agricultural Center Restoration and Improvement Act.›Section 2-6-12 - Annual Appropriation. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 1A - Garrett Coliseum Agricultural Center Restoration and Improvement Act. › Section 2-6-12 - Annual Appropriation. | Section 2-6-12
Annual appropriation.
(a) Beginning in the fiscal year ending September 30, 2013, and in each fiscal year thereafter there shall be appropriated from the State General Fund to the Alabama Agriculture Center Board the sum of eight hundred thousand dollars ($800,000).
(b) This annual appropriation shall be in addition to any and all other appropriations to the Alabama Agriculture Center Board. The annual appropriation to the board in the amount of eight hundred thousand dollars ($800,000) shall continue in each succeeding fiscal year as long as a restoration, renovation, and improvement agreement of at least thirty million dollars ($30,000,000) remains in effect between the board and any public institution or corporation of the State of Alabama for the renovation and rehabilitation of Garrett Coliseum and the Alabama Agriculture Center, located in Montgomery, Alabama.
(c) In the fiscal year following the expiration or termination of the above agreement, the provisions of this continuing appropriation shall cease. However, in any event, the continuing appropriation shall cease and no longer be in effect after fiscal year 2042.
(d) The appropriation authority granted in this article shall become null and void after September 30, 2015, if by that time the board has not entered into a restoration, renovation, and improvement agreement with any public institution or other entity through which the use of private funding is primarily used to restore, renovate, and improve the facility.
(Act 2010-751, p. 1903, §3; Act 2011-694, p. 2122, §1.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-1a/section-2-6-13/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 1A - Garrett Coliseum Agricultural Center Restoration and Improvement Act.›Section 2-6-13 - Use of Funds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 1A - Garrett Coliseum Agricultural Center Restoration and Improvement Act. › Section 2-6-13 - Use of Funds. | Section 2-6-13
Use of funds.
The board may utilize the funds appropriated herein to accomplish the purposes of maintaining, restoring, renovating, and improving the facility as it deems appropriate or for any legal purpose approved by the board.
(Act 2010-751, p. 1903, §4.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-20/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-20 - Definitions. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-20 - Definitions. | Section 2-6-20
Definitions.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §1.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-21/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-21 - Legislative Findings and Intent. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-21 - Legislative Findings and Intent. | Section 2-6-21
Legislative findings and intent.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §2.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-22/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-22 - Authority and Procedure for Incorporation. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-22 - Authority and Procedure for Incorporation. | Section 2-6-22
Authority and procedure for incorporation.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §3.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-23/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-23 - Certificate of Incorporation. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-23 - Certificate of Incorporation. | Section 2-6-23
Certificate of incorporation.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §5.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-24/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-24 - Governor, Commissioner of Agriculture and Industries and Director of Finance to Con... | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-24 - Governor, Commissioner of Agriculture and Industries and Director of Finance to Constitute Corporation; Directors; Officers; Record of Proceedings. | Section 2-6-24
Governor, Commissioner of Agriculture and Industries and Director of Finance to constitute corporation; directors; officers; record of proceedings.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §6.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-25/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-25 - Powers of Corporation Generally. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-25 - Powers of Corporation Generally. | Section 2-6-25
Powers of corporation generally.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §7.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-26/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-26 - Conveyance of Coliseum and Lands of Agricultural Center to Corporation by State. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-26 - Conveyance of Coliseum and Lands of Agricultural Center to Corporation by State. | Section 2-6-26
Conveyance of coliseum and lands of agricultural center to corporation by state.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §8.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-27/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-27 - Lease of Corporation's Properties to Board - Authorized; Provisions of Lease Agreem... | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-27 - Lease of Corporation's Properties to Board - Authorized; Provisions of Lease Agreement. | Section 2-6-27
Lease of corporation's properties to board - Authorized; provisions of lease agreement.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §9.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-28/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-28 - Issuance and Sale of Bonds of Corporation. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-28 - Issuance and Sale of Bonds of Corporation. | Section 2-6-28
Issuance and sale of bonds of corporation.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §10.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-29/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-29 - Execution of Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-29 - Execution of Bonds. | Section 2-6-29
Execution of bonds.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §11.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-30/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-30 - Pledge for Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-30 - Pledge for Bonds. | Section 2-6-30
Pledge for bonds.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §12.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-31/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-31 - Use of Proceeds From Sale of Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-31 - Use of Proceeds From Sale of Bonds. | Section 2-6-31
Use of proceeds from sale of bonds.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §13.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-32/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-32 - Construction of Coliseum. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-32 - Construction of Coliseum. | Section 2-6-32
Construction of coliseum.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §14.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-33/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-33 - Refunding Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-33 - Refunding Bonds. | Section 2-6-33
Refunding bonds.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §15.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-34/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-34 - State Treasurer to Disburse Rental Payments. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-34 - State Treasurer to Disburse Rental Payments. | Section 2-6-34
State Treasurer to disburse rental payments.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §16.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-35/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-35 - Notice of Bond Resolution; Limitation of Action to Contest Validity of Bonds, etc.;... | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-35 - Notice of Bond Resolution; Limitation of Action to Contest Validity of Bonds, etc.; Venue of Actions Under Article. | Section 2-6-35
Notice of bond resolution; limitation of action to contest validity of bonds, etc.; venue of actions under article.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §17.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-36/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-36 - Bonds Legal Investments. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-36 - Bonds Legal Investments. | Section 2-6-36
Bonds legal investments.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §18.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-37/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-37 - Exemption From Taxation. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-37 - Exemption From Taxation. | Section 2-6-37
Exemption from taxation.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §19.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-2/section-2-6-38/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 2 - Agricultural Center Corporation.›Section 2-6-38 - Conveyance of Properties to State; Dissolution of Corporation. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 2 - Agricultural Center Corporation. › Section 2-6-38 - Conveyance of Properties to State; Dissolution of Corporation. | Section 2-6-38
Conveyance of properties to state; dissolution of corporation.
Repealed by Act 2011-575, p. 1231, §30, effective June 9, 2011.
(Acts 1951, No. 532, p. 934, §20.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-3/section-2-6-50/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 3 - Lease of Coliseum Building and Facilities.›Section 2-6-50 - Definitions. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 3 - Lease of Coliseum Building and Facilities. › Section 2-6-50 - Definitions. | Section 2-6-50
Definitions.
The following words and phrases, wherever used in this article, shall, in the absence of clear implication herein otherwise, have the following respective meanings:
(1) COLISEUM. The existing coliseum building located in the Alabama Agricultural Center in the City of Montgomery.
(2) THE CORPORATION. Any public corporation which may be organized pursuant to any law now in force or hereafter enacted for the purpose of acquiring title to and completing the construction and equipment of the coliseum and the necessary facilities in connection therewith.
(3) BOARD. The Agricultural Center Board created by Sections 2-6-1 and 2-6-2.
(4) LEASE AGREEMENT. Any agreement of lease covering all or any part of the properties comprising the Alabama Agricultural Center, including the coliseum and any facilities necessary in connection therewith, which may be made between the board and the corporation pursuant to the provisions of this article.
(Acts 1951, No. 533, p. 943, §1.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-3/section-2-6-51/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 3 - Lease of Coliseum Building and Facilities.›Section 2-6-51 - Lease Authorized. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 3 - Lease of Coliseum Building and Facilities. › Section 2-6-51 - Lease Authorized. | Section 2-6-51
Lease authorized.
The Agricultural Center Board is hereby authorized and empowered to enter into an agreement with the corporation under which agreement all or any part of the properties of the corporation shall be leased to the board. The lease agreement shall begin upon the completion of the construction and equipment of the coliseum and the necessary facilities in connection therewith and shall extend for such period of time as may be agreed upon by the board and the corporation; provided, that it shall not exceed for any period later than the last maturity of any bonds which may be issued by the corporation. The lease agreement shall provide for the payment by the board as rental for the properties covered thereby of an amount sufficient to pay, as the same respectively mature, the principal of and interest on all bonds issued by the corporation and to create and maintain a reserve therefor and shall require the board, as additional rental, to pay the premiums on all proper insurance covering the said properties and the equipment therein and all expenses necessary to keep the said properties in good repair and may contain such other provisions and agreements not inconsistent with the provisions of this article and the laws of the state as the board and the corporation may agree.
(Acts 1951, No. 533, p. 943, §2.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-3/section-2-6-52/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 3 - Lease of Coliseum Building and Facilities.›Section 2-6-52 - Lease Authorized - Operation of Leased Properties. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 3 - Lease of Coliseum Building and Facilities. › Section 2-6-52 - Lease Authorized - Operation of Leased Properties. | Section 2-6-52
Lease authorized - Operation of leased properties.
Upon securing possession of the properties covered by the lease agreement, the board is authorized to and shall thereafter operate, manage and control the said properties for the purpose of conducting or permitting to be conducted thereat livestock shows, agricultural and industrial displays, markets and other exhibits and events related thereto and to make contracts with individuals, livestock associations and other organizations for the conduct of such shows, displays, markets, exhibits and events related thereto. The board is authorized to make such charges for and in connection with any of said matters as will produce revenues sufficient to pay the rentals required to be paid by the board under the lease agreement and to pay the reasonable expenses of operating the said properties and the board's administrative expenses including salaries and per diem, all to the end that the said properties shall be self-supporting; provided, however, that such charges shall not be made with a view of producing any revenue or profit to the board or to the State of Alabama but shall be based exclusively upon the rentals required to be paid by the board under the lease agreement, the reasonable expenses of operating the properties covered thereby and the board's administrative expenses. It is hereby declared that it is not intended that this article shall be interpreted as authorizing the board to engage in the business of selling or marketing livestock or products of any kind or in what may be termed a brokerage business or to compete with private enterprise. In the event the revenues derived during any fiscal year of the board from the operation of the properties covered by the lease agreement should be in excess of the said rentals and operation and administration expenses payable during the same fiscal year, then the said charges shall be adjusted for the ensuing fiscal year in such manner as to void as far as may be practicable the production of any excess over the amount necessary to pay the said rentals and operating and administrative expenses payable during such ensuing fiscal year. If during any fiscal year the said charges should produce any such excess, then such excess shall be used to make advance payments on the rentals payable under the lease agreement.
(Acts 1951, No. 533, p. 943, §3.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-3/section-2-6-53/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 3 - Lease of Coliseum Building and Facilities.›Section 2-6-53 - Lease Authorized - Agricultural Center Fund; Appropriations for Rentals and Expense... | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 3 - Lease of Coliseum Building and Facilities. › Section 2-6-53 - Lease Authorized - Agricultural Center Fund; Appropriations for Rentals and Expenses. | Section 2-6-53
Lease authorized - Agricultural Center Fund; appropriations for rentals and expenses.
The charges made by the board pursuant to Section 2-6-51 shall be deposited monthly in the State Treasury to the credit of a special fund therein designated the Agricultural Center Fund and shall be used solely for the payment of the rentals payable under the lease agreement and the said operating and administrative expenses. So much of the moneys in the Agricultural Center Fund as may be necessary therefor are hereby appropriated for said purposes. In the event the revenues derived from the operation of the properties covered by the lease agreement should not be sufficient to pay, as the same respectively mature, the rentals required to be paid by the board under the provisions of the lease agreement and to pay the said operating and administrative expenses, there is hereby appropriated and ordered set aside in each fiscal year during the term of the lease agreement, solely out of moneys accruing to the Agricultural Fund under the provisions of Section 2-6-52, such amount as, when added to the moneys in the Agricultural Center Fund derived during that fiscal year from the operation of the properties covered by the lease agreement, shall be sufficient to pay the said rentals and the said operating and administrative expenses payable during each such fiscal year. The board is hereby authorized to pledge in the lease agreement for payment of said rentals so much as may be necessary for such purpose of the moneys required by this section to be paid into the Agricultural Center Fund. The moneys so appropriated for the payment of the said rentals shall be transferred by the State Treasurer to the credit of the corporation from time to time as may be necessary to pay said rentals. All other withdrawals from the Agricultural Center Fund shall be made upon requisition by the chairman of the board to the State Comptroller and upon warrant drawn by the State Comptroller upon the State Treasurer. Nothing contained in this section shall be construed to estop or prevent the Legislature at any time and from time to time in the future from altering the amounts and rates of the fees, licenses, fines, penalties and charges, the collections from which may now or hereafter be required by law to be paid into the Agricultural Fund, or from abolishing any thereof or substituting others therefor or adding others thereto as the Legislature, in its discretion, may from time to time deem advisable. The appropriations made in this section for the payment of rentals under the lease agreement shall not be subject to the provisions of Article 4 of Chapter 4 of Title 41 of this Code, and shall not be restricted by or subject to the provisions of any other act making general or special appropriations.
(Acts 1951, No. 533, p. 943, §4.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-3/section-2-6-54/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 3 - Lease of Coliseum Building and Facilities.›Section 2-6-54 - Lease Authorized - Lease Not to Constitute Debt of State; Payment of Rentals. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 3 - Lease of Coliseum Building and Facilities. › Section 2-6-54 - Lease Authorized - Lease Not to Constitute Debt of State; Payment of Rentals. | Section 2-6-54
Lease authorized - Lease not to constitute debt of state; payment of rentals.
The lease agreement shall never in any event constitute or give rise to an indebtedness of the State of Alabama and no recourse shall ever be had against the general credit of the state or against its general funds for payment of said rentals. The rentals provided for in the lease agreement shall be payable solely out of the moneys in the Agricultural Center Fund derived from the operation of the properties covered by the lease agreement and, to the extent such moneys are not sufficient to pay said rentals and to pay the said operating and administrative expenses, out of the moneys in the Agricultural Fund appropriated for said purposes in this article. No moneys at any time in the General Fund of the state shall ever be used for payment of said rentals.
(Acts 1951, No. 533, p. 943, §5.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-70/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-70 - Definitions. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-70 - Definitions. | Section 2-6-70
Definitions.
As used in this article, the following words shall have the following meanings unless the context clearly requires otherwise:
(1) AGRICULTURAL CENTER BOARD. The board of that name established pursuant to Article 2 of this chapter.
(2) AGRICULTURAL FUND. The fund of that name created and administered pursuant to Article 1, Chapter 9, Title 2.
(3) BOARD OF AGRICULTURE AND INDUSTRIES. The Alabama Board of Agriculture and Industries created pursuant to Section 2-3-1.
(4) BUILDING COMMISSION. The Building Commission created under Article 6, Chapter 9, Title 41, and any successor agency thereto.
(5) COLISEUM. The existing Garrett Coliseum and the grounds and other buildings and structures associated therewith, all owned by the Agricultural Center Board and located in the City of Montgomery, Alabama.
(6) CORPORATION. The public corporation authorized to be created by this article.
(7) ELIGIBLE INVESTMENTS. (i) Any time deposit with, or any certificate of deposit issued by, any bank, savings bank or savings and loan association which is organized under the laws of the United States of America that may succeed to the functions of such corporation; (ii) any debt securities that are direct, general obligations of the United States of America; (iii) any debt securities payment of the principal of and interest on which is unconditionally guaranteed by the United States of America; (iv) any debt securities (including participation certificates) that are direct, general obligations of any of the following agencies of the United States of America: the Export-Import Bank of the United States, the Federal Farm Credit Bank, the Federal Land Banks, the Federal Immediate Credit Banks, the Banks for Cooperatives, the Federal Home Loan Banks (including any joint obligations of any two or more of the foregoing agencies), the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, the Federal National Mortgage Association, the Farmers Home Administration, or any other agency or instrumentality of the United States of America; (v) any repurchase obligations of any bank, savings bank or savings and loan association which is a member of the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation (or any department, agency or instrumentality of the United States of America that shall succeed to the functions of such federal corporation), which repurchase obligations are at least 100 percent secured by any one or more classes of eligible investments described in (i) through (iv), inclusive, above; (vi) any security or interest therein, whether secured or unsecured, in which an insurance company or a savings and loan association organized under the laws of the state may legally invest its own moneys at the time of investment therein by the corporation; (vii) shares of any money market fund registered and regulated under the Federal Investment Company Act of 1940, as amended, as a no-load, open-end management investment company, the portfolio assets of which consist solely of cash and eligible investments and repurchase agreements fully secured by any one or more classes of eligible investments; and (viii) any debt obligation, debt instrument or deposit obligation in which trustees are legally permitted to invest under the laws of the state at the time of investment therein by the corporation.
(8) MARKET FACILITY. Any facility for the inspection, grading, standardization, classification, refrigeration, dehydration, canning, packing, processing, cold storage and marketing of agricultural and kindred products permitted to be acquired and constructed by the Board of Agriculture and Industries pursuant to Section 2-3-20.
(9) SECURITIES. When used with reference to debt instruments to be issued by the corporation, shall mean and include notes, bonds and other forms of indebtedness.
(10) STATE. The State of Alabama.
(Acts 1984, No. 84-252, p. 405, §1.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-71/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-71 - Declaration of Purpose and Legislative Findings. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-71 - Declaration of Purpose and Legislative Findings. | Section 2-6-71
Declaration of purpose and legislative findings.
The Legislature has found and determined and does hereby declare that in certain areas of this state, there are inadequate market facilities available to Alabama farmers for the efficient handling and sale of agricultural and agriculture related products.
The Legislature has also found and determined, and does hereby declare that the coliseum is in dire need of repair and is in such poor condition as to limit its use by the public. It is the intent of the Legislature, by the passage of this article, to authorize the incorporation of a public corporation as an instrumentality of the state for the purpose of borrowing funds to finance the construction of an adequate market facility and the renovation of the coliseum and to vest said corporation with all powers, rights, privileges and titles that may be necessary to accomplish said purposes. This article shall be liberally construed in conformity with said intent.
(Acts 1984, No. 84-252, p. 405, §2.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-72/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-72 - Authority and Procedure for Incorporation. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-72 - Authority and Procedure for Incorporation. | Section 2-6-72
Authority and procedure for incorporation.
The Governor, the Commissioner of Agriculture and Industries and the Director of Finance may incorporate and organize a public corporation with the powers and authority provided in this article by proceeding according to the provisions of this article. They are authorized to present to the Secretary of State an application for the organization of a corporation which shall be signed by them and shall set forth:
(1) The names, official designations and official residences of the applicants, together with a certified copy of each of the commissions evidencing their respective rights to office;
(2) The date or dates on which they were respectively inducted into office and the terms of their respective offices;
(3) The name of the proposed corporation (which shall be Alabama Agricultural Markets and Coliseum Corporation, if such name is available for use by the corporation, but if not available, then some other name that is available shall be set forth in the application);
(4) The location of the principal office of the proposed corporation, which shall be within the State of Alabama; and
(5) Such other provisions as the applicants may choose to insert and as shall not be inconsistent with this article or with the laws of the state. The application shall be subscribed and sworn to by each of the applicants before an officer authorized by the law of the state to administer oaths.
The Secretary of State shall examine the application, and if he finds that the name proposed in the application is not identical with that of a person or other corporation in the state or so nearly similar thereto as to lead to confusion and uncertainty, he shall receive the application and file it in an appropriate book or record in his office.
(Acts 1984, No. 84-252, p. 405, §3.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-73/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-73 - Certificate of Incorporation; Fees. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-73 - Certificate of Incorporation; Fees. | Section 2-6-73
Certificate of incorporation; fees.
When the application has been made, filed and recorded as provided in this article, the applicants shall constitute a corporation under the name proposed in the application and with the powers set forth in this article. The Secretary of State shall make and issue to the applicants a certificate of incorporation, under the Great Seal of the State, reciting the fact of such incorporation and shall record the same with the application. There shall be no fees paid to the Secretary of State for any work in connection with the incorporation or dissolution of the corporation.
(Acts 1984, No. 84-252, p. 405, §4.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-74/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-74 - Board of Directors; Officers; Quorum; Compensation; Record of Proceedings. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-74 - Board of Directors; Officers; Quorum; Compensation; Record of Proceedings. | Section 2-6-74
Board of directors; officers; quorum; compensation; record of proceedings.
The powers of the corporation shall be vested in a board of directors consisting of the persons at any time holding the offices of Governor, Commissioner of Agriculture and Industries and Director of Finance. Any two members of the board of directors shall constitute a quorum for the transaction of business. No vacancy in the membership of the board of directors or the voluntary disqualification or abstention of any member thereof shall impair the right of a quorum of the board of directors to act. The corporation shall have a president, a vice-president and a secretary, who shall be elected by the board of directors from the members of the board, and a treasurer, who shall be the State Treasurer of the state. If it so desires, the board of directors may appoint an assistant secretary who need not be a member of the board of directors. The officers of the corporation shall hold their respective offices for such terms as the board of directors shall determine, subject to the requirement that the president, vice-president and secretary shall at all times be members of the board of directors. No officer or director of the corporation shall draw any salary for any services he may render or any duty he may perform as a director or officer of the corporation; provided, however, that directors and officers of the corporation may be reimbursed for their actual expenses properly incurred in the performance of their duties as directors or officers of the corporation. All proceedings of the board of directors shall be reduced to writing by the secretary of the corporation and recorded in a well-bound book. Copies of such proceedings, when certified by the secretary of the corporation under its seal, shall be received in all courts as evidence of the proceedings and other matters therein certified.
(Acts 1984, No. 84-252, p. 405, §5.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-75/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-75 - Powers of Corporation - Generally. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-75 - Powers of Corporation - Generally. | Section 2-6-75
Powers of corporation - Generally.
The corporation shall have the following powers, together with all powers incidental thereto or necessary or convenient to the discharge thereof in corporate form:
(1) To have succession by its corporate name until dissolved as provided in this article;
(2) To sue and be sued and to prosecute and defend civil actions in any court having jurisdiction of the subject matter and of the parties;
(3) To adopt and make use of a corporate seal and to alter the same at pleasure;
(4) To make and alter all needful bylaws, rules and regulations for the transaction of the corporation's business and the control of its property and affairs;
(5) To borrow money and, in evidence of such borrowing, to sell and issue its securities (whether or not bearing periodic interest) as herein provided for any corporate use or purpose;
(6) To pledge for the payment of the principal of, premium, if any, and interest on such securities, any funds or revenues from which said securities may be made payable as herein provided;
(7) To appoint, employ, discharge and contract with such employees, agents, independent contractors, trustees and depositories, attorneys, accountants, financial experts, underwriters, fiscal agents or other advisors as may in the judgment of the board of directors be necessary or desirable, and to fix and pay their compensation and expenses; and
(8) To make and enter into such contracts, agreements and other actions as may be necessary or desirable to accomplish any corporate purpose and to exercise any power necessary for the accomplishment of the purposes of the corporation or incidental to the powers expressly set out herein.
(Acts 1984, No. 84-252, p. 405, §6.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-76/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-76 - Powers of Corporation - Issuance and Sale of Securities. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-76 - Powers of Corporation - Issuance and Sale of Securities. | Section 2-6-76
Powers of corporation - Issuance and sale of securities.
(a) The corporation is authorized to issue and sell its interest-bearing or noninterest-bearing securities, in one or more series, not exceeding $6,000,000.00, in aggregate principal amount, to provide funds to be used by the Board of Agriculture and Industries in the construction, acquisition and installation of a market facility and to be used by the Agricultural Center Board in the renovation of the coliseum.
(b) The principal of, premium, if any, and interest on any securities or series of securities of the corporation the proceeds of which are devoted to the construction, acquisition and installation of the market facility shall be payable from and secured by a pledge of all rents, leases, charges or other revenues derived or realized from leases to the public of said market facility after deduction of costs of operation. The principal of, premium, if any, and interest on any securities or series of securities the proceeds of which are devoted to the renovation and repair of the coliseum shall be payable from and secured by a pledge of all rents, leases, or any other revenue derived or realized from the public from operation of the coliseum, after deduction of costs of operation.
To the extent that the sources of revenue described above are insufficient to provide for the payment of the debts of the corporation, the principal of, premium, if any, and interest on the corporation's securities may be secured by a pledge of so much as is necessary of the fees, permit fees, license fees, fines and penalties imposed, charged and collected by the Department of Agriculture and Industries and paid into the Agricultural Fund. There is hereby appropriated and set aside in each fiscal year, solely out of the fees, permit fees, license fees, fines and penalties accruing to the Agricultural Fund such amount as, when added to the revenues from operation of the market facility and the coliseum, net of costs of operation, shall be sufficient to pay the principal of, premium, if any, and interest on the corporation's securities coming due in said fiscal year. Moneys in the Agricultural Fund which consist of contributions by the federal government or any private agency, appropriations by the Legislature from the General Fund, assessments collected for the promotion of agricultural industries and products as provided in Chapter 8 of Title 2, or any other funds other than funds realized from fees, permits, licenses, fines and penalties, shall not be used or pledged for payment of debt service on the corporation's securities.
(c) Securities of the corporation may be authorized, issued and sold at any time and from time to time, may be in such form and denominations, may be of such tenor, shall be in registered form, may be payable in such installments and at such time or times not exceeding 20 years from their date, may be payable at such place or places, may be redeemable at such times and under such conditions and may bear interest at such rate or rates payable and evidenced in such manner or may be structured to bear no interest or to reflect compound interest, all as shall not be inconsistent with the provisions of this article and as may be provided in the proceedings of the board of directors of the corporation whereunder said securities shall be authorized to be issued. Securities of the corporation may be sold at such price or prices and at such time or times as the board of directors of the corporation may consider advantageous, either at public or private sale and by negotiation or by competitive bid; provided, that securities may be sold in a private sale and on negotiated terms only upon a finding by the president that a public sale of the securities is, under the circumstances existing at the time, either impractical or undesirable. Securities of the corporation sold by competitive bid must be sold, whether on sealed bids or at public auction, to the bidder whose bid reflects the lowest net interest cost to the corporation for the securities being sold, computed from their date to their respective maturities; provided, that if no bid acceptable to the corporation is received, it may reject all bids. The corporation may fix the terms and conditions under which each sale of bonds may be held; provided, that such terms and conditions shall not conflict with any of the requirements of this article. The corporation may allow or pay, from the proceeds of sale of its securities, all expenses, premiums, discounts, insurance premiums, letter of credit fees and commissions as the board of directors may deem necessary or advantageous in connection with the authorization, sale and issuance of its securities. All securities issued by the corporation and any interest coupons applicable thereto shall be construed to be negotiable instruments, despite the fact that they are payable solely from a specified source. All securities issued by the corporation shall be solely and exclusively limited obligations of the corporation, payable out of the sources provided in this article, and shall not be obligations or debts of any kind of the state. All securities issued by the corporation shall contain a recital that they are issued pursuant to the provisions of this article, which recital shall be conclusive evidence that the said securities have been duly authorized pursuant to the provisions of this article.
(Acts 1984, No. 84-252, p. 405, §8.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-77/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-77 - Powers of Corporation - Execution of Securities. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-77 - Powers of Corporation - Execution of Securities. | Section 2-6-77
Powers of corporation - Execution of securities.
All securities of the corporation shall be signed by its president or vice-president, and the seal of the corporation shall be affixed thereto and attested by its secretary. The signatures of the president, vice-president and secretary may be facsimile signatures and a facsimile of the seal of the corporation may be imprinted on the securities if the board of directors, in its proceedings with respect to issuance of such securities, provides for manual authentication of such securities by a trustee or paying agent or by named individuals who are employees of the state and who are assigned to the Finance Department or State Treasurer's office of the state. Delivery of securities so executed shall be valid notwithstanding any changes in officers or in the seal of the corporation after the signing and sealing of such securities.
(Acts 1984, No. 84-252, p. 405, §8.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-78/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-78 - Disposition of Proceeds From Sale of Securities. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-78 - Disposition of Proceeds From Sale of Securities. | Section 2-6-78
Disposition of proceeds from sale of securities.
All proceeds derived from the sale of any securities of the corporation, other than refunding securities, shall be deposited in the State Treasury and carried in a special account or accounts, and may be withdrawn solely for the purposes and in the amounts set out below:
(1) No more than 60 percent of the said proceeds shall be used for the acquisition, construction and installation of a market facility by the Board of Agriculture and Industries. Withdrawals for such purpose shall be upon requisition by or pursuant to authority of the Board of Agriculture and Industries addressed and presented to the State Comptroller and paid out by the warrant of the Comptroller upon the State Treasury, to be used only to pay the following:
a. The cost of materials, supplies and labor used in the construction of the market facility;
b. The cost of acquisition and installation of equipment for the market facility;
c. The cost of acquiring and landscaping the site for the market facility and the cost of constructing and installing roads, walks, utilities and parking facilities;
d. The fees and expenses incurred by the corporation in connection with the authorization, sale and issuance of the securities; and
e. Interest on the securities for a reasonable period prior to completion of the market facility.
(2) No more than 40 percent of the said proceeds shall be used for the renovation of the coliseum by the Agricultural Center Board. Withdrawals for such purpose shall be upon requisition by or pursuant to the authority of the Agricultural Center Board, addressed and presented to the State Comptroller, and paid out by the warrant of the Comptroller upon the State Treasurer, to be used only to pay the following:
a. Costs incurred to renovate, repair or replace items in the coliseum main building including, but not limited to, the roof, glass and roll type doors, rest rooms, including paraplegic requirements, the arena, floors of all types, offices, walls, ceilings, paint, curtains, wall louvers, arena lights, heating and cooling systems, hardware and sound systems;
b. Costs incurred to renovate, repair or replace items in or on the cattle barns located on the coliseum grounds, including, but not limited to, floors, roofs, walls, cattle stanchions, ceilings, insulation, paint and electrical and plumbing systems;
c. Costs incurred to renovate, repair or replace items in or on the horse barns located on the coliseum grounds, including but not limited to, roofs, floors, walls, paint, drainage around the barns and electrical and plumbing systems;
d. Costs incurred to renovate, repair or replace items in or on the exhibit barns and other buildings located on the coliseum grounds, including but not limited to, roofs, walls, floors, ceilings, paint and plumbing and electrical systems;
e. Costs incurred to renovate and repair items in or on the outdoor horse arena located on the coliseum grounds, including but not limited to, enlargement of the arena, drainage, construction of rest rooms, concession stands and sheds over the arena, electrical and plumbing systems and parking areas;
f. Costs incurred to renovate, repair, replace or install fences, parking lot lights, parking lot surfaces and other items incidental to upkeep of the coliseum grounds;
g. The fees and expenses incurred by the corporation in connection with the authorization, sale and issuance of the securities; and
h. Interest on the securities for a reasonable period prior to completion of the coliseum renovation and construction.
(3) Any balance remaining in the said special account or accounts after completion of acquisition, construction, renovation and equipping of the market facility and the coliseum, and after the payment of all costs and expenses of the corporation incurred in the issuance of its securities, shall be used for the payment or redemption of securities of the corporation and thereafter no additional securities shall be issued by the corporation except refunding securities as authorized in this article.
(Acts 1984, No. 84-252, p. 405, §9.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-79/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-79 - Construction of Market Facility. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-79 - Construction of Market Facility. | Section 2-6-79
Construction of market facility.
The Board of Agriculture and Industries shall proceed with the acquisition, construction and equipping of the market facility as soon as may be practicable following the sale of the corporation's securities. Such acquisition, construction and equipping shall be done by the Board of Agriculture and Industries under the supervision of the Building Commission upon the award of a contract or contracts for each part of the work to the lowest responsible bidder after advertisement for and public opening of sealed bids; provided, that for the purpose of determining the lowest responsible bidder, the invitation for bids and the bidding documents shall be so arranged that alternates from the base bid shall constitute cumulative deductions from the base bid in the event such alternates should be selected. All such contracts shall be lump sum contracts and shall be awarded and executed by the Board of Agriculture and Industries to the respective lowest bidders following determination by the Building Commission of the lowest bidders. Payment made under any such contracts shall be only upon the contractor's written, verified statements when approved by the Building Commission or its agent, in such amounts as the Building Commission may approve as having been then earned under such contracts. The Building Commission shall be reimbursed for all reasonable direct costs incurred by it in connection with such acquisition, construction and equipping, including expenses and fees for the preparation of plans, specifications and contract documents and supervision and inspection of the work. Such plans and specifications may be revised and extras may be added to the contracts only when approved by the Building Commission and only to the extent that funds are available therefor.
(Acts 1984, No. 84-252, p. 405, §10.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-80/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-80 - Renovation of Coliseum. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-80 - Renovation of Coliseum. | Section 2-6-80
Renovation of coliseum.
The Agricultural Center Board shall proceed with the renovation and repair of the coliseum as soon as may be practical following the sale of the corporation's securities. Such renovation and repair shall be done by the Agricultural Center Board under the supervision of the Building Commission upon the award of a contract or contracts for each part of the work to the lowest responsible bidder after advertisement for and public openings of sealed bids; provided, that for the purpose of determining the lowest responsible bidder, the invitation for bids and the bidding documents shall be so arranged that alternates from the base bid shall constitute cumulative deductions from the base bid in the event such alternates should be selected. All such contracts shall be lump sum contracts and shall be awarded and executed by the Agricultural Center Board to the respective lowest bidders following determination by the Building Commission of the lowest bidders. Payments made under any such contracts shall be only upon the contractor's written, verified statements when approved by the Building Commission or its agent, in such amounts as the Building Commission may approve as having been then earned under such contracts. The Building Commission shall be reimbursed for all reasonable direct costs incurred by it in connection with such acquisition, construction and equipping, including expenses and fees for the preparation of plans, specifications and contract documents and supervision and inspection of the work. Such plans and specifications may be revised and extras may be added to the contracts only when approved by the Building Commission and only to the extent that funds are available therefor.
(Acts 1984, No. 84-252, p. 405, §11.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-81/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-81 - Refunding Securities. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-81 - Refunding Securities. | Section 2-6-81
Refunding securities.
Any securities issued by the corporation may from time to time thereafter be refunded by the issuance of refunding securities of the corporation, but the amount of any refunding securities so issued shall not exceed the principal of the securities refunded thereby together with any unpaid interest thereon, any redemption premium thereon and any expenses of such refunding. Any such refunding securities may be issued regardless of whether the securities to be refunded shall have then matured or shall thereafter mature, and such refunding may be effected either by sale of the refunding securities and the application of the proceeds thereof to the payment or redemption of the securities so refunded or by exchange of the refunding securities for those to be refunded thereby; provided, that the holders of any securities so to be refunded shall not be compelled without their consent to surrender their securities for payment or exchange prior to the date on which they are payable or, if they are called for redemption, prior to the date on which they may be redeemed by the corporation according to their terms. Any refunding securities of the corporation shall be payable solely from and secured by the revenues out of which the securities to be refunded thereby were payable. The proceeds derived from any sale of refunding securities shall be applied to the purchase, redemption or payment of the securities refunded thereby. Pending the application of said proceeds to the purchase, redemption or payment of such outstanding securities, the said proceeds may be invested in eligible investments pursuant to an escrow or trust agreement providing for the future application of such proceeds to the purchase, redemption or payment of such outstanding securities.
(Acts 1984, No. 84-252, p. 405, §12.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-82/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-82 - State Treasurer to Pay Principal and Interest. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-82 - State Treasurer to Pay Principal and Interest. | Section 2-6-82
State Treasurer to pay principal and interest.
The State Treasurer is authorized and directed to pay the principal of, premium, if any, and interest on the securities of the corporation as the said principal, premium and interest shall respectively mature and become payable, but only from the sources herein provided.
(Acts 1984, No. 84-252, p. 405, §13.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-83/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-83 - Notice of Resolution Regarding Issuance of Securities; Limitation of Actions to Con... | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-83 - Notice of Resolution Regarding Issuance of Securities; Limitation of Actions to Contest Validity of Securities; Venue of Actions Under Article. | Section 2-6-83
Notice of resolution regarding issuance of securities; limitation of actions to contest validity of securities; venue of actions under article.
Upon the adoption by the board of directors of the corporation of any resolution providing for the issuance of securities under the provisions of this article, the corporation may, in its discretion, cause to be published once a week for two consecutive weeks in a newspaper published and having general circulation in the City of Montgomery, a notice in substantially the following form (the blanks being first properly completed):
“The Alabama Agricultural Markets and Coliseum Corporation (an instrumentality of the State of Alabama), on the _____ day of ______, authorized the issuance of $_____ principal amount of securities of the said corporation for purposes authorized in the act of the Legislature of Alabama under which said corporation was organized. Any action or proceeding questioning the validity of the said securities or the pledge of security made therefor or the proceedings under which the said securities and pledge are authorized must be commenced within 20 days after the first publication of this notice.
ALABAMA AGRICULTURAL MARKETS AND COLISEUM CORPORATION
By _______________________________
Its President"
Any civil action or proceeding in any court to set aside the proceedings for the issuance of securities under the provisions of this article or to contest the validity of any such securities or the validity of the pledge made therefor must be commenced within 20 days after the first publication of the said notice. After the expiration of the said period, no right of action or defense founded upon the validity of the said proceedings or of the said securities or pledge shall be asserted nor shall the validity of the said proceedings, securities or pledge be open to question in any court on any ground whatsoever except in a civil action commenced within such period. Any such civil action or any civil action to protect or enforce any rights under the provisions of this article shall be brought in the Circuit Court of Montgomery County.
(Acts 1984, No. 84-252, p. 405, §14.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-84/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-84 - Securities as Legal Investments. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-84 - Securities as Legal Investments. | Section 2-6-84
Securities as legal investments.
Securities issued by the corporation under the provisions of this article shall be legal investments for fiduciaries investing trust funds and for investments by savings banks, savings and loan associations and insurance companies organized under the laws of the state and shall be eligible to be used as security for the deposit of funds of the state and its instrumentalities.
(Acts 1984, No. 84-252, p. 405, §15.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-85/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-85 - Exemption of Securities From Taxation. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-85 - Exemption of Securities From Taxation. | Section 2-6-85
Exemption of securities from taxation.
All securities issued by the corporation and any redemption premium and any interest thereon, the properties of the corporation and any income realized from rents or leases obtained from operation of any market facility constructed under the provision of this article, or any income realized from rents or leases from any source or business under the control of the Agricultural Center Board, and all instruments which may be filed for record pertaining to the pledge and lien authorized by this article to be created, shall be exempt from all taxation in the state.
(Acts 1984, No. 84-252, p. 405, §16.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-4/section-2-6-86/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 4 - Alabama Agricultural Markets and Coliseum Corporation.›Section 2-6-86 - Dissolution of Corporation. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 4 - Alabama Agricultural Markets and Coliseum Corporation. › Section 2-6-86 - Dissolution of Corporation. | Section 2-6-86
Dissolution of corporation.
When all securities issued by the corporation and all obligations incurred by it under the provisions of, and within the limitations contained in this article, shall have been fully paid, then the members of the board of directors of the corporation may at such time file with the Secretary of State a written statement subscribed and sworn to by them, reciting payment in full of all securities of the corporation, and all obligations incurred by it under the provisions of this article, which statement shall then be recorded by the Secretary of State with the certificate of incorporation of the corporation, whereupon the corporation shall stand dissolved.
(Acts 1984, No. 84-252, p. 405, §17.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-100/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-100 - Short Title. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-100 - Short Title. | Section 2-6-100
Short title.
This article shall be known as the "Garrett Coliseum Redevelopment Act."
(Act 2011-575, p. 1231, §1.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-101/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-101 - Definitions. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-101 - Definitions. | Section 2-6-101
Definitions.
For the purposes of this article, the following words shall have the following meanings:
(1) ALABAMA AGRICULTURAL CENTER BOARD or AACB. The Alabama Agricultural Center Board established by Section 2-6-1, as amended by this article.
(2) BOARD OF DIRECTORS or BOARD. The board of directors of the Garrett Coliseum Redevelopment Corporation, the public corporation created pursuant to this article.
(3) BONDS. Includes refunding bonds unless the context clearly indicates otherwise.
(4) GARRETT COLISEUM or COLISEUM. The Alabama Agricultural Center, the Garrett Coliseum, and all related properties located in Montgomery, Alabama.
(5) GARRETT COLISEUM REDEVELOPMENT CORPORATION or CORPORATION. The public corporation created pursuant to this article.
(6) GOVERNMENT SECURITIES. Any bonds or other obligations which, as to principal and interest, constitute direct obligations of, or are unconditionally guaranteed by, the United States of America, including obligations of any federal agency to the extent such obligations are unconditionally guaranteed by the United States of America.
(7) PERMITTED INVESTMENTS. The term shall include all of following:
a. Government securities.
b. Time deposits evidenced by certificates of deposit issued by banks which are members of the Federal Deposit Insurance Corporation; provided, that, to the extent such time deposits exceed available federal deposit insurance, such time deposits are fully secured by government securities, which at all times have a market value, exclusive of accrued interest, at least equal to such bank time deposits so secured, including interest.
c. Repurchase agreements for obligations of the type specified in paragraphs a. and b., provided such repurchase agreements are fully collateralized and secured by such obligations which have a market value, exclusive of accrued interest, at least equal to the purchase price of such repurchase agreements and which are held by a depository satisfactory to the corporation in such manner as may be required to provide a perfected security interest in such obligations.
d. Uncollateralized investment agreements with, or certificates of deposit issued by, banks or bank holding companies, the senior long-term securities of which are rated at least "AA" by Standard & Poor's Corporation and at least "Aa" by Moody's Investors Service.
(8) PROJECT. The coliseum and any existing or new buildings or facilities located on coliseum properties or properties that become coliseum properties.
(9) PROJECT WORK. The renovation, restoration, improvement, or rehabilitation of the coliseum or any buildings or facilities located on coliseum properties or properties that shall become coliseum properties and the construction of new buildings or facilities on coliseum properties.
(Act 2011-575, p. 1231, §2.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-102/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-102 - Public Corporation - Formation Authorized. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-102 - Public Corporation - Formation Authorized. | Section 2-6-102
Public corporation - Formation authorized.
The Governor, the Commissioner of Agriculture and Industries, and the Director of Finance shall form a public corporation with the powers and authorities provided in this article.
(Act 2011-575, p. 1231, §4.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-103/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-103 - Public Corporation - Application for Formation; Certificate of Incorporation. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-103 - Public Corporation - Application for Formation; Certificate of Incorporation. | Section 2-6-103
Public corporation - Application for formation; certificate of incorporation.
(a) To become a public corporation, the Governor, the Commissioner of Agriculture and Industries, and the Director of Finance shall present to the Secretary of State an application signed by each which shall set forth all of the following:
(1) The name, official designation, and official residence of each of the applicants together with a certified copy of the document evidencing each applicant's right to office.
(2) The date on which each applicant was inducted into office and the term of office.
(3) The name of the proposed public corporation, which shall be the Garrett Coliseum Redevelopment Corporation.
(4) The location of the principal office of the proposed public corporation, which shall be Montgomery, Alabama.
(5) Any other information relating to the proposed public corporation which the applicants may choose to include which is not inconsistent with this article.
(b) The application shall be sworn and subscribed to by each of the applicants before an officer authorized by the laws of the state to take acknowledgments to deeds. The Secretary of State shall examine the application and, if he or she finds that it substantially complies with the requirements of this section, he or she shall receive and file it and record it in an appropriate book of records in his or her office.
(c) When the application has been filed and recorded as provided in this section, the Secretary of State shall issue to the applicants a certificate of incorporation under the Great Seal of the State, and shall record the certificate with the application, whereupon the applicants shall constitute a public corporation of the state under the name proposed in the application. No fee shall be paid to the Secretary of State for any work done in connection with the incorporation or dissolution of the corporation.
(Act 2011-575, p. 1231, §5.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-104/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-104 - Public Corporation - Board of Directors. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-104 - Public Corporation - Board of Directors. | Section 2-6-104
Public corporation - Board of directors.
(a) The corporation shall be governed by a board of directors, as provided for in this section. All powers of the corporation shall be exercised by the board or pursuant to its authorization. The presence of a majority of members of the board of directors shall constitute a quorum for the transaction of business. No vacancy on the board or the voluntary disqualification or abstention of any director shall impair the right of a quorum of the board to act.
(b) The board of directors shall be the same as the Agricultural Center Board.
(c) All resolutions adopted by the board of directors shall constitute actions of the corporation, and all proceedings of the board shall be reduced to writing by the secretary and shall be recorded in a substantially bound book and filed in the office of the Director of Finance. Copies of such proceedings, when certified by the secretary under seal of the corporation, shall be received in all courts as prima facie evidence of the matters and things certified. The board shall meet at any time and upon notice as it shall determine or upon the call of the president or the vice president.
(Act 2011-575, p. 1231, §6.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-105/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-105 - Public Corporation - Powers. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-105 - Public Corporation - Powers. | Section 2-6-105
Public corporation - Powers.
The corporation shall have the following powers, as well as the other powers specified in this article:
(1) To have succession by its corporate name until dissolved as provided in this article.
(2) To sue and be sued and to prosecute and defend, at law or in equity, in any court that may have jurisdiction of the subject matter and of the parties.
(3) To have and use a corporate seal and to alter the seal at pleasure.
(4) To make and alter all needful bylaws and rules for the transaction of the corporation's business and the control of its property and affairs.
(5) To enter into agreements of any nature with any public or private entity regarding the construction, renovation, restoration, improvement, maintenance, management, or operation of the project or any properties or facilities constituting a part of the project.
(6) To take all actions and enter into all agreements necessary or appropriate to complete the project work.
(7) To acquire, purchase, lease, receive, hold, transmit, and convey title to real and personal property to or from any person or legal entity, public or private.
(8) To borrow money and issue its bonds in evidence thereof, subject to this article.
(9) As security for payment of the principal of and interest on its bonds, to pledge any funds or revenues from which its bonds may be made payable and to arrange for and provide additional security for its bonds, including letters of credit, bond insurance policies, surety bonds and the like, as the board of directors shall determine to be necessary or desirable.
(10) To make and enter into such contracts, leases, agreements, and other actions as may be necessary or desirable to accomplish any corporate purpose and to exercise any power necessary for the accomplishment of the purposes of the corporation or incidental to the powers expressly set forth in this section, including, but not limited to, financing agreements and other such agreements with public and private entities and local governments.
(11) To appoint and employ attorneys, accountants, financial advisors, underwriters, trustees, depositories, registrars, fiscal agents, and other advisors, agents, and independent contractors as may be necessary or desirable.
(12) To accept gifts, grants, loans, appropriations, and other forms of aid from the federal government, the state or any agency of the state, or any political subdivision of the state, or any person or corporation.
(Act 2011-575, p. 1231, §7.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-106/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-106 - Deed to Coliseum. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-106 - Deed to Coliseum. | Section 2-6-106
Deed to coliseum.
Commencing June 9, 2011, the Governor is authorized and directed to execute and deliver, in the name of the State of Alabama, an appropriate deed conveying to the corporation the coliseum together with the lands in the Alabama Agricultural Center in the City of Montgomery. Upon delivery of the deed to the corporation, the corporation shall be vested with all title and rights which the State of Alabama has in the property conveyed, subject to a right of reverter to the state upon dissolution of the corporation.
(Act 2011-575, p. 1231, §8.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-107/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-107 - Lease of Project. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-107 - Lease of Project. | Section 2-6-107
Lease of project.
(a) Without limiting the generality of the powers otherwise granted by this article, the corporation is authorized to lease the project, or portions thereof, to the Alabama Agricultural Center Board or to any other public or private entity. The AACB and any other agency, board, commission, bureau, or department of the state and each of them are authorized to lease any facilities from the corporation. Any lease as described in this section shall, however, be either of the following:
(1) For a term no longer than the then current fiscal year of the state, but any such lease may contain a grant to the lessee of successive options of renewing the lease on the terms specified in the lease for any subsequent fiscal year or years of the state; provided, that liability for the payment of rent shall never be for a term longer than one fiscal year.
(2) Provide that in no event rentals may be paid from moneys appropriated by the state and that rentals shall be paid solely from revenues derived from the operation of the project to the extent that such revenues are not attributable to facilities or operations in existence at the time of the transfer of the coliseum and related properties to the corporation.
(b) Any lease agreement may contain any other provisions and agreements not inconsistent with this article, as the corporation may agree.
(Act 2011-575, p. 1231, §9.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-108/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-108 - Design, Rehabilitation, Renovation, etc., of Coliseum. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-108 - Design, Rehabilitation, Renovation, etc., of Coliseum. | Section 2-6-108
Design, rehabilitation, renovation, etc., of coliseum.
(a) The corporation or the AACB may enter into management, operations, or other types of agreements with public or private entities for the design, rehabilitation, renovation, expansion, management, promotion, or operation of the coliseum. Any law to the contrary notwithstanding, the corporation or the AACB, as the case may be, shall select a developer, manager, promoter, or operator through an open and competitive selection process through the solicitation of proposals from qualified entities that address the needs, requirements, and funding issues it identifies. The corporation or the AACB, as the case may be, in its sole discretion, shall select the entity or entities it determines to be the best qualified based upon the proposals submitted, presentations by proposers, its deliberations, and any other information it considers to be relevant to the selection of the best qualified proposer. No further or additional reviews or approvals by any official or entity shall be required.
(b) All receipts, revenues, and income derived by either the AACB or the corporation from the operation or leasing of the project shall be applied solely for the following purposes:
(1) To insure and maintain in good and operable condition the various properties and facilities that comprise the project.
(2) To pay the debt service on the bonds of the corporation.
(c) The AACB and the corporation are authorized to establish accounts and funds as they deem appropriate to provide for the custody and disbursement of such moneys. Any provision of law to the contrary notwithstanding, in no event shall any of such receipts, revenues, or income:
(1) Be combined or commingled with moneys appropriated by the state.
(2) Revert to, or otherwise become a part of, the General Fund in the State Treasury.
(d) Any funds that are not needed to pay the costs of insuring and maintaining the project shall be transferred, as soon as practicable, to the special fund provided for in Section 2-6-118.
(Act 2011-575, p. 1231, §10.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-109/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-109 - Eminent Domain. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-109 - Eminent Domain. | Section 2-6-109
Eminent domain.
The corporation shall have the same power of eminent domain as the state. Such power shall be exercised in the same manner and under the same conditions as are provided by law for the exercise of the power of eminent domain by the State of Alabama.
(Act 2011-575, p. 1231, §11.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-110/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-110 - Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-110 - Bonds. | Section 2-6-110
Bonds.
The corporation is authorized to sell and issue its bonds, not exceeding one hundred million dollars ($100,000,000), exclusive of refunding bonds, in aggregate principal amount, and in any additional aggregate principal amounts as authorized by other acts of the Legislature, for the purpose of providing funds for the project work and for payment of obligations incurred for such purpose, as well as the payment of issuance expenses and the establishment of a debt service reserve fund.
(Act 2011-575, p. 1231, §12.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-111/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-111 - Refunding Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-111 - Refunding Bonds. | Section 2-6-111
Refunding bonds.
The corporation may sell and issue its refunding bonds, without limit as to principal amount, for the purpose of refunding any bonds of the corporation at the time outstanding, paying the expenses of issuance, and paying any premiums necessary to be paid to redeem any bonds to be refunded.
(Act 2011-575, p. 1231, §13.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-112/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-112 - Execution, Authentication, and Delivery of Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-112 - Execution, Authentication, and Delivery of Bonds. | Section 2-6-112
Execution, authentication, and delivery of bonds.
All bonds of the corporation shall be signed by its president, and the seal of the corporation shall be affixed thereto and attested by its secretary. The signatures of the president and secretary may be facsimile signatures and a facsimile of the seal of the corporation may be imprinted on the bonds if the board of directors, in its proceedings with respect to issuance of such bonds, provides for manual authentication of such bonds by a trustee or paying agent or by named individuals who are employees of the state and who are assigned to the Department of Finance or office of the State Treasurer. Delivery of bonds so executed shall be valid notwithstanding any changes in officers or in the seal of the corporation after the signing and sealing of the bonds.
(Act 2011-575, p. 1231, §14.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-113/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-113 - Sale of Bonds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-113 - Sale of Bonds. | Section 2-6-113
Sale of bonds.
Bonds may be sold by the corporation in series, and if sold in more than one series may all be authorized in one initial resolution of the board of directors with the pledges made in such initial resolution, although some of the details applicable to each series may be specified in the respective resolutions under which the different series are issued. Each series of the bonds may be sold at public or private sale, as determined by the corporation, at such price or prices as the corporation shall determine, and, if sold at public sale either on sealed bids or at public auction, on a basis determined by the corporation to enable it to effect the sale of the bonds being sold at the lowest effective borrowing cost to the corporation; provided, that if in the event of public sale of the bonds no bid acceptable to the corporation is received it may reject all bids. Notice of each public sale or summary notice of sale or both shall be given by publication in either a financial journal or a financial newspaper published in the City of New York, New York, at least one time not less than 10 days prior to the date fixed for the sale. The board of directors may fix the terms and conditions under which each such sale may be held; provided, that such terms and conditions shall not conflict with any of the requirements of this article.
(Act 2011-575, p. 1231, §15.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-114/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-114 - Form and Contents of Bonds; Redemption. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-114 - Form and Contents of Bonds; Redemption. | Section 2-6-114
Form and contents of bonds; redemption.
(a) Any bonds of the corporation may be executed and delivered by it at any time and from time to time, shall be in such form and denominations and of such tenor and maturities, shall bear such rate or rates of interest, payable and evidenced in such manner, may contain provisions for redemption prior to maturity, and may contain other provisions not inconsistent herewith, all as may be provided by the resolution of the board of directors whereunder such bonds are authorized to be issued; provided, that no bond of the corporation shall have a specified maturity date later than 30 years after its date. Each bond of the corporation may be made subject to redemption at the option of the corporation under such terms and conditions and at such premiums, if any, as may be provided in the resolution under which the bond is authorized to be issued. The corporation may pay out of the proceeds of the sale of its bonds all expenses, including fees and disbursements of attorneys, accountants, fiscal agents, financial advisors, and other consultants, fees and disbursements of trustees, escrow agents, registrars, paying agents, transfer agents, depositories for safekeeping, authenticating agents, agents for the delivery and payment of bonds, fees and commissions of bond insurers, and credit enhancers, printing costs, and other customary bond issuance expenses.
(b) Bonds issued by the corporation shall not be general obligations of the corporation, but shall be payable solely out of the funds referred to in Section 2-6-118. In the event the corporation shall make more than one pledge of the same revenues, the pledges shall take precedence in the order of the adoption of the resolutions in which the pledges are made. Neither a public hearing nor consent of the Department of Finance or any other department or agency of the state shall be a prerequisite to the issuance of bonds by the corporation.
(Act 2011-575, p. 1231, §16.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-115/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-115 - Investment of Proceeds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-115 - Investment of Proceeds. | Section 2-6-115
Investment of proceeds.
Any portion of the principal proceeds derived from the sale of the bonds which the board of directors of the corporation may determine is not then needed for any of the purposes for which the bonds are authorized to be issued shall be invested in permitted investments. Any such securities, at any time and from time to time on order of the corporation, may be sold or otherwise converted into cash. The income derived from any investments shall be disbursed on order of the corporation for any purpose for which the corporation may lawfully expend funds.
(Act 2011-575, p. 1231, §17.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-116/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-116 - Disposition of Bond Proceeds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-116 - Disposition of Bond Proceeds. | Section 2-6-116
Disposition of bond proceeds.
All proceeds derived from the sale of any bonds, excluding refunding bonds, sold by the corporation remaining after payment of the expenses of issuance thereof and the funding of any required reserve or replacement fund shall be deposited into a special account to the credit of the corporation, and shall be subject to be drawn on by the corporation solely for the purposes of paying the costs of the project work, and all reasonable and necessary incidental expenses, including interest which shall accrue on the bonds during the project work and for a period not exceeding two years thereafter. Any balance of the proceeds remaining, upon completion of the project work and the payment of all costs in connection therewith, shall be transferred to the debt service reserve fund account of the corporation or used to redeem bonds issued by the corporation as may be determined by the board of directors of the corporation.
(Act 2011-575, p. 1231, §18.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-117/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-117 - Disposition of Refunding Bond Proceeds. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-117 - Disposition of Refunding Bond Proceeds. | Section 2-6-117
Disposition of refunding bond proceeds.
(a) The proceeds of refunding bonds shall be applied, together with any other moneys legally available, to the payment of the expenses authorized by this article and to the payment of the principal of, premium, if any, and interest due and to become due on any outstanding bonds to be refunded. The expenses authorized by this article shall include, in addition to other expenses authorized by this article, all expenses that the board of directors may deem necessary or advantageous in connection with the sale and issuance of refunding bonds, including, without limitation, the expenses of selling and issuing such refunding bonds, including any discount reflected in the purchase price paid to the corporation, fees and disbursements of attorneys, accountants, fiscal agents, financial advisors, and other consultants, fees and disbursements of trustees, escrow agents, registrars, paying agents, transfer agents, depositories for safekeeping, authenticating agents, agents for the delivery and payment of bonds, fees and commissions of bond insurers and credit enhancers, printing costs, and other customary bond issuance expenses.
(b) To the extent not required for the immediate payment of outstanding bonds or for deposit into an interest account or a reserve account, proceeds of refunding bonds together with any other moneys legally available, shall be deposited in trust, with one or more trustees or escrow agents, which trustees or escrow agents shall be trust companies or national or state banks, located either within or without the state, having powers of a trust company. Any proceeds or moneys deposited in trust with one or more trustees or escrow agents shall be applied solely to the payment when due of the principal of, premium, if any, and interest due and to become due on the outstanding bonds on or prior to the redemption date or maturity date, as the case may be. Any proceeds or moneys so deposited with one or more trustees or escrow agents, may be invested in government securities; provided, such government securities shall not be subject to redemption prior to their maturity other than at the option of the holder thereof.
(c) Except as provided in subsection (d), neither the government securities nor moneys so deposited with one or more trustees or escrow agents shall be withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the principal of, redemption premium, if any, and interest on such outstanding bonds to be refunded; provided that any cash received from such principal or interest payments on the government securities deposited with one or more trustees or escrow agents to the extent such cash will not be required at any time for such purpose, shall be paid over to the corporation, and to the extent such cash will be required for such purpose at a later date, shall, to the extent practicable and legally permissible, be reinvested in government securities maturing at times and in amounts sufficient to pay when due the principal of, premium, if any, and interest on the outstanding bonds on and prior to the redemption date or maturity date, as the case may be, and interest earned from such reinvestments to the extent not required for the payment of such outstanding bonds shall be paid over to the corporation.
(d) Moneys on deposit in any reserve fund created pursuant to this article shall be invested by the corporation in permitted investments which mature at such time or times as the corporation shall direct. Interest income earned from such investments shall be deposited as received in an account of the corporation.
(Act 2011-575, p. 1231, §19.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-118/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-118 - Trust Fund. | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-118 - Trust Fund. | Section 2-6-118
Trust fund.
For the purpose of providing funds for the payment of the principal of and interest on the bonds issued by the corporation under this article, there is created and irrevocably pledged to the payment of such obligations a special and continuing trust fund which shall consist of all receipts, revenues, and income that are derived or received by the corporation from the leasing or operation of the project and that remain after payment of the costs of maintaining and insuring the project. All such moneys shall be deposited into the fund upon receipt, and held until applied for the payment of bonds of the corporation.
(Act 2011-575, p. 1231, §20.) |
https://law.justia.com/codes/alabama/title-2/chapter-6/article-5/section-2-6-119/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 2 - Agriculture.›Chapter 6 - Agricultural Center.›Article 5 - Garrett Coliseum Redevelopment Act.›Section 2-6-119 - Pledge for Payment of Principal and Interest on Bonds; Filing With Judge of Probat... | 2023 Code of Alabama › Title 2 - Agriculture. › Chapter 6 - Agricultural Center. › Article 5 - Garrett Coliseum Redevelopment Act. › Section 2-6-119 - Pledge for Payment of Principal and Interest on Bonds; Filing With Judge of Probate. | Section 2-6-119
Pledge for payment of principal and interest on bonds; filing with Judge of Probate.
In the proceedings authorizing the issuance of any of its bonds, the corporation is authorized and empowered to pledge for the payment of the principal of and interest on bonds at the respective maturities of the principal and interest, and to agree to use solely for such purpose, all the revenues which under the provisions of Section 2-6-118 are provided for the payment of the principal and interest, subject to prior pledges as and to the extent the corporation may provide. Upon the issuance of any bonds pursuant to this article, the corporation may file in the office of the Judge of Probate of Montgomery County, Alabama, an instrument reciting the issuance of the bonds and the pledge of the revenues as security, and the filing of the instrument shall constitute constructive notice of the pledge. The instrument shall be received and recorded by the judge of probate upon the payment of the fee for the recording of mortgages, but no tax shall be payable.
(Act 2011-575, p. 1231, §21.) |
Subsets and Splits