Section 9-14B-6

Powers of the authority. THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER. THIS SECTION HAS NOT BEEN CODIFIED BY THE LEGISLATURE.

The authority shall have, in addition to all other powers granted to it in this chapter, all of the following powers:

(1) To have succession by its corporate name until dissolved as herein provided.

(2) To institute and defend legal proceedings in any court of competent jurisdiction and proper venue; provided, however, that the authority may not be sued in any nisi prius court other than the courts of the county in which is located the principal office of the authority, and provided further, that the officers, directors, agents, and employees of the authority may not be sued for actions on behalf of the authority in any nisi prius court other than the courts of the county in which is located the principal office of the authority.

(3) To have and to use a corporate seal and to alter the seal at pleasure.

(4) To establish a fiscal year.

(5) To adopt, and from time to time amend and repeal, bylaws and rules and regulations not inconsistent with this chapter, to carry and to effect the powers and purposes of the authority in the conduct of its business.

(6) To sell and issue bonds authorized herein for the purposes specified herein.

(7) To sell and issue refunding bonds, subject to the terms and conditions of this chapter.

(8) To make, enter into, and execute funding agreements for the payment of and security for the bonds.

(9) To execute and deliver security agreements, and trust indentures, and other forms of agreements for the purpose of securing the authority's bonds and in connection therewith, to pledge, or assign the pledged revenues and other monies available to the authority.

(10) To receive the pledged revenues and to apply the pledged revenues as provided herein.

(11) As security for the payment of the authority's bonds, to pledge the pledged revenues, all rights or interests of the authority in any funding agreement and any other monies and property available to the authority, and to make and enter into any financial covenants or other agreements reasonably necessary for the issuance and sale of the bonds.

(12) To arrange for various forms of security or credit enhancement for the authority's bonds, including letters of credit, guaranties, policies of insurance, surety bonds, and the like.

(13) To accept gifts, grants, loans, and other forms of aid from the federal government, the state, or any state agency, including, without limitation, the department, any political subdivision of the state, or any person, corporation (including municipal corporations), foundation, or legal entity, and to agree to and comply with any conditions attached to federal and state financial assistance not inconsistent with this chapter.

(14) To appoint, employ, contract with, and provide for the compensation of employees and agents, including engineers, attorneys, contractors, consultants, accountants, fiscal advisors, trustees, paying agents, investment bankers, and underwriters as the directors deem necessary or desirable for the conduct of the business of the authority; provided, that the authority shall hire or contract with businesses and individuals that reflect the racial and ethnic diversity of the state.

(15) To make, enter into, and execute contracts, agreements, or other instruments, and to take other actions as may be necessary or convenient to accomplish any purpose for which the authority was organized or to exercise any power granted to it, as provided by the constitution and the laws of the State of Alabama.

(16) To sell, exchange, and convey any or all personal property belonging to the authority whenever its directors shall find the action to be in furtherance of the purposes for which the authority was organized.

(17) To acquire, hold, and dispose of personal property.

(18) To exercise any power granted by the laws of the state to public or private corporations which is not in conflict with the public purpose of this chapter.

(19) Notwithstanding any of the foregoing to the contrary, the authority shall have no power to mortgage, encumber, or otherwise use real property as collateral.

(Act 2001-972, 2001 3rd Sp. Sess., p. 884, §6.)