Year unavailable
Section 9-14A-11 Bonds - Redemption.
This section lets the bonds be issued in different forms and lets the board set redemption and maturity terms.
- Bond issuance
- Redemption
- Refunding bonds
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United States — Alabama Statutes
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Section 9-14A-12 Bonds - Sale and Execution.
The corporations must sell the bonds at public sale, and the bonds must be executed and authenticated by specified state and corporate officials.
- Bond issuance
Year unavailable
Section 9-14A-13 Bonds - Proceeds - Alabama State Parks System Improvement Fund.
Bond sale proceeds must be paid into the State Treasury and kept by the State Treasurer in a special fund, continuously invested until needed.
- Bond proceeds
- Investment of funds
- State treasury
Year unavailable
Section 9-14A-14 Bonds - Proceeds - Alabama Public Historical Sites and Parks Improvement Fund.
Bond sale proceeds must be paid into the State Treasury and kept, invested, and managed in a special fund by the State Treasurer.
- Bond proceeds handling
- Investment of public funds
Year unavailable
Section 9-14A-15 Bonds - Proceeds - Disposition.
Bond proceeds must be used first to pay related issuance expenses, and the remaining proceeds and related investment income may be disbursed only with specified approvals.
- Bond proceeds
- Bonds
- Disbursement
Year unavailable
Section 9-14A-16 Refunding Bonds.
Corporations may issue refunding bonds for the state, but only if the debt-service and maturity limits in this section are met.
- Bond issuance
- Debt service
- Refunding bonds
Year unavailable
Section 9-14A-17 Use of Bonds.
The provision exempts these bonds and their income from most state and local taxation, allows bond holders to use the bonds as security for certain public funds when law requires security, and lets fiduciaries invest trust funds in the bonds unless a court or governing document says otherwise.
- Bond taxation
- Collateral/security
- Fiduciary investment
Year unavailable
Section 9-14A-18 Contracts.
Corporation contracts for state parks and related public sites must be written and approved/supervised by specified Alabama officials; property acquired under the provision must be held in the state’s name or quickly conveyed to the state.
- Public contracting
- State parks
Year unavailable
Section 9-14A-19 Bonds - Proceeds - Alabama State Parks System Maintenance Fund.
Bond proceeds and related interest are appropriated for state parks uses, with 5% set aside for a separate maintenance fund.
- Appropriations
- Bonds
- Parks funding
Year unavailable
Section 9-14A-2 Legislative Findings.
The Legislature states that state parks and public historical sites should be maintained and improved, and it intends to authorize two public corporations and bond financing for those purposes.
- Bonds
- Historical sites
- Public finance
- State parks
Year unavailable
Section 9-14A-20 Bonds - Proceeds - Appropriations.
Bond proceeds and interest must be allocated to specific historical sites and parks projects, including a $3 million use for state-owned sites and parks and a $3 million use for publicly-owned sites and parks, with a limited exception allowing the corporation to provide up to one third of the second amount for certain
- Bond proceeds appropriation
- Historical sites and parks
Year unavailable
Section 9-14A-21 Joint Legislative Committee on State Parks.
The committee is created to review state park capital plans, and members, appointments, meetings, terms, and compensation are governed by set rules.
- Committee governance
- Public compensation
Year unavailable
Section 9-14A-22 Dissolution of Corporations.
A corporation may be dissolved if it has no outstanding bonds and files a dissolution application with the Secretary of State.
- Dissolution of corporations
Year unavailable
Section 9-14A-23 Tax Exemption.
The corporations may make payments to the United States and make investment agreements when directors think doing so is needed to keep bond interest exempt from federal income tax.
- Bonds
- Finance
- Tax exemption
Year unavailable
Section 9-14A-3 Definitions.
This section defines key words and phrases used in the chapter, including entities, officials, investments, and historical site terms.
- Definitions
- Investment instruments
Year unavailable
Section 9-14A-4 Alabama State Parks System Improvement Corporation.
Named state officials may form the Alabama State Parks System Improvement Corporation by filing a signed application with the Secretary of State.
- Corporate governance
- Incorporation
- State filing
Year unavailable
Section 9-14A-5 Alabama Public Historical Sites and Parks Improvement Corporation.
Certain state officials may organize the corporation, but they must file a signed application with the Secretary of State, who must review, file, record, and issue the certificate if the application substantially complies.
- Corporate governance
- Incorporation
- Public records
Year unavailable
Section 9-14A-6 Powers.
The corporations created in Sections 9-14A-4 and 9-14A-5 have specified powers, including suing and being sued, using a corporate seal, holding property, exercising eminent domain, issuing certain bonds, and hiring needed advisors and contractors.
- Corporate powers
Year unavailable
Section 9-14A-7 Additional Powers of Alabama State Parks System Improvement Corporation.
The Alabama State Parks System Improvement Corporation has powers to work on state parks, acquire related property, make contracts, transfer funds to the state parks department, and run an adopt-a-park program.
- Contracts
- Fund transfers
- Park improvement
- Property acquisition
Year unavailable
Section 9-14A-8 Additional Powers of the Alabama Public Historical Sites and Parks Improvement Corporation.
The corporation is given several powers over public historical sites and parks.
- Asset acquisition
- Contracting
- Property transfer
- Public-private initiatives
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