For the purpose of accomplishing the duties enumerated in Section 41-23-173, the authority shall have the following powers:

(1) To acquire by purchase or gift any real, personal, or mixed property necessary or convenient in connection with the purpose for which the authority is formed and to hold title to such property, together with all rights incidental to its estate in such property.
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Terms Used In Alabama Code 41-23-174

  • following: means next after. See Alabama Code 1-1-1
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • property: includes both real and personal property. See Alabama Code 1-1-1
(2) To lease all or any part of the facilities or property of the authority to any person and, from time to time, fix, revise, charge, and collect rentals under such leases.
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