Alabama Code 45-49A-10.07. Lease, sale, donation, or transfer of property to the corporation
Terms Used In Alabama Code 45-49A-10.07
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Mobile County or the City of Bayou La Batre, or any city within the county, is authorized, but not required, to lease, sell, donate, or otherwise convey to the corporation, real or personal property, including park properties, without the necessity of authorization by election of the qualified voters of the county, the city, and the governing body of the county or any other city within the county, is hereby authorized to enter into any agreements which such corporation may deem necessary in order to effectuate such lease, sale, donation, or transfer. The governing body of Mobile County, the City of Bayou La Batre, or any other city within the county, is further authorized to covenant with the corporation, which covenant shall likewise constitute a contract with the holders of any revenue bonds, notes, or other obligations thereafter issued by the corporation, that it will not acquire, construct, or operate or permit the acquisition, construction, or operation within the city or county, of any facility in competition with the corporation so long as any of the bonds, notes, or other obligation of the corporation shall remain outstanding.