Unless the context plainly indicates otherwise, the following words and terms have the meanings ascribed to them:

(1) AUTHORITY. A public corporation organized under this chapter.

Terms Used In Alabama Code 11-61A-2

  • 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • following: means next after. See Alabama Code 1-1-1
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(2) BOARD. The board of directors of an authority organized under this chapter.
(3) BOND. Any bond authorized to be issued under this chapter.
(4) COUPON. Any interest coupon evidencing an installment of interest payable with respect to a bond.
(5) DIRECTOR. A member of a board.
(6) GOVERNING BODY. The body in which the general legislative powers of the municipality are vested.
(7) INDENTURE. A mortgage, an indenture of mortgage, deed of trust, trust agreement, or trust indenture executed by an authority as security for its bonds.
(8) MUNICIPALITY. A Class 2 municipality subject to this chapter.
(9) PARKING FACILITY. Any building, structure, land, right-of-way, equipment, or instrumentality used or useful in either of the following ways:

a. In connection with the construction, enlargement, development, maintenance, or operation of an area or building for off-street or on-street parking of motor vehicles.
b. In connection with the exercise of any power of the authority.
(10) STATE. The State of Alabama.
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