The corporation may do the following, with or without public hearing, within the Africatown area:

(1) Acquire by purchase, rent, lease agreement, or otherwise, necessary facilities and provide those facilities with necessary equipment, furnishings, landscaping, and related facilities, including parking areas and ramps, roadways, sewers, curbs, and gutters.

Terms Used In Alabama Code 11-74-4

  • 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.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • property: includes both real and personal property. See Alabama Code 1-1-1
  • 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) Finance, by loan, grant, lease, or otherwise, construct, erect, assemble, purchase, acquire, own, repair, remodel, renovate, rehabilitate, modify, maintain, extend, improve, install, sell, equip, expand, add to, operate, or manage property, and pay the cost of any such project from the proceeds of bonds, or any other funds of the corporation, or from any contributions or loans by persons, corporations, partnerships, limited or general, or other entities, all of which the corporation may receive and accept and use.
(3) Execute and deliver mortgages and deeds of trust and trust indentures, or either.
(4) Enter into contracts and cooperative agreements with and, directly or indirectly, borrow money or accept grants from the local, state, and federal governments, agencies of the governments, private individuals, corporations, associations, and other organizations as the corporation may deem necessary or convenient to carry out the purposes of this chapter.
(5) Borrow money and issue bonds in evidence thereof, as necessary to perform its duties under this chapter.
(6) Mortgage and pledge any or all of its property or any part or parts thereof, as security for the payment of the principal of and interest on any bonds so issued and any agreements made in connection therewith, whether then owned or thereafter acquired, and to pledge the revenues and receipts therefrom or from any thereof.
(7) Accept public or private gifts, grants, and donations.
(8) Acquire property by purchase, lease, or gift.
(9) Sell, convey, transfer, lease, or donate any property, franchise, grant, easement, license, or lease or interest therein which it may own and transfer, assign, sell, convey, or donate any right, title, or interest which it may have in any lease, contract, agreement, license, or property.
(10) Employ personnel as may be necessary or convenient to accomplish the purposes of this chapter. The personnel employed by the corporation shall serve at the pleasure of the board of directors. The board of directors shall fix the compensation of the personnel, and the compensation shall be paid from any funds of the corporation. The board of directors shall designate the duties of the personnel.
(11) Perform other acts necessary or incidental to the accomplishment of the purposes of this chapter, and other acts, including, but not limited to, the employment of legal and accounting assistance, whether or not the acts are specifically authorized by this chapter, and provided that the acts are not otherwise prohibited by law.
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