Notwithstanding any other provision of law to the contrary:

(1) Each authority shall be exempt from all laws of the state governing usury or prescribing or limiting interest rates, including, without limitation, the provisions of Title 8, Chapter 8.

Terms Used In Alabama Code 16-17A-20

  • 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.
  • 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
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
(2) Authorities, university affiliates, members of the governing bodies of authorities and university affiliates, and officers and employees of authorities and university affiliates shall not be subject to state ethics laws, including, without limitation, the provisions of Title 36, Chapter 25.
(3) Meetings of the board of an authority and any committee thereof shall not be subject to public meeting or notice requirements, including, without limitation, the provisions of Title 36, Chapter 25A.
(4) Deposits of authorities and university affiliates are entitled to the benefits of the Security for Alabama Funds Enhancement Act, Title 41, Chapter 14A, and therefore, authorities and university affiliates are each a covered public entity as such term is used in that act.
(5) Authorities and university affiliates shall not be subject to the competitive bid laws of the state, including, without limitation, the provisions of Title 41, Chapter 16, Articles 2, 3, and 3A.
(6) Authorities and university affiliates shall not be subject to examination by the state Department of Examiners of Public Accounts.
(7) Authorities, university affiliates, and the employees thereof shall not be required to participate in any retirement plan, public pension plan, or health insurance plan administered by the state, or any agency of the state, unless an authority or university affiliate elects to join the plan and is otherwise eligible under applicable law to join the plan.
(8) No expenditure authorized or permitted by the provisions of this chapter shall be considered to be a lending of credit or a granting of public money or thing of value to or in aid of any individual, association, or corporation within the meaning of any constitutional or statutory provision.
(9) For purposes of The Volunteer Service Act, an authority shall be considered a governmental entity, and a university affiliate shall be considered a nonprofit organization so as to provide volunteers with the protections of Section 6-5-336. Terms used in this subdivision shall have the meanings assigned in Section 6-5-336.
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