(a) In addition to all powers heretofore conferred on it by acts heretofore enacted by the Legislature of Alabama, and in addition to all other powers conferred on it in this article, the authority is hereby authorized to sell and issue its bonds, not exceeding one hundred million dollars ($100,000,000) in aggregate principal amount, for the purposes of making the grants of money authorized in Section 41-29-503 hereof and to anticipate by the issuance of its bonds the receipt of the revenues herein appropriated and pledged; provided the authority shall not issue more than ten million dollars ($10,000,000) in aggregate principal amount of such bonds in any two-year period; and provided there shall not be more than forty million dollars ($40,000,000) in aggregate principal amount of such bonds, in addition to bonds heretofore issued by the authority, outstanding at any one time, but excluding for this purpose refunding bonds, which shall not be considered in determining such limit. The bonds authorized hereby may be sold in one or more series.
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Terms Used In Alabama Code 41-29-502

  • 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
(b) It is further provided that the authority shall be exempt from the laws of the state governing usury or prescribing or limiting interest rates, including, without limitation, the provisions of Chapter 8 of Title 8.
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