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

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

Terms Used In Alabama Code 45-37A-56.22

  • 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 the authority
(3) BOND. Any bond authorized to be issued under this subpart.
(4) CITY. A city subject to this subpart.
(5) COUPON. Any interest coupon evidencing an installment of interest payable with respect to a bond.
(6) DIRECTOR. A member of the board.
(7) GOVERNING BODY. The body in which the general legislative powers of the city are vested.
(8) INDENTURE. A mortgage, and indenture of mortgage, deed of trust, trust agreement, or trust indenture executed by the authority as securityfor its bonds.
(9) PARKING FACILITY. Any building, structure, land, right-of-way, equipment, or instrumentality used or useful in connection with the construction, enlargement, development, maintenance, or operation of an area or building for off-street parking of motor vehicles, or in connection with the exercise of any power of the authority.
(10) STATE. The State of Alabama.
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