(a) As used in this section, the word person means a natural person, a corporation, a partnership, or unincorporated association.
Terms Used In Alabama Code 45-37A-56.30
Amortization: Paying off a loan by regular installments.
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.
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
Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
person: includes a corporation as well as a natural person. 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
year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
(b) It is hereby declared to be the public policy of this state, with respect to each parking facility, that upon an authority’s acquiring a parking facility the authority shall carefully consider and decide, whether it is in the public interest that the authority itself operate such facility, enter into a contract with some person to operate such facility for the authority, or lease such facility. Among the factors the authority shall consider in making such decision are the following:
(1) The relative efficiency of the alternate operations.(2) The relative economy of the three alternate operations.(3) The overall advantage and benefit to the authority and the public of the alternate operations.(c) In order to make the foregoing determination the authority shall ascertain the following: The amount necessary in each year to pay the principal of, and interest on, the bonds proposed to be issued to finance the parking facility; the amount necessary to be paid each year to any reserve fund which the board deems it advisable to establish in connection with the retirement of the bonds and the maintenance of the parking facility or facilities; and, unless the terms under which the project is to be leased provide that the lessee shall maintain the project and carry all proper insurance, including liability insurance, with respect thereto, the estimated cost of maintaining the parking facility in good repair and keeping it properly insured.(d) The board shall not enter into any lease of the parking facility unless the lease provides for the lessee to pay to the authority an amount sufficient to meet the amortization requirements during the term of the lease and to pay the cost of keeping the parking facility in good repair and keeping it properly insured, unless the lease obligates the lessee, at lessee’s expense, to keep the facility in good repair and properly insured.(e) The lease agreement, at the discretion of the board, may contain provisions describing minimum operating hours, maximum charges to be collected by the lessee, and other terms the lessee shall be required to observe in operating the parking facility.
