(a) It is hereby determined that the development of the Shoals Economic Development Project is for a public purpose and will be in the best interest of the citizens of Lauderdale County and Colbert County. For the purposes of aiding or cooperating with Colbert County, the Cities of Sheffield, Tuscumbia, and Muscle Shoals, RSA, and with a local public corporation in the development, acquisition, construction, improvement, or financing of the Shoals Economic Development Project, Lauderdale County and the City of Florence may, upon such terms and with or without consideration, as it may determine:
Terms Used In Alabama Code 45-39-92.54
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
Personal property: All property that is not real property.
personal property: includes money, goods, chattels, things in action and evidence of debt, deeds and conveyances. See Alabama Code 1-1-1
property: includes both real and personal property. See Alabama Code 1-1-1
(1) Lend or donate money to, guarantee all or any part of the securities, or perform services for the benefit of, the local public corporation.(2) Donate, sell, convey, transfer, lease, or grant to the local public corporation or to RSA without the necessity of authorization at any election of qualified voters, any real or personal property of any kind, including the Florence Conference Center, but excluding any dedicated public park property such as Veterans Park and Florence River Heritage Trail.(3) Do any and all things, whether or not specifically authorized in this subpart not otherwise prohibited by law, that are necessary or convenient to aid and cooperate with the local public corporation and RSA, in the development, acquisition, construction, improvement, or financing of the Shoals Economic Development Project.(4) Pay, or provide for, in whole or in part, the payment of the principal of or interest on the securities issued by a local public corporation, including pledging the taxes herein authorized to the payment of principal of and interest on the securities.(5) Issue its warrants or other securities on such terms and conditions as it may determine in order to provide moneys to make any loan, donation, or payment authorized in this section.(b) With the approval of the authorized municipalities and Lauderdale County and Colbert County, the local public corporation, in conjunction with the Shoals Economic Development Project, may:
(1) Donate, sell, convey, transfer, lease, or grant to RSA, without the necessity of authorization at any election of qualified voters, any real or personal property of any kind.(2) Do any and all things, whether or not specifically authorized in this subpart not otherwise prohibited by law, that are necessary or convenient to aid and cooperate in the development, acquisition, construction, improvement, or financing of the Shoals Economic Development Project.
