(a) The power of the authority shall be vested in and exercised by a majority of the members of the board of directors; however, the board may delegate to one or more of its members or its officers, agents, and employees such duties as it may deem proper. The board of directors shall elect a vice chair of the board, who shall serve as chair in the event of the chair’s absence. The board of directors shall also elect a treasurer and a secretary. The same person may serve as secretary and treasurer. The secretary and treasurer may or may not be a member of the board. The treasurer shall act as custodian of all the funds, from whatever sources derived, received by the authority. The treasurer shall deposit the monies in a separate account or accounts in one or more bank or banks or trust companies which are duly qualified and doing business in the State of Alabama; provided, however, that the authority may by resolution or by trust indenture securing the issuance of bonds then authorized designate a fiscal agent or trustee who shall be a bank or trust company duly qualified to do business in the State of Alabama and upon such terms and conditions, and subject to such exceptions, if any, as may be specified in such resolution or trust indenture may authorize the fiscal agent or trustee to receive and disburse all funds applicable to payment of the sums.
Terms Used In Alabama Code 45-39A-11.03
Contract: A legal written agreement that becomes binding when signed.
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
Trustee: A person or institution holding and administering property in trust.
(b) The treasurer of the authority shall execute a fidelity bond with a company authorized to write such bonds in the State of Alabama being surety thereon, which bond shall be in an amount approved by the board of directors of the authority.(c) Contracts of the authority shall be executed in the name of the authority by the chair of the board of directors and attested by the secretary of the authority. Except for bonds, it is not required that the seal be impressed or printed on contracts. It is further provided hereby that, except for bonds, the board of directors may provide by resolution for a different form for the execution of contracts, and for the execution thereof by an officer or agent other than the chair and secretary. But in no event shall a contract, irrespective of its form and of the persons executing the same, be binding unless such contract was authorized or ratified by the board of directors.(d) The authority shall have authority to hire an architect or architects and enter into contracts for their services in designing and supervising the construction of any building, civic center, auditorium, arena, convention hall, music hall, art museum, places of recreation, art exhibits, office buildings, and other structures that it shall desire to construct.
