The officers of the authority shall consist of a chair, vice chair, secretary, treasurer, and such other officers as the board shall deem necessary or appropriate. The offices of secretary and treasurer may, but need not, be held by the same person. The chair and vice chair of the authority shall be elected by the board from the membership thereof; the secretary, the treasurer, and any other officers of the authority may, but need not, be members of the board and shall also be elected by the board. The chair, vice chair, secretary, and treasurer of the authority shall also be the chair, vice chair, secretary, and treasurer of the board, respectively. Prior to receipt by the authority of any tax revenues from the city, any county, state, or federal governments, the treasurer of the authority shall provide evidence to the governmental entity from which the funds are to be received of procurement of a fidelity bond in an amount equal to or greater than the amount of tax funds to be received and that the company issuing the bond is qualified to issue fidelity bonds in the State of Alabama.
(Act 84-415, p. 981, §8.)
Terms Used In Alabama Code 45-41A-40.07
- authority: The Opelika Downtown Redevelopment Authority, a public corporation organized pursuant to this part. See Alabama Code 45-41A-40.01
- board: The board of directors of the authority. See Alabama Code 45-41A-40.01
- bonds: Shall include bonds, notes, and certificates representing an obligation to pay money. See Alabama Code 45-41A-40.01
- city: The City of Opelika, Alabama. See Alabama Code 45-41A-40.01
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- person: Unless limited to a natural person by the context in which it is used, includes a public or private corporation, a municipality, a county, or an agency, department, or instrumentality of the state, or of a county or municipality. See Alabama Code 45-41A-40.01
- state: The State of Alabama. See Alabama Code 45-41A-40.01