The following words and phrases used in this part, and others evidently intended as the equivalent thereof, shall, in the absence of clear implication herein otherwise, be given the following respective interpretations herein:
Terms Used In Alabama Code 45-8A-111.01
- 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.
- following: means next after. See Alabama Code 30-3D-608
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: includes a corporation as well as a natural person. See Alabama Code 30-3D-608
- property: includes both real and personal property. See Alabama Code 30-3D-608
- 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 30-3D-608
(1) “Applicant” means a natural person who files a written application with the governing body of the city in accordance with the provisions of Section 45-8A-111.03.
(2) “Authority” means the Oxford Downtown Development Authority, a public corporation organized pursuant to this part.
(3) “Authorizing resolution” means a resolution adopted by the governing body of the city in accordance with Section 45-8A-111.03, that authorizes the incorporation of the authority.
(4) “Board” means the board of directors of the authority.
(5) “Bonds” means and shall include bonds, notes, and certificates representing an obligation to pay money.
(6) “City” means the City of Oxford, Alabama.
(7) “Director” means a member of the board of the authority.
(8) “Downtown development area” means the central business district of the city as established by ordinance of the city council.
(9) “Governing body” means, with respect to the city, its city council, board of commissioners, or other like governing body.
(10) “Incorporators” means the persons forming a public corporation organized pursuant to this part.
(11) “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.
(12) “Principal office” means the place at which the certificate of incorporation and amendments thereto, the bylaws and the minutes of the proceedings of the board of the authority are kept.
(13) “Project” means interests in land, buildings, structures, facilities, or other improvements located or to be located within the downtown development area, and any fixtures, machinery, equipment, furniture, or other property of any nature whatsoever used on, in, or in connection with any such land, interest in land, building, structure, facility, or other improvement, all for the essential public purpose of the development of trade, commerce, industry, and employment opportunities in the downtown development area. A project may be for any industrial, commercial, business, office, parking, utility, residential (including without limitation homes, apartments, townhouses, condominiums, hotels, and motels) or other use, provided that a majority of the members of the authority determine, by a resolution duly adopted, that the project and such use thereof would further the public purpose of this part.
(14) “State” means the State of Alabama.