Alabama Code 45-8A-111.17. Freedom of authority from state supervision and control
Terms Used In Alabama Code 45-8A-111.17
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Authority: means the Oxford Downtown Development Authority, a public corporation organized pursuant to this part. See Alabama Code 45-8A-111.01
- Bonds: means and shall include bonds, notes, and certificates representing an obligation to pay money. See Alabama Code 45-8A-111.01
- City: means the City of Oxford, Alabama. See Alabama Code 45-8A-111.01
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: means the State of Alabama. See Alabama Code 45-8A-111.01
This part is intended to aid the state through the furtherance of the purposes of the part by providing an appropriate and independent instrumentality of the state with full and adequate powers to fulfill its functions. Except as expressly provided in this part, no proceeding, notice, or approval shall be required for the incorporation of the authority or the amendment of its certificate of incorporation, the issuance of any bonds, the execution of any mortgage and deed of trust or trust indenture, or the exercise of any other of its powers by the authority. Neither a public hearing nor the consent of the State Department of Finance shall be a prerequisite to the issuance of bonds by the authority. The authority shall hold a public hearing before approving or obligating the expenditure of any tax revenues received by the authority from the city, any county, the state, or federal governments. Such notice shall be advertised in a newspaper of general circulation in Calhoun County, Alabama, and the notice shall be published not less than seven days prior to the hearing.