Alabama Code 45-8A-20.07. Officers of the authority
Terms Used In Alabama Code 45-8A-20.07
- Authority: means the Anniston Downtown Development Authority, a public corporation organized pursuant to the provisions of this part. See Alabama Code 45-8A-20.01
- Board: means the board of directors of the authority. See Alabama Code 45-8A-20.01
- Bonds: means and shall include bonds, notes, and certificates representing an obligation to pay money. See Alabama Code 45-8A-20.01
- City: means the City of Anniston, Alabama. See Alabama Code 45-8A-20.01
- 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: includes a corporation as well as a natural person. See Alabama Code 1-1-1
- State: means the State of Alabama. See Alabama Code 45-8A-20.01
The officers of the authority shall consist of a chairman, vice chairman, secretary, treasurer, and such other officers as its board shall deem necessary or appropriate. The offices of secretary and treasurer may, but need not, be held by the same person. The chairman and vice chairman 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 chairman, vice chairman, secretary, and treasurer of the authority shall also be the chairman, vice chairman, 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.