Ala. Code § 11-66A-6

Current through the 2024 Regular Session.

Section 11-66A-6 - Powers of corridor

In furtherance of a project, each corridor shall have all of the following stated powers together with all powers incidental to these powers and necessary to effect the proper exercise of the corridor:

(1) To have succession in its corporate name for the duration of the corridor specified in the certificate of incorporation.

(2) To sue and be sued in its own name in civil suits and actions and to defend suit against the corridor.

(3) To adopt and make use of a corporate seal and to alter the seal as necessary.

(4) To adopt, alter, and repeal the provisions of the corridor's certificate of incorporation or the bylaws, regulations, and rules, not inconsistent with the provisions of this act, for the regulation and conduct of its affairs and business.

(5) To acquire real property within the geographic boundaries of the corridor and the corporate limits of its authorizing subdivision or authorizing subdivisions, whether by gift, purchase, transfer, foreclosure, lease, or devise, and to construct, improve, operate, maintain, equip, and furnish the property and interests in property as the board determines to be necessary for the purposes of the corridor.

(6) To lease all or any part of any property upon such terms and conditions as its board determines necessary or desirable.

(7) To convey any property of the corridor with or without valuable consideration as the board shall determine.

(8) To enter into a management contract or contracts with any person or persons of all or any part of its property as may in the judgment of such corridor be necessary or desirable in order to perform more efficiently or economically any function for which the corridor may become responsible in the exercise of the powers conferred upon it by this act.

(9) To procure insurance against any loss in connection with its property and other assets in such amounts and from such insurers as its board determines to be necessary or desirable.

(10) Upon compliance with public notice requirements, to fix and revise, and charge and collect, fees, licenses, rates, rentals, and assessments to any qualified enterprise or other business located within the geographic boundaries of the corridor, but only as to each qualified enterprise or other business, for any tax year, the amount of eligible taxes abated for the qualified enterprise or business under subdivision (22), and apply the proceeds thereof for any lawful purpose of the corridor.

(11) To the extent authorized or permitted by the state constitution, to grant, loan, or donate, or otherwise make available any funds, money, revenues, or property of the corridor upon such terms as the board shall determine to:

(i) any public entity or entities, and

(ii) upon compliance with public notice requirements and approval by each authorizing subdivision, any corporate person or corporate persons and natural person or natural persons.

(12) To the extent authorized or permitted by the state constitution, to assume, incur, or issue any financial obligation or financial obligations for any lawful purpose, as more particularly provided in this act.

(13) To pledge for the benefit of any financial obligation of the corridor any revenues, including, but not limited to, proceeds of any tax to which it is entitled, from which the financial obligation is payable, and to mortgage or pledge its property and revenues, or any portion thereof, as further provided in this act.

(14) To assume obligations secured by a lien on, or secured by and payable out of or secured by a pledge of, any property or part thereof or the revenues derived from any property that may be acquired by the corridor.

(15) To make, enter into, and execute contracts, agreements, leases, and other instruments, and to take such other actions as may be necessary or convenient to accomplish any purpose for which the corridor was organized or to exercise any power granted under this act.

(16) To enter into contracts with, to accept aid, loans, and grants from, to cooperate with, and to take any action not specifically prohibited by this act or other applicable laws of the state that may be necessary in order to obtain or secure the aid and cooperation of the United States, the state, or any agency, department, instrumentality, or political subdivision of either in furtherance of the purposes of this act.

(17) To apply for, accept, receive, apply, disburse, expend, and use to accomplish the purposes of this chapter any money, property, labor, or other things of value, from any source, including, without limitation, the state, any public entity, and the United States, subject to any lawful condition upon which the aid or contributions may be given or made.

(18) To appoint, employ, contract with, and provide for compensation of the employees and agents of the corridor including, but not limited to, architects, engineers, attorneys, accountants, investment advisors and financial experts, fiscal agents, and such other advisors, consultants, and agents as the board determines to be necessary or desirable.

(19) To invest its monies, including, but not limited to, the monies held in any special fund created pursuant to any trust indenture or agreement or resolution securing any of its financial obligations and proceeds from the sale of any financial obligations not required for immediate use, in such investments as are authorized by the laws of the state for the investment of funds and money of a municipality.

(20) To acquire, create, establish, operate, or support, or to participate as a member of, any corporate person that will assist the corridor in, or which otherwise has as a purpose of accomplishing the purposes of this act, including, but not limited to, the support of any corporate person by means of grants or loans of property or the issuance of financial obligations for the benefit the corporate person.

(21) To exercise any authority or power that is granted by state law to any private corporation or public corporation which is not in conflict with the purposes of this act.

(22) To abate any eligible tax or eligible taxes for any project.

(23) To do any and all things necessary or convenient to carry out its purposes and to exercise its powers pursuant to this act to the extent permitted by law.

Ala. Code § 11-66A-6 (1975)

Added by Act 2024-308,§ 6, eff. 5/9/2024.