Section 23-7-9 - Financing agreements; other authorized financing; security interests(a) Qualified borrowers may obtain loans or other financial assistance from the bank through financing agreements. Qualified borrowers entering into financing agreements and issuing loan obligations to the bank may perform any acts, take any action, adopt any proceedings, and make and carry out any contracts or agreements with the bank as may be agreed to by the bank and any qualified borrower for carrying out the purposes of this chapter.(b) In addition to the authorizations contained in this chapter, all other statutes or provisions permitting government units to borrow money and issue obligations may be utilized by any government unit in obtaining a loan or other financial assistance from the bank to the extent determined necessary or useful by the government unit in connection with any financing agreement and the issuance, securing, or sale of loan obligations to the bank.(c) A qualified borrower may receive, apply, pledge, assign, and grant a security interest in project revenues, and, in the case of a government unit, its project revenues, revenues derived from a special source, ad valorem or other taxes, or, if the government unit is authorized, its full faith and credit, to secure its obligations as provided in this chapter, and may fix, revise, charge, and collect fees, rates, rents, assessments, and other charges of general or special application for the operation or services of a qualified project, the system of which it is a part, and any other revenue producing facilities from which the qualified borrower derives project revenues, to meet its obligations under a financing agreement or to provide for the construction and improving of a qualified project.Ala. Code § 23-7-9 (1975)
Amended by Act 2018-290,§ 1, eff. 3/22/2018.Added by Act 2015-50,§ 9, eff. 7/1/2015.