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Alabama Code (Last Updated: November 28, 2014) |
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Title11 COUNTIES AND MUNICIPAL CORPORATIONS. |
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Title2 PROVISIONS APPLICABLE TO MUNICIPAL CORPORATIONS ONLY. |
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Chapter63. FINANCIAL ASSISTANCE FOR CERTAIN PUBLIC CORPORATIONS. |
§11-63-1. Definitions.
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The words and phrases hereinafter defined, wherever used in this chapter, shall be deemed to have the respective meanings ascribed to them in this section.
(1) MUNICIPALITY. An incorporated city or town in the State of Alabama.
(2) RELATED PUBLIC CORPORATION. Such term, when used with respect to a municipality, means and includes each of the following:
a. A public corporation organized pursuant to an Alabama statute that requires all the directors of such corporation to be elected by the governing body of the municipality; or
b. A public corporation organized pursuant to an Alabama statute that requires that at least one-half of the directors of such corporation be elected by the governing body of the municipality and that any directors thereof other than those elected by the governing body of the municipality be appointed by the Governor of Alabama.
(3) SECURITIES. Bonds, warrants, notes, and certificates of indebtedness or any of them.
(4) MUNICIPAL SECURITIES. Securities issued by a municipality pursuant to authorization in this chapter.
(5) CORPORATION SECURITIES. Securities heretofore or hereafter issued by a related public corporation.
(6) MUNICIPAL REVENUES. Such term means and includes any one or more of the items of tax proceeds and other revenues that a municipality is authorized to pledge for its bonds under the provisions of Section 11-81-16.
(7) CODE. The Code of Alabama, 1975.