The authority shall have the following powers and capacities, among others specified in this chapter, together with all powers incidental thereto or necessary to the discharge thereof:

(1) To have succession by its corporate name until dissolved as provided in this chapter;
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Terms Used In Alabama Code 11-57-8

  • Contract: A legal written agreement that becomes binding when signed.
  • Devise: To gift property by will.
  • 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.
  • following: means next after. See Alabama Code 1-1-1
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • property: includes both real and personal property. See Alabama Code 1-1-1
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
(2) To sue others and to prosecute civil actions;
(3) To be sued by others in any form of litigation other than an action ex delicto and to defend any litigation brought against it;
(4) To have and use a corporate seal and to alter the same at pleasure;
(5) To adopt and alter bylaws for the regulation and conduct of its affairs and business;
(6) To acquire, whether by purchase, gift, lease, devise, or otherwise, property of every description which the board may deem necessary or desirable to the acquisition, construction, reconstruction, improvement, enlargement, equipment, operation, or maintenance of a project and to hold title thereto;
(7) To construct, enlarge, improve, equip, maintain, and operate one or more projects;
(8) To borrow money for any of its corporate purposes and to sell and issue in evidence of such borrowing its interest-bearing revenue bonds as provided in this chapter;
(9) To sell and issue refunding revenue bonds;
(10) To secure any of its bonds by pledge and indenture as provided in this chapter;
(11) To appoint, employ, and compensate such agents, architects, and legal counsel as the business of the authority may require;
(12) To provide for such insurance as the board may deem advisable;
(13) To invest any of its funds pending need therefor as provided in this chapter;
(14) To contract, lease, and make lease agreements respecting its properties or any thereof as provided in this chapter; and
(15) To sell and convey any of its properties that may have become obsolete or worn out or that may no longer be needed or useful in connection with or in the operation of any project; provided, that it shall not have the power to sell or convey any project substantially as a whole except as provided in this chapter.
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