(a) The authority shall have the power to sell, convey and lease all or any part of the Kilby property and, as an aid to such sale or lease, to cause to be prepared by competent real estate experts a land use map and plan. No such sale or lease shall be made, however, except at public offering, on sealed bids or at auction, and upon such published notice as the authority shall determine to be necessary or desirable in order to attract the greatest interest from prospective bidders. Notice of any public sale or lease shall, in any event, be given by publication in at least three newspapers of general circulation published in the state at least three times, the first notice to be published not less than 60 days before the date of such public offering, the second notice to be published not less than 30 days nor more than 40 days before such public offering and the third notice to be published not less than 10 days nor more than 20 days before such public offering.
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Alabama Code 14-2-26

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • following: means next after. See Alabama Code 1-1-1
  • 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
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • property: includes both real and personal property. See Alabama Code 1-1-1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(b) The award of any property offered for sale or lease shall be made to the highest responsible bidder unless all bids shall be rejected as inadequate and other public offering shall be made upon notice republished as before. Any sale shall be for all cash or at least one-third cash and the balance payable in not exceeding three years, bearing interest at the legal rate, payable in such manner as may be specified by the authority and secured by a purchase money mortgage on the property sold. Each deed or lease to effectuate any such sale or lease shall be signed in the name of the authority by its president, to which the seal of the authority shall be affixed and attested by its secretary.
(c) The proceeds of each sale or lease of any such property shall be used first to pay the reasonable and necessary expenses of the sale or lease, and the balance remaining shall be paid to the State Treasurer and held by him in a special account and disbursed on order of the authority for any one or more of the following purposes:

(1) If none of the bonds authorized in this chapter shall be outstanding at the time of the sale or lease, the said remaining proceeds, to the extent necessary, shall be used to acquire land for and to construct, reconstruct and equip one or more facilities; and
(2) At any time while any of the bonds authorized under this chapter shall be outstanding, the said remaining proceeds shall be disbursed solely for payment, at their respective maturities of the principal of, and interest on, such bonds or to redeem bonds at the then applicable redemption price provided for in the proceedings under which such bonds may be issued.

The authority is authorized to pledge and agree to use the said remaining proceeds for payment of the principal of, and interest on, all of the authorized bonds or for other retirement thereof, as may be provided in the proceedings under which such bonds are issued. If the proceeds from the sale or lease of the Kilby property are more than sufficient to pay, redeem or otherwise retire all of the bonds authorized in this chapter which shall be issued, the balance of such proceeds not needed for the retirement of such bonds may, at the election of the authority, be used to finish the construction of any of the facilities remaining uncompleted or to construct additional facilities.

(d) Nothing contained in this section or in any pledge made pursuant to the provisions of this section shall be construed to impose a lien on any part of the Kilby property, and the purchasers and lessees of the Kilby property, or any part thereof, shall not be obligated to assure that the proceeds of any sale or lease of any of the Kilby property are disbursed as are provided in this section.
  Previous section
Next section  
 Chapter 2 Contents