The authority shall have the following powers, among others specified in this chapter:

(1) To have succession in its corporate name until the principal of and interest on all bonds issued by it shall have been fully paid;
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Terms Used In Alabama Code 22-29-7

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • following: means next after. See Alabama Code 1-1-1
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • 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
(2) To maintain actions and have actions maintained against it and to prosecute and defend in any court having jurisdiction of the subject matter and of the parties;
(3) To have and to use a corporate seal and to alter such seal at pleasure;
(4) To establish a fiscal year;
(5) To acquire in any manner and to hold title to or leasehold interests in real and personal property and to sell, convey or lease the same for the purpose of carrying out its functions and duties under this chapter;
(6) To construct and operate or lease to or from any local public body any project;
(7) To agree to make and to make state grants to any local public body to assist in financing any project;
(8) To execute agreements effectively obligating the state to pay to a local public body such portion of the estimated reasonable cost of the project of such local public body as shall be required in order that such project shall be eligible for the maximum obtainable federal grant under the Federal Water Pollution Control Act;
(9) To borrow money for any corporate purpose;
(10) To issue its bonds as provided in this chapter;
(11) To invest the proceeds from the sale of its bonds pending the use thereof;
(12) To make and enter into contracts and agreements in furtherance of its functions and duties under this chapter; and
(13) To appoint and employ such attorneys, agents and employees as the business of the authority may require.
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