Section 2-7A-3 - Borrowing money; mortgages; etc(a) Subject to the conditions, qualifications, and restrictions set forth in subsection (b), the Agriculture Exhibition Center Corporation may borrow money from any person or governmental entity. As security for any money borrowed, together with interest thereon, and any obligations incurred or assumed, the corporation may mortgage, pledge, or otherwise transfer and convey its real, personal, and mixed property, or any part or parts thereof, whether then owned or thereafter acquired, including any franchises then owned or thereafter adopted and all or any part of any funds of the corporation. In a resolution authorizing the mortgage given to secure the payment thereof, the corporation, in addition to its other powers, shall have the power to agree with the several holders of the mortgage to make, enter, and perform covenants and agreements as to all of the following:(1) The conduct, management, and maintenance of the properties held by the corporation or of the activities, operations, and enterprises then or thereafter conducted by the corporation.(2) Insurance of the properties of the corporation.(3) Restrictions on the exercise of the powers of the corporation to dispose, limit, or regulate the use of all or any part of the properties of the corporation.(4) The use and disposition of any monies of the corporation, including taxes payable to the corporation under any act of the Legislature and revenues derived or to be derived from the activities, operations, and enterprises of the properties of the corporation, including any part or parts theretofore constructed or acquired and any parts, extensions, replacements, or improvements thereafter constructed or acquired.(5) The setting aside of the taxes payable to the corporation under any act of the Legislature or use of the revenues or the monies of the corporation or reserves and sinking funds, and the source, custody, security, regulation, application, and disposition thereof.(6) The assumption, payment, or discharge of any indebtedness, liens, or other claims relating to any part of the properties of the corporation or any obligations constituting, or which may constitute, a lien on the properties or any part thereof.(7) Limitations or other evidences of indebtedness or upon the incurrence of indebtedness of the corporation.(b) The power vested in the corporation to pledge taxes to be paid to the corporation or to pledge revenue of the corporation shall not be construed as undertaking or purporting to empower the corporation to pledge any tax or any revenue if the pledge is prohibited by the Constitution of Alabama of 2022. It is expressly provided that the corporation shall have the power to pledge any tax paid to the corporation or revenue of the corporation, the pledge of which is authorized by the Constitution of Alabama of 2022.(c) The powers and authority set forth in this section shall only be exercised if necessary in order for the corporation to receive federal funding or grants for any projects or activities of the corporation.Ala. Code § 2-7A-3 (1975)
Added by Act 2024-451,§ 3, eff. 5/17/2024.