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the indenture, all as the board shall deem advisable and as shall not be in conflict with the provisions of this act. If there be any default by the authority in payment of the principal of or the interest on the bonds or in any of the agreements on the part of the authority that may properly be included in any indenture securing the bonds, any holder of any of the bonds or any of the coupons, or the trustee under any indenture if so authorized in such indenture, may (in addition to any other remedies herein provided or otherwise available) either at law or in equity, by suit, action, mandamus or other proceedings, enforce payment of such principal or interest and compel performance of all duties of the board and officers of the authority, and shall be entitled as a matter of right and regardless of the sufficiency of any such security to the appointment of a receiver in equity with all the powers of such receiver for the operation and maintenance of the property of the authority covered by such indenture and the collection, segregation and application of revenues therefrom. The indenture may also contain provisions restricting the individual rights of action of the holder of the bonds and coupons.

Section 15. Use of Proceeds from Sale of Bonds. The proceeds derived from the sale of any bonds (other than refunding bonds) may be used only to pay the cost of acquiring, constructing, improving, enlarging and equipping the parking facilities or property with respect to which they were issued, as may be specified in the proceedings in which the bonds are authorized to be issued. Such cost shall be deemed to include the following: the cost of any land forming a part of such facilities; the cost of labor, material and supplies used in any such construction, improvement or enlargement, including architects' and engineers' fees and the cost of preparing contract documents and advertising for bids; the purchase price of and the cost of installing equipment for the facilities; the cost of landscaping the lands forming a part of such facilities and of constructing and installing roads, sidewalks, curbs, gutters and utilities in connection with the facilities; legal, fiscal and recording fees and expenses incurred in connection with such facilities; and interest on said bonds for a reasonable period prior to and during the time required for such construction and equipment and for not exceeding eighteen months after completion of such construction and equipment. If any of the proceeds derived from the sale of said bonds remains undisbursed after completion of such work and payment of all of the said costs and expenses, such balance shall be used for retirement of the principal of the bonds of the same issue.

Section 16. Refunding Bonds. The authority may at any time and from time to time issue refunding bonds for the pur

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pose of refunding the principal of and the interest on any bonds of the authority theretofore issued hereunder and then outstanding, whether or not such principal and interest shall have matured at the time of such refunding, and for the payment of any expenses incurred in connection with such refunding and any premium necessary to be paid in order to redeem, retire or purchase for retirement the bonds to be refunded. ceeds derived from the sale of any refunding bonds shall be used only for the purposes for which the refunding bonds were authorized to be issued. Any such refunding may be effected either by sale of the refunding bonds and the application of the proceeds thereof, or by exchange of the refunding bonds for the bonds or interest coupons to be refunded thereby; provided that the holders of any bonds or coupons so to be refunded shall not be compelled without their consent to surrender their bonds or coupons for payment or exchange prior to the date on which they may be paid or redeemed by call of the authority under their respective provisions. All provisions of this act pertaining to bonds of the authority that are not inconsistent with the provisions of this section shall, to the extent applicable, also apply to refunding bonds issued by the authority. The authority may at any time and from time to time issue bonds for the purpose of so refunding the principal of and the interest on any of its bonds and for any other purpose for which it is authorized to issue bonds, in which event the provisions hereof respecting refunding bonds shall apply only to the portion of such combined issue authorized for refunding purposes and the provisions hereof respecting other financing shall apply to the remaining portion of such combined issue.

Section 17. Exemption from Taxation. The bonds issued by the authority and the income therefrom shall be exempt from all taxation in the state. All property and income of the authority shall be exempt from all state, county, municipal and other local taxation; provided, however, this exemption shall not be construed to exempt concessionaires, licensees, tenants, operators or lessees of or on any parking facility owned by any authority from the payment of any taxes, including licenses or privilege taxes levied by the state, the county or any municipality in the state.

Section 18. Investment of County and Municipal Funds in Bonds of the Authority. The governing body of any county, city or town within this state is authorized in its discretion to invest in bonds of the authority any idle or surplus money held in its treasury.

Section 19. Eligibility of Bonds as Investments for Trust Funds. Bonds issued under the provisions of this act are hereby made legal investments for executors, administrators, trustees and other fiduciaries, unless otherwise directed by the court having jurisdiction of the fiduciary relation or by the document that is the source of the fiduciary's authority. Such bonds shall be legal investments for savings banks and insurance companies organized under the laws of the state.

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Section 20. Notice of Bond Resolution. Upon the adoption by the board of any resolution providing for the issuance of bonds, the authority may in its discretion cause to be published once a week for two consecutive weeks, in a newspaper that is customarily published in this state not less than five days in each calendar week and distributed in the county in which is located the principal office of the authority, a notice in substantially the following form (the blanks being properly filled in) at the end of which there shall be printed the name and title of either the chairman or secretary of the authority:

a public corporation of the State of Alabama, on the

day of authorized the issuance of $. principal amount of revenue bonds of the said corporation for purposes authorized in the act of the Legislature of Alabama under which the said corporation was organized. Any action or proceeding questioning the validity of the said bonds, or the pledge and any instruments securing such bonds, or the proceedings authorizing the same, must be commenced within thirty days after the first publication of this notice." Any action or proceeding in any court to set aside or question the proceedings for the issuance of the bonds referred to in said notice or to contest the validity of any such bonds or the validity of the pledge and any instruments made to secure such bonds must be commenced within thirty days after the first publication of such notice. After the expiration of the said period no right of action or defense questioning or attacking the validity of the said proceedings, the said bonds or the said pledge or instruments shall be asserted, nor shall the validity of the said proceedings, bonds, pledge or instruments be open to question in any court on any ground whatsoever except in an action commenced within such period.

Section 21. Contracting and Purchasing Restrictions. Laws, regulations and ordinances relating to the advertising and award of construction contracts and purchase contracts made by or in behalf of the authorizing subdivision shall be applicable to any authority granted permission to incorporate by said authorizing subdivisions. Nothing herein shall exempt such authorities from laws relating to surety bond requirements for such contracts. The board of directors of the authority shall make annual reports to the governing body of the authorizing subdivision and the books, records, and accounts of the authority shall be audited annually or at such other times as the city governing body may direct.

Section 22. Suits against the Authority or any Director. No action or suit shall be brought or maintained against the authority or any director thereof, for or on account of the negligence of such authority or director, or its or his agents, servants or employees, in or about the construction, maintenance, operation, superintendence or management of any public transit system or other facility owned or controlled by the authority.

Section 23. Dissolution of Authority. At any time, when no bonds of the authority are outstanding, the authority may be dissolved upon the filing with the Judge of Probate, in the county in which is filed the certificate of incorporation, of an application for dissolution, which shall be subscribed by each of the members of the board and sworn to by each member before an officer authorized to take acknowledgements to deeds. Upon the filing of such application for dissolution, the authority shall cease to exist. Said Probate Judge shall receive and record the application for dissolution in an appropriate book of record in his office. Upon dissolution, all rights, title and interest of the authority in property shall be vested in the authorizing subdivision.

Section 24. Provisions are Cumulative. The provisions of this act are cumulative and shall not be deemed to repeal existing laws, except to the extent such laws are clearly inconsistent with provisions of this act.

Section 25. Severability Clause. In the event any section, sentence, clause or portion of this act shall be declared invalid by any court of competent jurisdiction, such invalidity shall not affect the validity of any of the remaining sections, sentences, clauses or portions of this act, which shall continue effective.

Section 26. Effective Date. This act shall become effective immediately upon its passage and approval by the Governor, or its otherwise becoming a law.

Approved August 18, 1976.
Time: 6:30 P.M.

Act No. 448

H. 109—Turnham, Higginbotham

AN ACT To authorize the city board of education in all cities having a population of not less than 22,000 nor more than 25,000 according to

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the last or any subsequent federal decennial census to assume sponsibility for community education, park and recreation programs. Be It Enacted by the Legislature of Alabama:

Section 1. The city board of education of all cities having a population of not less than 22,000 nor more than 25,000 according to the last of any subsequent federal decennial census may upon request of the city governing body, assume the responsibility for operating community education, park and recreation programs. Such programs may be conducted in any location that said city board of education deems desirable and may be for the benefit of all bona fide residents of said city of any age.

Section 2. Any permanent employees shall be hired by the city board of education and shall be eligible to come under the teacher retirement plan.

Section 3. Any funds that are to be used for the operation of the community education or park recreation programs or facilities shall be kept separate and apart from other funds handled by the board of education; and a separate accounting shall be made of such funds.

Section 4. Either the city or the city board of education may own legal title to all real property that is used for the community education or park and recreation programs that are instituted by the city board of education,

Section 5. All laws or parts of laws which conflict with this act are hereby repealed.

Section 6. This act shall become effective immediately upon its passage and approval by the Governor, or upon its otherwise becoming a law.

Approved August 18, 1976.
Time: 6:30 P.M.

Act No. 449

H. 125-Sasser

AN ACT To further amend Section 2 of Act No. 1856, H. 2614, Regular Session 1971 (Acts 1971, p. 3012), as amended, relating to the boards of registrars in any county, having a population of not less than 52,500 nor more than 54,000 according to the most recent federal decennial census, so as to further regulate the compensation of its members; to give this act retroactive effect; and to repeal specifically Act No. 908, Regular Session 1975.

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