Section 10A-NEW - Sources of payment of, and security for, financial obligations of a research and development corridor(a) Each financial obligation or obligations of a research and development corridor shall be a limited obligation of the corridor payable solely from the sources of payment specified therein, subject to such limitations and provisions thereof, including, but not limited to, the issuance of financial obligations payable from the same source of funds on an equal and proportionate basis or on a subordinate basis, as the corridor may determine.(b) The corridor may assign, mortgage, or pledge any property of the corridor to secure the payment and performance of any financial obligation of the corridor; provided, the corridor, in its discretion, may provide property as security for any one or more financial obligations of the corridor without, to the extent permitted by any applicable contractual agreements, provision of the same or any other any property as security for any other financial obligation or obligations of the corridor. In furtherance of this subsection, the corridor may deliver a contractual agreement to, or for the benefit of, the owner or owners of any financial obligation of the corridor, which agreement may contain such agreements, conditions, covenants, provisions, and terms as the corridor may determine to be necessary or desirable to provide for the protection and security of the owners of the financial obligations, including, but not limited to, restrictions on the use of the property of the corridor and the incurrence of additional financial obligations of the corridor, the terms for amendment, with and without the consent of the owner or owners, of the financial obligations and the documents pursuant to which such financial obligations were incurred or issued, providing for the rights, duties, and authority of a trustee, and providing for the exercise of legal and equitable rights and remedies by such owner or owners.(c) Any assignment, mortgage, or pledge of property by the corridor for the benefit of any financial obligation shall be effective, valid, and binding from the time the assignment, mortgage, or pledge is made, and the property subject thereto shall immediately, or as soon thereafter as the corridor obtains any right thereto or interest therein, be subject to the assignment, mortgage, or pledge without physical delivery of the subject property or any agreement, document, or instrument providing therefor, or any further act, and the encumbrance and lien of any such assignment, mortgage, or pledge shall be effective, valid, and binding as against all persons having claims of any kind in tort, contract, or otherwise against the corridor, irrespective of whether such persons have actual notice thereof, from the time notice of the assignment, mortgage, or pledge is filed for record: (i) in the office of the judge of probate in which the certificate of incorporation of the corridor was filed for record; and (ii) in the case of any assignment, mortgage, or pledge of any tangible property, whether real, personal, or mixed, in the office of the judge of probate of the county in which the property is or is to be located pursuant to any agreement made by the corridor with any person respecting the location and use of the property. The notice shall contain a statement of the existence of any such assignment, mortgage, or pledge, a description of the subject property, and a description of the financial obligations secured thereby, all in terms sufficient to give notice to a reasonably prudent person of the existence and effect of any such assignment, mortgage, or pledge; provided, the notice may be in form of: (i) a summary statement; or (ii) an executed counterpart of the agreement, document, or instrument which contains the assignment, mortgage, or pledge. The recording of the notice shall operate as constructive notice of the contents thereof.(d) All financial obligations assumed, incurred, or issued by a research and development corridor shall be solely and exclusively an obligation of the corridor and shall not create a direct, indirect, or contingent obligation or pecuniary liability, or general obligation, or charge against the general assets, credit, funds, property, revenues, or taxing power of the state, of any other public entity, or of any subdivision, including, but not limited to, any authorizing subdivision and any public entity exercising the authority granted under Section 10 or 12.(e) The owner or owners of any financial obligation or financial obligations of the corridor shall have no recourse against any incorporator, or any past, present, or future director, officer, employee, or agent of the corridor, or of any successor thereof, for the payment of any amount which shall have become due and payable under the financial obligation or financial obligations or for the payment or performance of any agreement, document, or instrument pursuant to which the financial obligation or financial obligations were assumed, incurred, or issued by which the financial obligation or financial obligations shall be secured.Ala. Code § 10A-NEW (1975)
Added by Act 2024-308,§ 8, eff. 5/9/2024.