Alabama § 41-10-48.05 - Powers of Authority.

§ 41-10-48.05. Powers of Authority.

In addition to the powers granted to the authority in Section 41-10-26, Division 2 of Article 2 of this chapter, Article 2A of this chapter, and Article 2D of this chapter, with respect to the energy bank and the energy fund, the authority shall have the following additional powers to:

(1) Make loans or provide other financial assistance to electric providers to finance or reduce the costs of eligible projects, to collect fees and charges related to the loans or other financial assistance, and to acquire, hold, pledge, and sell loan obligations at prices and in a manner as the authority determines advisable.

(2) Enter into contracts, arrangements, and agreements with electric providers and other persons and execute and deliver all financing agreements and other instruments necessary or convenient to the exercise of the powers granted in this article.

(3) Enter into agreements with a department, agency, or instrumentality of the United States of America or of this state or another state for the purpose of planning, securing, and providing for the financing of eligible projects.

(4) Enter into contracts, arrangements, or agreements with external experts for the purpose of providing advice regarding the operations of the bank and viability of the fund, as well as the necessity of project applications from the bank and the strategic development fund.

(5) Procure insurance, guarantees, letters of credit, and other forms of collateral or security or credit support from any public entity, including any department, agency, or instrumentality of the United States of America or this state, for the payment of any bonds issued by the authority, including the power to pay premiums or fees on any insurance, guarantees, letters of credit, and other forms of collateral or security or credit support.

(6) Collect or authorize the trustee under any trust indenture securing any bonds to collect amounts due under any loan obligations owned by the authority, including taking the action required to obtain payment of any sums in default.

(7) Unless restricted under any agreement with holders of bonds, consent to any modification with respect to the rate of interest, time, and payment of any installment of principal or interest, or premium, if any, or any other term of any loan obligations owned by the authority or held by the applicable indenture trustee.

(8) Borrow money through the issuance of bonds and other forms of indebtedness as provided in this article, and to secure the repayment of the same as provided in this article including by pledging or granting of a security interest in the loan obligation.

(9) Expend funds credited to the authority resulting from the authority’s operations of the energy bank as the authority may determine as being necessary or desirable for the costs of administering the operations of the energy bank.

(10) Procure insurance against losses in connection with the authority’s property, assets, or activities including insurance against liability for the authority’s acts or the acts of its employees or agents or to establish cash reserves to enable the authority to act as a self-insurer against any and all such losses.

(11) Apply for, receive, and accept from any source, aid, grants, and contributions of money, property, labor, or other things of value to be used to carry out the purposes of this article subject to the conditions upon which the aid, grants, or contributions are made.

(12) Do all other things necessary or convenient to carry out the purposes and powers conferred by this article.