Alabama § 41-9-355 - Loan from State Docks Department; Commission May Borrow from Banks Pending Such Loan and Pledge Loan as Security; $50,000.00 Outstanding Indebtedness Forgiven.
Full text of Alabama Code of Alabama § 41-9-355 — Loan from State Docks Department; Commission May Borrow from Banks Pending Such Loan and Pledge Loan as Security; $50,000.00 Outstanding Indebtedness Forgiven., with citation guidance and answers to common questions.
§ 41-9-355. Loan from State Docks Department; Commission May Borrow from Banks Pending Such Loan and Pledge Loan as Security; $50,000.00 Outstanding Indebtedness Forgiven.
(a) At such time as existing revenue bond covenants of the Alabama State Docks Department are satisfied as a result of any refunding of revenue bond issues of the Alabama State Docks Department that are outstanding as of August 1, 1963, the Alabama State Docks Department shall loan $50,000.00 to the USS Alabama Battleship Commission from the trust fund that will be released to the Alabama State Docks Department as a result of said refunding. This loan shall be repaid to the Alabama State Docks Department from the proceeds of the first revenue issue authorized under this article.
Pending said loan from the Alabama State Docks Department from the released trust fund, the USS Alabama Battleship Commission is hereby authorized to borrow from any bank or banks in the state of Alabama such sums up to $50,000.00 as are needed to carry out the purposes of this article. The USS Alabama Battleship Commission may pledge as collateral for this loan or loans the above described loan that will be received from the Alabama State Docks Department.
(b) Having issued no bonds as of May 29, 1985, and having no intentions to do so, the $50,000.00 outstanding indebtedness to the Alabama State Docks Department is hereby forgiven.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 41-9-355
What does Code of Alabama § 41-9-355 cover?
Section 41-9-355 ("Loan from State Docks Department; Commission May Borrow from Banks Pending Such Loan and Pledge Loan as Security; $50,000.00 Outstanding Indebtedness Forgiven.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 41-9-355?
A common citation format is "Code of Alabama § 41-9-355" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 41-9-355 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.