Whenever used in this chapter, the following terms shall have the following meanings respectively, unless the context clearly indicates otherwise:
(1) AUTHORITY. The Gulf State Park Authority authorized to be established pursuant to Section 9-14B-4.
(2) BONDS. Those bonds, including refunding bonds, issued under the provisions of this chapter.
(3) CPI ADJUSTMENT. The percentage change in any given year of the Consumer Price Index (all items), as published by the Department of Labor, Bureau of Labor Statistics, or its successor.
(4) DEPARTMENT. The Department of Conservation and Natural Resources, an agency of the State of Alabama, and its successors.
(5) FUNDING AGREEMENT. Any agreement between the authority and the state and/or any local governmental entity which provides for such local governmental entity to make payments in respect of the bonds.
(6) GOVERNMENT SECURITIES. Any bonds or other obligations which as the principal and interest constitute direct obligations of, or are unconditionally guaranteed by, the United States of America, including obligations of any federal agency to the extent such obligations are unconditionally guaranteed by the United States of America and any certificates or any other evidences of an ownership interest in such obligations of, or unconditionally guaranteed by, the United States of America or in specified portions thereof, which may consist of the principal thereof or the interest thereon.
(7) LOCAL GOVERNMENTAL ENTITY. (i) Baldwin County, (ii) any municipality within Baldwin County, or (iii) the Alabama Gulf Coast Convention and Visitors Bureau, or its successor.
(8) MAXIMUM ALLOWABLE AMOUNT. An amount equal to two million three hundred thousand dollars ($2,300,000) for the fiscal year in which the project is placed in service, as adjusted each year by the CPI adjustment; provided, however, if after making the transfer permitted by Section 9-14B-9, the authority's accumulated retained earnings exceed twelve million dollars ($12,000,000), then the maximum allowable amount shall increase by the amount of such excess.
(9) PERMITTED INVESTMENTS. Any of the following: (i) Government securities, (ii) bonds, debentures, notes, or other evidences of indebtedness issued by any of the following agencies: Bank for Cooperatives; Federal Intermediate Credit Banks; Federal Financing Bank; Federal Home Loan Banks; Federal Farm Credit Bank; Export-Import Bank of the United States; Federal Land Banks; or Farmers Home Administration or any other agency or corporation which has been or may hereafter be created by or pursuant to an act of the Congress of the United States as an agency or instrumentality thereof, (iii) bonds, notes, pass through securities or other evidences of indebtedness of Government National Mortgage Association, and participation certificates of Federal Home Loan Mortgage Corporation, (iv) full faith and credit obligations of any state, provided that at the time of purchase such obligations are rated at least "AA" by Standard & Poor's Ratings Group and at least "Aa" by Moody's Investors Service, (v) public housing bonds issued by public agencies or municipalities and fully secured as to the payment of both principal and interest by contracts with the United States of America, or temporary notes, preliminary notes, or project notes issued by public agencies or municipalities, in each case fully secured as to the payment of both principal and interest by a requisition or payment agreement with the United States of America, (vi) time deposits evidenced by certificates of deposit issued by banks or savings and loan associations which are members of the Federal Deposit Insurance Corporation, provided that, to the extent such time deposits are not covered by federal deposit insurance, such time deposits (including interest thereon) are fully secured by a pledge of obligations described in clauses (i), (ii), (iii), and (v) above, which at all times have a market value not less than the amount of such bank time deposits required to be so secured and which meet the greater of 100% collateralization or the "AA" collateral levels established by Standard & Poor's Ratings Group for structured financings, (vii) repurchase agreements for obligations of the type specified in clauses (i), (ii), (iii), and (v) above, provided such repurchase agreements are fully collateralized and secured by such obligations which have a market value at least equal to the purchase price of such repurchase agreements which are held by a depository satisfactory to the State Treasurer in such manner as may be required to provide a perfected security interest in such obligations, and which meet the greater of 100% collateralization or the "AA" collateral levels established by Standard & Poor's Ratings Group for structured financings, and (viii) uncollateralized investment agreements with, or certificates of deposit issued by, banks or bank holding companies, the senior long-term securities of which are rated at least "AA" by Standard & Poor's Ratings Group and at least "Aa" by Moody's Investors Service.
(10) PLEDGED REVENUES. (i) Net revenues to be derived from the operation of the project, (ii) revenues to be derived from payments made to the authority pursuant to any funding agreement, and (iii) net revenues to be derived from the existing Department of Conservation and Natural Resources hotel facilities presently located south of Highway 182 in Baldwin County, Alabama; provided, however, notwithstanding the foregoing, revenues from the following facilities shall not be included in pledged revenues: the existing pier, campground, lakeside cabins, beach pavilions, and operations at Lake Shelby.
(11) PROJECT. All land, buildings, equipment, and other improvements constituting the hotel/convention center complex, golf course, and related facilities, which are financed with proceeds of bonds and constructed at Gulf State Park in Baldwin County, Alabama, and all real and personal properties being necessary or useful in connection therewith.
Any project financed under the provisions of this chapter shall assure that not less than 300 rooms will be available for rental at the site of the hotel/convention center complex.
(12) PROJECT COSTS. All costs and expenses incurred by the authority or any person in connection with the acquisition, construction, installation, and equipping of any part of the project, including without limitation, any of the following:
a. The direct costs of acquiring, constructing, installing and equipping any part of the project, including building materials, equipment, labor costs, and payments to contractors, subcontractors, builders, and materialmen.
b. The costs of acquiring land or rights in land for direct use in the project, and any costs incidental thereto, including recording fees.
c. The costs of site preparation for any part of the project.
d. The costs of contract bonds and of insurance of all kinds that may be required or necessary during the acquisition, construction, or installation of any part of the project.
e. The direct costs of architectural and engineering services, including without limitation, test borings, surveys, estimates, plans and specifications, preliminary investigations, environmental mitigation, and supervision of construction, as well as for the performance of all the duties acquired by or consequent upon the acquisition, construction, and installation of any part of the project.
f. The costs incurred in connection with installation of fixtures and equipment, surveys, including archeological and environmental surveys, site tests and inspections, subsurface site work, excavation, removal of structures, roadways, cemeteries, and other surface obstructions, filling, grading, and provisions for drainage, storm water retention, installation of utilities, including water, sewer, sewage treatment, gas, electricity, communications, and other similar facilities, off-site construction of utility extensions to the boundaries of the project, and paving.
g. Interest accruing with respect to the bonds for a period of up to two years after the issuance of the bonds.
h. All costs, expenses and fees incurred in connection with issuance of the bonds, including without limitation, all legal, accounting, financial, printing, recording, filing and other fees and expenses.
i. The costs of obtaining bond insurance, letters of credit, or other forms of credit enhancement for liquidity facilities.
j. Amounts to be deposited in any reserve fund established with respect to the bonds.
k. All other costs of a nature comparable to or required in direct connection with those described.
l. Reimbursement to any person of any of the foregoing costs incurred by the person either for its own account or for the account of the authority.
(13) REFUNDING BONDS. Those refunding bonds issued under the provisions of this chapter.
(14) STATE. The State of Alabama or any agency thereof.
Whenever used in this chapter, the following terms shall have the following meanings respectively, unless the context clearly indicates otherwise:
(1) AUTHORITY. The Gulf State Park Authority authorized to be established pursuant to Section 9-14B-4.
(2) BONDS. Those bonds, including refunding bonds, issued under the provisions of this chapter.
(3) CPI ADJUSTMENT. The percentage change in any given year of the Consumer Price Index (all items), as published by the Department of Labor, Bureau of Labor Statistics, or its successor.
(4) DEPARTMENT. The Department of Conservation and Natural Resources, an agency of the State of Alabama, and its successors.
(5) FUNDING AGREEMENT. Any agreement between the authority and the state and/or any local governmental entity which provides for such local governmental entity to make payments in respect of the bonds.
(6) GOVERNMENT SECURITIES. Any bonds or other obligations which as the principal and interest constitute direct obligations of, or are unconditionally guaranteed by, the United States of America, including obligations of any federal agency to the extent such obligations are unconditionally guaranteed by the United States of America and any certificates or any other evidences of an ownership interest in such obligations of, or unconditionally guaranteed by, the United States of America or in specified portions thereof, which may consist of the principal thereof or the interest thereon.
(7) LOCAL GOVERNMENTAL ENTITY. (i) Baldwin County, (ii) any municipality within Baldwin County, or (iii) the Alabama Gulf Coast Convention and Visitors Bureau, or its successor.
(8) MAXIMUM ALLOWABLE AMOUNT. An amount equal to two million three hundred thousand dollars ($2,300,000) for the fiscal year in which the project is placed in service, as adjusted each year by the CPI adjustment; provided, however, if after making the transfer permitted by Section 9-14B-9, the authority's accumulated retained earnings exceed twelve million dollars ($12,000,000), then the maximum allowable amount shall increase by the amount of such excess.
(9) PERMITTED INVESTMENTS. Any of the following: (i) Government securities, (ii) bonds, debentures, notes, or other evidences of indebtedness issued by any of the following agencies: Bank for Cooperatives; Federal Intermediate Credit Banks; Federal Financing Bank; Federal Home Loan Banks; Federal Farm Credit Bank; Export-Import Bank of the United States; Federal Land Banks; or Farmers Home Administration or any other agency or corporation which has been or may hereafter be created by or pursuant to an act of the Congress of the United States as an agency or instrumentality thereof, (iii) bonds, notes, pass through securities or other evidences of indebtedness of Government National Mortgage Association, and participation certificates of Federal Home Loan Mortgage Corporation, (iv) full faith and credit obligations of any state, provided that at the time of purchase such obligations are rated at least "AA" by Standard & Poor's Ratings Group and at least "Aa" by Moody's Investors Service, (v) public housing bonds issued by public agencies or municipalities and fully secured as to the payment of both principal and interest by contracts with the United States of America, or temporary notes, preliminary notes, or project notes issued by public agencies or municipalities, in each case fully secured as to the payment of both principal and interest by a requisition or payment agreement with the United States of America, (vi) time deposits evidenced by certificates of deposit issued by banks or savings and loan associations which are members of the Federal Deposit Insurance Corporation, provided that, to the extent such time deposits are not covered by federal deposit insurance, such time deposits (including interest thereon) are fully secured by a pledge of obligations described in clauses (i), (ii), (iii), and (v) above, which at all times have a market value not less than the amount of such bank time deposits required to be so secured and which meet the greater of 100% collateralization or the "AA" collateral levels established by Standard & Poor's Ratings Group for structured financings, (vii) repurchase agreements for obligations of the type specified in clauses (i), (ii), (iii), and (v) above, provided such repurchase agreements are fully collateralized and secured by such obligations which have a market value at least equal to the purchase price of such repurchase agreements which are held by a depository satisfactory to the State Treasurer in such manner as may be required to provide a perfected security interest in such obligations, and which meet the greater of 100% collateralization or the "AA" collateral levels established by Standard & Poor's Ratings Group for structured financings, and (viii) uncollateralized investment agreements with, or certificates of deposit issued by, banks or bank holding companies, the senior long-term securities of which are rated at least "AA" by Standard & Poor's Ratings Group and at least "Aa" by Moody's Investors Service.
(10) PLEDGED REVENUES. (i) Net revenues to be derived from the operation of the project, (ii) revenues to be derived from payments made to the authority pursuant to any funding agreement, and (iii) net revenues to be derived from the existing Department of Conservation and Natural Resources hotel facilities presently located south of Highway 182 in Baldwin County, Alabama; provided, however, notwithstanding the foregoing, revenues from the following facilities shall not be included in pledged revenues: the existing pier, campground, lakeside cabins, beach pavilions, and operations at Lake Shelby.
(11) PROJECT. All land, buildings, equipment, and other improvements constituting the hotel/convention center complex, golf course, and related facilities, which are financed with proceeds of bonds and constructed at Gulf State Park in Baldwin County, Alabama, and all real and personal properties being necessary or useful in connection therewith.
Any project financed under the provisions of this chapter shall assure that not less than 300 rooms will be available for rental at the site of the hotel/convention center complex.
(12) PROJECT COSTS. All costs and expenses incurred by the authority or any person in connection with the acquisition, construction, installation, and equipping of any part of the project, including without limitation, any of the following:
a. The direct costs of acquiring, constructing, installing and equipping any part of the project, including building materials, equipment, labor costs, and payments to contractors, subcontractors, builders, and materialmen.
b. The costs of acquiring land or rights in land for direct use in the project, and any costs incidental thereto, including recording fees.
c. The costs of site preparation for any part of the project.
d. The costs of contract bonds and of insurance of all kinds that may be required or necessary during the acquisition, construction, or installation of any part of the project.
e. The direct costs of architectural and engineering services, including without limitation, test borings, surveys, estimates, plans and specifications, preliminary investigations, environmental mitigation, and supervision of construction, as well as for the performance of all the duties acquired by or consequent upon the acquisition, construction, and installation of any part of the project.
f. The costs incurred in connection with installation of fixtures and equipment, surveys, including archeological and environmental surveys, site tests and inspections, subsurface site work, excavation, removal of structures, roadways, cemeteries, and other surface obstructions, filling, grading, and provisions for drainage, storm water retention, installation of utilities, including water, sewer, sewage treatment, gas, electricity, communications, and other similar facilities, off-site construction of utility extensions to the boundaries of the project, and paving.
g. Interest accruing with respect to the bonds for a period of up to two years after the issuance of the bonds.
h. All costs, expenses and fees incurred in connection with issuance of the bonds, including without limitation, all legal, accounting, financial, printing, recording, filing and other fees and expenses.
i. The costs of obtaining bond insurance, letters of credit, or other forms of credit enhancement for liquidity facilities.
j. Amounts to be deposited in any reserve fund established with respect to the bonds.
k. All other costs of a nature comparable to or required in direct connection with those described.
l. Reimbursement to any person of any of the foregoing costs incurred by the person either for its own account or for the account of the authority.
(13) REFUNDING BONDS. Those refunding bonds issued under the provisions of this chapter.
(14) STATE. The State of Alabama or any agency thereof.
Whenever used in this chapter, the following terms shall have the following meanings respectively, unless the context clearly indicates otherwise:
(1) AUTHORITY. The Gulf State Park Authority authorized to be established pursuant to Section 9-14B-4.
(2) BONDS. Those bonds, including refunding bonds, issued under the provisions of this chapter.
(3) CPI ADJUSTMENT. The percentage change in any given year of the Consumer Price Index (all items), as published by the Department of Labor, Bureau of Labor Statistics, or its successor.
(4) DEPARTMENT. The Department of Conservation and Natural Resources, an agency of the State of Alabama, and its successors.
(5) FUNDING AGREEMENT. Any agreement between the authority and the state and/or any local governmental entity which provides for such local governmental entity to make payments in respect of the bonds.
(6) GOVERNMENT SECURITIES. Any bonds or other obligations which as the principal and interest constitute direct obligations of, or are unconditionally guaranteed by, the United States of America, including obligations of any federal agency to the extent such obligations are unconditionally guaranteed by the United States of America and any certificates or any other evidences of an ownership interest in such obligations of, or unconditionally guaranteed by, the United States of America or in specified portions thereof, which may consist of the principal thereof or the interest thereon.
(7) LOCAL GOVERNMENTAL ENTITY. (i) Baldwin County, (ii) any municipality within Baldwin County, or (iii) the Alabama Gulf Coast Convention and Visitors Bureau, or its successor.
(8) MAXIMUM ALLOWABLE AMOUNT. An amount equal to two million three hundred thousand dollars ($2,300,000) for the fiscal year in which the project is placed in service, as adjusted each year by the CPI adjustment; provided, however, if after making the transfer permitted by Section 9-14B-9, the authority's accumulated retained earnings exceed twelve million dollars ($12,000,000), then the maximum allowable amount shall increase by the amount of such excess.
(9) PERMITTED INVESTMENTS. Any of the following: (i) Government securities, (ii) bonds, debentures, notes, or other evidences of indebtedness issued by any of the following agencies: Bank for Cooperatives; Federal Intermediate Credit Banks; Federal Financing Bank; Federal Home Loan Banks; Federal Farm Credit Bank; Export-Import Bank of the United States; Federal Land Banks; or Farmers Home Administration or any other agency or corporation which has been or may hereafter be created by or pursuant to an act of the Congress of the United States as an agency or instrumentality thereof, (iii) bonds, notes, pass through securities or other evidences of indebtedness of Government National Mortgage Association, and participation certificates of Federal Home Loan Mortgage Corporation, (iv) full faith and credit obligations of any state, provided that at the time of purchase such obligations are rated at least "AA" by Standard & Poor's Ratings Group and at least "Aa" by Moody's Investors Service, (v) public housing bonds issued by public agencies or municipalities and fully secured as to the payment of both principal and interest by contracts with the United States of America, or temporary notes, preliminary notes, or project notes issued by public agencies or municipalities, in each case fully secured as to the payment of both principal and interest by a requisition or payment agreement with the United States of America, (vi) time deposits evidenced by certificates of deposit issued by banks or savings and loan associations which are members of the Federal Deposit Insurance Corporation, provided that, to the extent such time deposits are not covered by federal deposit insurance, such time deposits (including interest thereon) are fully secured by a pledge of obligations described in clauses (i), (ii), (iii), and (v) above, which at all times have a market value not less than the amount of such bank time deposits required to be so secured and which meet the greater of 100% collateralization or the "AA" collateral levels established by Standard & Poor's Ratings Group for structured financings, (vii) repurchase agreements for obligations of the type specified in clauses (i), (ii), (iii), and (v) above, provided such repurchase agreements are fully collateralized and secured by such obligations which have a market value at least equal to the purchase price of such repurchase agreements which are held by a depository satisfactory to the State Treasurer in such manner as may be required to provide a perfected security interest in such obligations, and which meet the greater of 100% collateralization or the "AA" collateral levels established by Standard & Poor's Ratings Group for structured financings, and (viii) uncollateralized investment agreements with, or certificates of deposit issued by, banks or bank holding companies, the senior long-term securities of which are rated at least "AA" by Standard & Poor's Ratings Group and at least "Aa" by Moody's Investors Service.
(10) PLEDGED REVENUES. (i) Net revenues to be derived from the operation of the project, (ii) revenues to be derived from payments made to the authority pursuant to any funding agreement, and (iii) net revenues to be derived from the existing Department of Conservation and Natural Resources hotel facilities presently located south of Highway 182 in Baldwin County, Alabama; provided, however, notwithstanding the foregoing, revenues from the following facilities shall not be included in pledged revenues: the existing pier, campground, lakeside cabins, beach pavilions, and operations at Lake Shelby.
(11) PROJECT. All land, buildings, equipment, and other improvements constituting the hotel/convention center complex, golf course, and related facilities, which are financed with proceeds of bonds and constructed at Gulf State Park in Baldwin County, Alabama, and all real and personal properties being necessary or useful in connection therewith.
Any project financed under the provisions of this chapter shall assure that not less than 300 rooms will be available for rental at the site of the hotel/convention center complex.
(12) PROJECT COSTS. All costs and expenses incurred by the authority or any person in connection with the acquisition, construction, installation, and equipping of any part of the project, including without limitation, any of the following:
a. The direct costs of acquiring, constructing, installing and equipping any part of the project, including building materials, equipment, labor costs, and payments to contractors, subcontractors, builders, and materialmen.
b. The costs of acquiring land or rights in land for direct use in the project, and any costs incidental thereto, including recording fees.
c. The costs of site preparation for any part of the project.
d. The costs of contract bonds and of insurance of all kinds that may be required or necessary during the acquisition, construction, or installation of any part of the project.
e. The direct costs of architectural and engineering services, including without limitation, test borings, surveys, estimates, plans and specifications, preliminary investigations, environmental mitigation, and supervision of construction, as well as for the performance of all the duties acquired by or consequent upon the acquisition, construction, and installation of any part of the project.
f. The costs incurred in connection with installation of fixtures and equipment, surveys, including archeological and environmental surveys, site tests and inspections, subsurface site work, excavation, removal of structures, roadways, cemeteries, and other surface obstructions, filling, grading, and provisions for drainage, storm water retention, installation of utilities, including water, sewer, sewage treatment, gas, electricity, communications, and other similar facilities, off-site construction of utility extensions to the boundaries of the project, and paving.
g. Interest accruing with respect to the bonds for a period of up to two years after the issuance of the bonds.
h. All costs, expenses and fees incurred in connection with issuance of the bonds, including without limitation, all legal, accounting, financial, printing, recording, filing and other fees and expenses.
i. The costs of obtaining bond insurance, letters of credit, or other forms of credit enhancement for liquidity facilities.
j. Amounts to be deposited in any reserve fund established with respect to the bonds.
k. All other costs of a nature comparable to or required in direct connection with those described.
l. Reimbursement to any person of any of the foregoing costs incurred by the person either for its own account or for the account of the authority.
(13) REFUNDING BONDS. Those refunding bonds issued under the provisions of this chapter.
(14) STATE. The State of Alabama or any agency thereof.
