Section 2-6-27 Lease of corporation's properties to board - Authorized; provisions of lease agreement. - Alabama Statutes

Section 2-6-27

Lease of corporation's properties to board - Authorized; provisions of lease agreement.

The corporation is authorized to enter into a lease agreement with the board whereunder all or any part of the properties of the corporation shall be leased to the board for a period not later than the last maturity of any bonds which may be issued by the corporation pursuant to the provisions hereof. The said lease agreement shall provide for the payment by the board, as rental for the said properties, of an amount sufficient to pay, as the same respectively mature, the principal of and interest on the bonds of the corporation and to create and maintain a reserve therefor, and shall require the board, as additional rental, to pay the premiums on all proper insurance covering the coliseum and all expenses necessary to keep the coliseum in good repair. The said lease agreement may contain such other provisions and agreements not inconsistent with the provisions of this chapter as the corporation and the board may agree.

(Acts 1951, No. 532, p. 934, §9.)