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Can you summarize ALAC Chapter 830-X-8?
Alabama Securities Commission > INDUSTRIAL REVENUE BONDS
Short Summary
The provided legal document outlines the procedures for issues involving retail commercial enterprises in Alabama. It specifies that issuers of industrial revenue bonds must provide additional information as prescribed by Code of Ala. 1975, 8-6-115, and file Form IRB-1 as their notification of intention to issue such bonds. The document also mentions that the staff of the Alabama Securities Commission will not approve the issuance of industrial revenue bonds for a retail commercial enterprise unless certain conditions are met. These conditions include providing necessary financial information, ensuring the issue is not ‘improvident,’ and either waiving applicable sales and use tax exemptions or agreeing to make payments of state and local taxes in lieu of ad valorem taxes. Additionally, the Lessee Corporation may include a statement from the issuing authority approving the exercise of tax exemptions. The document references relevant statutes and provides the statutory authority for these procedures. It applies to issuers of industrial revenue bonds and retail commercial enterprises in Alabama. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Issuers of industrial revenue bonds, retail commercial enterprises in Alabama
What does it govern?
Procedures for issues involving retail commercial enterprises in Alabama
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Alabama