Form And Content Of Notifications
Procedure For Issues Involving Retail Commercial Enterprises
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Form And Content Of Notifications.
In addition to the
information prescribed by Code of Ala. 1975, § 8-6-115,
issuers of industrial revenue bonds shall provide the additional
information contained in, and shall file as its notification of intention to
issue such bonds,
Form IRB-1 as adopted concurrently with this rule or as
subsequently amended by the Commission. Copies of said form may be obtained from
the Securities Commission, Montgomery, Alabama 36130-1201.
Authority: Code of Ala. 1975, §§ 8-6-11, 8-6-113, 8-6-115.
Filed September 30, 1982. Amended: Filed August 17, 1983. Readopted:
Filed November 9, 1983. Amended: Filed September 28, 1990.
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Procedures For Issues Involving Retail Commercial
For the protection of investors in Alabama, the staff will not approve, and if
necessary, will issue "stop orders" against the issuance of any
proposed industrial revenue bonds for a retail commercial enterprise:
(a) Unless, in the judgment
of the Director, the necessary financial information is provided and it appears
that the issue is not "improvident" as defined by the relevant
(b) Unless the issue is for
private placement with a financial institution (as to which private placement
the financial institution has supplied a proper "investment letter");
(c) Unless the Lessee
1. Informs the Commission
in writing that it has waived, or will agree in writing to waive, the applicable
sales and use tax exemptions for equipment and goods acquired with the proceeds
of the bonds, and has, or will agree in writing, to make payments of state and
local taxes in an amount equal to and in lieu of otherwise applicable ad valorem
2. If the sales and use tax
exemptions are not waived and an agreement in writing to make payments equal to
and in lieu otherwise applicable ad valorem taxes will not be entered into,
includes with the application a statement by the secretary or chairman of the
issuing authority that the issuing authority specifically has considered and
approved (at a public hearing held after publication in a newspaper of general
circulation in the county in which the issuer is located, once each week for two
consecutive weeks, the first of which was not less than fourteen (14) days prior
to the hearing of the meeting to consider the issue of the bonds of which
approval by the Commission or the Director is requested) the exercise of the
exemptions from taxes by the lessee.
Code of Ala. 1975, §§ 8-6-113, 8-6-116.
Filed September 30, 1982. Readopted: Filed November 9, 1983.