The Legislature finds and declares the following: That it is desirable and in the public interest that a hotel/convention center complex and related recreational facilities be constructed and equipped at Gulf State Park; that by the passage of this chapter, it is the intention of the Legislature to (1) authorize the incorporation of the Gulf State Park Authority, (2) authorize the authority to sell and issue from time to time its bonds not exceeding seventy million dollars ($70,000,000) in aggregate principal amount for the purpose of paying the costs of acquisition, provision, construction, improvement, renovation, and equipping of a hotel/convention center complex and related recreational facilities at Gulf State Park, (3) provide that the bonds authorized hereby will be payable solely out of and secured by a pledge and assignment of the pledged revenues described in Section 9-14B-3, and (4) provide that, upon recommendation by the Commissioner of Conservation and Natural Resources and approval of the authority, all or any portion of the revenues in the Gulf State Park Fund may be transferred to the State Parks Revolving Fund, subject to certain limitations as to amount.

There is hereby irrevocably pledged and appropriated the amount of pledged revenues and earnings thereon, as may be necessary to pay and to redeem prior to their respective maturities the principal, interest, and premium (if any) on the bonds.

(a) Any bonds issued by the authority from time to time may be refunded by the issuance, sale, or exchange of refunding bonds for the purpose of paying:

(1) All or any part of the principal of the bonds to be refunded.

(2) Any redemption premium required to be paid as a condition to the redemption prior to maturity of the bonds that are to be so redeemed in connection with the refunding.

(3) Any accrued and unpaid interest on the bonds to be refunded.

(4) Any interest to accrue on each bond to be refunded to the date on which it is to be paid, whether at maturity or by redemption prior to maturity.

(5) The expenses incurred in connection with the refunding.

(b) Any refunding bonds may be sold by the authority at public sale or sales in the same manner as provided in Section 9-14B-7. The refunding bonds may be executed and delivered by the authority at any time and from time to time, shall be in the form and denomination or denominations and of the tenor and maturity or maturities, shall contain the provisions not inconsistent with the provisions of this chapter, and shall bear the rate or rates of interest, payable at the place or places, either within or without the state, and evidenced in the manner, as may be provided by resolution of the authority.

(c) Any refunding bonds issued by the authority may be issued at the discretion of the authority, subject to the provisions of this chapter, without any separate authorization by the Legislature.

(a) The authority may apply the proceeds of the bonds for all of the following: (1) To pay for project costs; (2) to fund any reserve fund established in connection with an authorized issue if the authority deems the establishment of the reserve fund to be necessary and desirable; (3) to pay for the cost of obtaining credit enhancement for the bonds; (4) to pay the costs of issuing the bonds, (5) to pay capitalized interest on the bonds, and (6) if refunding bonds are issued pursuant to the provisions of this chapter, to pay debt service on and the redemption price of any bonds to be refunded. Anything to the contrary notwithstanding, all expenditures of bond proceeds by the authority pursuant to this chapter shall be subject to the study, review, concurrence, and approval of the Joint Legislative Committee on State Parks established by Section 9-14A-21.

(b) The proceeds derived from the sale of the bonds shall be deposited in the State Treasury and shall be carried in a separate fund therein for the account of the authority. The proceeds from the sale of the bonds remaining after payment of the expenses of issuance thereof shall be retained in the fund and, until they are paid out, shall be invested by the State Treasurer at the direction of the authority, in investments that constitute permitted investments. Monies in the fund, whether original proceeds from the sale of the bonds or principal proceeds of matured investments, shall be paid out from time to time in orders or warrants issued by or on the direction of the authority for any one or more of the purposes specified in this chapter.

(c) Any and all revenues, receipts, investment earnings, and other funds paid to, or otherwise coming into the possession of, the authority shall be held, deposited, administered, invested, and applied as provided in the resolution of the directors authorizing the issuance of the bonds and as provided in any trust indenture or other agreement delivered in connection therewith, or otherwise as the authority may direct, consistent with the resolution, trust indenture, or other agreement and this chapter.

Upon the adoption by the directors of any resolution providing for the issuance of bonds, the authority shall cause to be published once a week for two consecutive weeks, in newspapers published or having a general circulation in the Cities of Montgomery and Mobile, a notice in substantially the following form, the blanks being properly filled in, at the end of which shall be printed the name and title of either the president or the secretary of the authority:

'Gulf State Park Authority, a public corporation under the laws of the State of Alabama, on the ___ day of ______, authorized the issuance of $_________ principal amount of bonds for purposes authorized in Act 2001-972 adopted by the Legislature of Alabama at its 2001 Third Special Session. The proceeds from the sale of the bonds are proposed to be issued to finance ________. Any action or proceeding questioning the validity of the bonds, the security thereof, the use of the proceeds thereof, or the proceedings authorizing the bonds, shall be commenced within 30 days after the first publication of this notice.'

Any action or proceeding in any court to set aside or question the proceedings for the issuance of the bonds referred to in the notice or to contest the validity of any bonds or the validity of security therefor, or the validity of the proposed use of the proceeds thereof must be commenced within 30 days after the first publication of the notice. After the expiration of the period, no right of action or defense questioning or attacking the foregoing shall be asserted, nor shall the validity of the proceedings, bonds, security, or use of proceeds be open to question in any court on any ground whatsoever except in an action commenced within the period.

The income and property of the authority, all bonds of the authority and the interest paid on any such bonds, all conveyances by or to the authority, and all instruments by and to the authority shall be exempt from all taxation in the state. With the exception of lodging taxes, the authority shall also be exempt from all license and excise taxes imposed in respect of the privilege of engaging in any of the activities in which the authority may engage, except that nothing herein shall be construed to exempt from the payment of sales taxes purchases made at the Gulf State Park. The authority shall not be obligated to pay or allow any fees, taxes, or costs in the recording of any document to the judge of probate of any county.

Except as may be expressly provided in this chapter, no proceeding, notice, or approval shall be required for the issuance of any bonds by the authority, the execution of any trust indenture or other document, or the exercise of any other of the powers of the authority. Neither a public hearing nor the consent of the Department of Finance shall be prerequisite to the issuance of bonds by the authority.

All contracts awarded by the authority with respect to the acquisition, construction, and equipping of the project shall be subject to all applicable competitive bid provisions of Alabama law pertaining to state contracts, including, without limitation, those contained in Chapter 16 of Title 41 and Chapter 2 of Title 39. In addition, the authority shall hire or contract with businesses and individuals that reflect the racial and ethnic diversity of the state.

At any time when no bonds of the authority are outstanding, the authority may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of the directors of the authority and sworn to by each director before an officer authorized to take acknowledgments to deeds. Upon the filing of the application for dissolution, the authority shall cease to exist. The Secretary of State shall file and record the application for dissolution in an appropriate book of record in his or her office, and shall make and issue, under the Great Seal of the State, a certificate that the authority is dissolved, and shall record the certificate with the application for dissolution. Title to all property held in the name of the authority shall be vested in the department upon dissolution of the authority.

The authority shall utilize all administrative services which may be provided by the State Department of Finance, the Department of Conservation and Natural Resources, and any other agency or department of the state. The authority may pay for the services out of proceeds of the bonds or any revenues available in the Gulf State Park Fund.

Notwithstanding any provision of law to the contrary, the department, with or without consideration and on terms as the commissioner of the department may deem advisable, may lend money to the authority (subject to repayment from first available funds) or may perform services for the benefit of the authority.

This chapter shall be known and may be cited as the 'Gulf State Park Improvement Act'.

The validity of any bonds issued by the authority may be determined in the manner provided in Sections 11-81-220 through 11-81-227, provided that, as used in those sections: The term 'unit' shall mean the authority; the term 'organizing subdivision' shall mean the state; the term 'obligations' shall include, in addition to the bonds, the obligations of the state and local governmental entities under funding agreements described in Section 9-14B-8; and the term 'district attorney' shall mean the Attorney General of the state; and provided further, that the authority shall not be required to specify in its complaint when, where, and in what amounts principal and interest on the bonds are to be paid; and provided further, that in its complaint the authority may, when stating the amount of obligations to be issued, state the principal amount of bonds to be issued, whether the bonds are to be issued in separate series or installments from time to time and, in stating the maximum rate of interest such bonds are to bear, state a maximum per annum rate of interest or in the event the bonds or any series or installments thereof are to bear different rates of interest for different maturity dates that none of such rates will exceed the maximum rate specified in its complaint; and provided further, that nothing contained herein shall be construed as prohibiting or restricting the right of the authority to sell its bonds at a discount, even if in so doing the effective interest cost resulting therefrom would exceed the maximum per annum interest rate specified in the complaint. Publication of a notice to the taxpayers and citizens of the state shall be made in the manner and at the times specified in subsection (d) of Section 11-81-222, except that publication shall be made in a newspaper customarily published not less than five days during each calendar week in the Cities of Montgomery and Mobile. A statement of certification shall be made as provided in Section 11-81-225, and, together with a facsimile of the signature of the register of the circuit court in lieu of his or her manually signing the same, shall be stamped, printed, or otherwise reproduced on the bonds. The register or clerk of the circuit court shall receive no fee or other compensation in connection with the preparation of the certification described in this section. Prior to the initial issuance and sale by the authority of bonds, the validity of such bonds, along with the pledged revenues, may be determined in a validation proceeding as provided in this section.

If the petition for validation provided for in Section 9-14B-20 seeks to validate the funding agreements and the obligations of the local governmental entities thereunder, then such local governmental entities shall be made parties to such proceeding. Notice to the taxpayers and citizens of any such municipality shall be made as provided in subsection (d) of Section 11-81-222.

This chapter being remedial in nature, the provisions of this chapter shall be liberally construed to effect its purpose.

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.

(a) To become a public corporation and instrumentality of the state with the powers herein provided, the Governor, the Director of Finance of the state, and the Commissioner of the Department of Conservation and Natural Resources of the state shall present to the Secretary of the State of Alabama an application signed by them which shall set forth all of the following:

(1) The name, official designation, and official residence of each of the applicants, together with a certified copy of the commission evidencing each applicant's right to office.

(2) The date on which each applicant was inducted into office and the term of office of each applicant.

(3) The name of the proposed public corporation, which shall be 'Gulf State Park Authority.'

(4) The location of the principal office of the proposed corporation, which shall be in the City of Montgomery.

(5) Any other matter relating to the authority which the applicants may choose to insert and which is not inconsistent with this chapter or the laws of the state.

(b) The application shall be subscribed and sworn to by each of the applicants before an officer authorized by the laws of the state to take acknowledgments to deed. The Secretary of State shall examine the application and, if he or she finds that it substantially complies with the requirements of this section, it shall be filed and recorded in an appropriate book of records in the office of the Secretary of State.

(c) When the application has been made, filed, and recorded as provided in subsection (b) of this section, the applicants shall constitute a corporation under the name stated in the application, and the Secretary of State shall make and issue to the applicants a certificate of incorporation pursuant to this chapter, under the Great Seal of the State, and shall record the certificate with the application. There shall be no fees paid to the Secretary of State for any work done in connection with the incorporation or dissolution of the authority.

(a) The following persons shall constitute the members of the authority: (1) The Governor of the State of Alabama, (2) the commissioner of the department, (3) the Director of Finance of the State of Alabama, (4) a member of the Joint Legislative Committee on State Parks as elected by the Joint Legislative Committee on State Parks, (5) the Mayor of the City of Gulf Shores, (6) the Mayor of the City of Orange Beach, and (7) the chief executive officer of the Alabama Gulf Coast Convention and Visitors Bureau.

(b) The Governor shall be the president of the authority, the commissioner of the department shall be the vice president, and the Director of Finance shall be the secretary.

(c) The State Treasurer shall be registrar, transfer agent, and paying agent for the bonds. The State Treasurer may designate named individuals who are employees of the state and who are assigned to the State Treasurer's office to authenticate the bonds. The State Treasurer shall be treasurer of the authority and shall act as custodian of its funds, but shall not be a member of the authority.

(d) The members of the authority shall constitute all of the directors of the authority and any four directors shall constitute a quorum for the transaction of business; provided, however, that at least two of the four directors constituting the quorum shall consist of the Mayor of the City of Gulf Shores and the Mayor of the City of Orange Beach.

(e) Should any person holding any office named in this section cease to hold the office by reason of death, resignation, expiration of the term of office, or for any other reason, then his or her successor in office shall take the place as an officer and member of the directors of the authority.

(f) No officer or director of the authority shall receive any salary in addition to that now authorized by law for any service rendered or for any duty performed in connection with the authority.

(g) All proceedings had and done by the directors shall be reduced to writing by the secretary of the authority, shall be signed by at least two directors present at the proceedings, and shall be recorded in a substantially bound book and filed in the office of the Department of Finance. Copies of the proceedings, when certified by the secretary of the authority, under the seal of the authority, shall be received in all courts as prima facie evidence of the matters and things therein certified.

(h) All meetings of the authority and all meetings of committees of the authority shall comply with the state's open meeting law in Section 13A-14-2. The authority shall hold public hearings at least annually during the planning and construction phases at Gulf State Park to gather input from and to update the public regarding the construction and equipping of the project provided for in this chapter.

The authority shall have, in addition to all other powers granted to it in this chapter, all of the following powers:

(1) To have succession by its corporate name until dissolved as herein provided.

(2) To institute and defend legal proceedings in any court of competent jurisdiction and proper venue; provided, however, that the authority may not be sued in any nisi prius court other than the courts of the county in which is located the principal office of the authority, and provided further, that the officers, directors, agents, and employees of the authority may not be sued for actions on behalf of the authority in any nisi prius court other than the courts of the county in which is located the principal office of the authority.

(3) To have and to use a corporate seal and to alter the seal at pleasure.

(4) To establish a fiscal year.

(5) To adopt, and from time to time amend and repeal, bylaws and rules and regulations not inconsistent with this chapter, to carry and to effect the powers and purposes of the authority in the conduct of its business.

(6) To sell and issue bonds authorized herein for the purposes specified herein.

(7) To sell and issue refunding bonds, subject to the terms and conditions of this chapter.

(8) To make, enter into, and execute funding agreements for the payment of and security for the bonds.

(9) To execute and deliver security agreements, and trust indentures, and other forms of agreements for the purpose of securing the authority's bonds and in connection therewith, to pledge, or assign the pledged revenues and other monies available to the authority.

(10) To receive the pledged revenues and to apply the pledged revenues as provided herein.

(11) As security for the payment of the authority's bonds, to pledge the pledged revenues, all rights or interests of the authority in any funding agreement and any other monies and property available to the authority, and to make and enter into any financial covenants or other agreements reasonably necessary for the issuance and sale of the bonds.

(12) To arrange for various forms of security or credit enhancement for the authority's bonds, including letters of credit, guaranties, policies of insurance, surety bonds, and the like.

(13) To accept gifts, grants, loans, and other forms of aid from the federal government, the state, or any state agency, including, without limitation, the department, any political subdivision of the state, or any person, corporation (including municipal corporations), foundation, or legal entity, and to agree to and comply with any conditions attached to federal and state financial assistance not inconsistent with this chapter.

(14) To appoint, employ, contract with, and provide for the compensation of employees and agents, including engineers, attorneys, contractors, consultants, accountants, fiscal advisors, trustees, paying agents, investment bankers, and underwriters as the directors deem necessary or desirable for the conduct of the business of the authority; provided, that the authority shall hire or contract with businesses and individuals that reflect the racial and ethnic diversity of the state.

(15) To make, enter into, and execute contracts, agreements, or other instruments, and to take other actions as may be necessary or convenient to accomplish any purpose for which the authority was organized or to exercise any power granted to it, as provided by the constitution and the laws of the State of Alabama.

(16) To sell, exchange, and convey any or all personal property belonging to the authority whenever its directors shall find the action to be in furtherance of the purposes for which the authority was organized.

(17) To acquire, hold, and dispose of personal property.

(18) To exercise any power granted by the laws of the state to public or private corporations which is not in conflict with the public purpose of this chapter.

(19) Notwithstanding any of the foregoing to the contrary, the authority shall have no power to mortgage, encumber, or otherwise use real property as collateral.

(a) General. Subject to prior approval of the project by the Joint Legislative Committee on State Parks established by Section 9-14A-21, the authority from time to time may sell and issue the bonds in one or more series in an aggregate principal amount of up to seventy million dollars ($70,000,000) in order to provide the funds to pay project costs. Prior to approval of the long-range capital plan for restoration of state park facilities by the Joint Legislative Committee on State Parks as authorized by Section 9-14A-21, of which the project authorized by this chapter will be a part, the committee shall hold at least four public hearings statewide prior to the bonds being sold to gather input from the citizens of this state. The committee shall take into consideration the per capita income and average family income of Alabamians in planning and approving the design and costs of lodging facilities in Gulf State Park and in any and all other parks in the system which have lodging facilities and overnight facilities.

Notwithstanding any other provisions of this chapter, bonds shall not be issued pursuant to this chapter until after a master plan for the expenditure of funds for state parks authorized pursuant to Amendment No. 617 of the Constitution of Alabama of 1901, has been approved by the Joint Legislative Committee on State Parks.

(b) Source of Payment. Bonds issued by the authority shall be solely and exclusively an obligation of the authority and shall not create an obligation or debt of the state. The bonds shall not be general obligations of the authority, but shall be payable solely from the pledged revenues.

(c) Security for the bonds. The principal of and interest on the bonds shall be secured by a pledge of the pledged revenues and, if necessary and desirable in the authority's sole discretion, a pledge of the authority's right, title, and interest in any funding agreements on any part of the project. The resolution under which the bonds are authorized by the authority to be issued and any trust indenture may contain any agreements and provisions respecting the rights, duties, and remedies of the parties to the instrument and the parties for the benefit for whom the instrument is made and the rights and remedies available in the event of default as the authority shall deem advisable.

(d) General provisions respecting form, sale, and execution of the bonds. The bonds shall be signed by the president of the authority and attested by its secretary and the seal of the authority shall be affixed. A facsimile of the signature of one or both of the officers may be printed or otherwise reproduced on the bonds in lieu of being manually subscribed thereon and a facsimile of the seal of the authority may be printed or otherwise reproduced on any of the bonds in lieu of being manually affixed thereto. The bonds may be executed and delivered by it at any time and from time to time, and shall be in the form and denominations and of the tenor and maturities, shall bear the rate or rates of interest, shall be payable at the times and evidenced in the manner, may be made subject to redemption at the option of the authority at the times and after the notice and on the conditions and at the redemption price or prices, and may contain any other provisions not inconsistent herewith, all as may be provided by the resolution of the directors of the authority under which the bonds are authorized to be issued. The bonds shall be sold only at public sale or sales, based on sealed bids received either electronically or on paper, after advertisement as may be prescribed by the authority, to the bidder whose bid reflects the lowest true interest cost to the state computed to the respective maturities of the bonds sold; provided, however, that if no bid deemed acceptable by the authority is received, all bids may be rejected and the bonds offered again for public sale in accordance with the terms herein prescribed. The bonds may be issued in the form of current interest bonds or capital appreciation bonds and may be issued as serial bonds or term bonds, all as may be directed by the authority.

(e) State Treasurer as registrar, transfer agent, and paying agent. The State Treasurer shall be registrar, transfer agent, and paying agent for the bonds. The State Treasurer may designate named individuals who are employees of the state and who are assigned to the State Treasurer's office to authenticate the bonds.

(f) Other matters. The bonds may be used by the holder as security for any funds belonging to the state, or to any political subdivision, instrumentality, or agency of the state, in any instance where security for the deposits may be required by law. Unless otherwise directed by the court having jurisdiction, or the document that is the source of authority, a trustee, executor, administrator, guardian, or one acting in any other fiduciary capacity, in addition to any other investment powers conferred by law and with the exercise of reasonable business prudence, may invest trust funds in the bonds. Neither a public hearing nor consent of the Department of Finance or any other department or agency shall be a prerequisite to the issuance of the bonds. The bonds shall be legal investments for funds of the Teachers' Retirement System of Alabama, the Employees' Retirement System of Alabama, and the State Insurance Fund.

The state and each local governmental entity may enter into a funding agreement with the authority for the purpose of providing for the payment of a portion of the debt service on the authority's bonds. Each local governmental entity's obligation to make payments under the funding agreement may be secured by the local governmental entity's full faith and credit, or may be subject to annual appropriation, or may be secured by a specific tax or taxes or other fees or revenues to be collected by the local governmental entity. The state obligation under any such funding agreement shall be payable solely out of and secured solely by one or more sources of pledged revenues.

There is hereby created and established a fund to be known as the Gulf State Park Fund, which fund shall be comprised of all pledged revenues. The commissioner of the department, with the approval of the Director of Finance, is authorized and empowered to provide for and open an account or accounts at any state or federal bank whose deposits are insured within the State of Alabama for the purpose of providing a depository or depositories for the fund. The commissioner of the department may draw on or make expenditures from the fund for the payment of debt service on the bonds, the purchase of goods for resale, equipment purchases, payment of utilities, salaries of employees, and any other necessary operating expenses in connection with the project, including reasonable and necessary maintenance costs. The fund shall be subject to examination and audit as other funds of the state are examined and audited. The commissioner of the department, with the approval of the Director of Finance, shall by regulation provide the procedure for making deposits and withdrawals from the fund together with other accounting procedures as may be needed, including the setting of bonds for persons empowered to handle the fund. The authority, upon recommendation by the commissioner of the department, may at the close of any state fiscal year transfer from the Gulf State Park Fund to the State Parks Revolving Fund established by Section 9-2-107, all or any portion of the net revenues from the operation of the project during such fiscal year, provided that the amount that may be so transferred in any given year may not exceed the maximum allowable amount.