It is the intention of the Legislature by the passage of this chapter to implement Constitutional Amendment No. 338 by:
(1) Authorizing the issuance of the interest-bearing general obligation bonds of the state provided for in the said constitutional amendment;
(2) Providing for the incorporation of a public corporation to act as the agency of the state in the authorization, sale, issuance and approval of disbursement of proceeds of the said bonds and to perform the other functions hereinafter specified; and
(3) Providing for the expenditure of the proceeds from the said bonds. It is also the intention of the Legislature that, to the extent deemed feasible, in the sole discretion of the Alabama State Docks Department with the approval of the Alabama Port Authority, the proceeds from the said bonds will be used in preparation for and in anticipation of the demands that will be made upon and the opportunities that will be available to the department as a result of the opening of the Tennessee-Tombigbee Waterway System.
This chapter is to be liberally construed in conformity with its purposes.
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