2023 Code of Alabama › Title 24 - Housing. › Chapter 1 - Housing Authorities. › Article 3 - County Housing Authorities. › Section 24-1-71 - Form, Denominations, Terms, etc., of Bonds; Sale of Bonds; Issuance of Interim Certificates, Etc.

Section 24-1-71
Form, denominations, terms, etc., of bonds; sale of bonds; issuance of interim certificates, etc.
(a) The bonds of the authority shall be authorized by its resolution and shall be issued in one or more series and shall bear such date or dates, mature at such time or times, not exceeding 60 years from their respective dates, bear interest at such rate or rates, payable semiannually, be in such denominations, which may be made interchangeable, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, with or without premium, as such resolution or its trust indenture or mortgage may provide. The bonds may be sold at public sale held after both of the following:
(1) A notice shall be published once at least 10 days prior to the sale in a newspaper circulating in the county.
(2) In addition, a notice shall be published at least 10 days prior to the sale in a financial newspaper published in the City of New York, New York, or in the City of New Orleans, Louisiana, or posted electronically at least 10 days prior to the sale on a website or other electronic or Internet service reasonably expected to be available to potential purchasers of the bonds.
(b) Notwithstanding the foregoing, the bonds may be sold to the federal government or to a government sponsored enterprise at private sale without any public advertisement. The bonds may be sold at such price or prices as the authority shall determine. Pending the authorization, preparation, execution, or delivery of definitive bonds, the authority may issue interim certificates or other temporary obligations to the purchaser of such bonds. Such interim certificates, or other temporary obligations, shall be in such form, contain such terms, conditions, and provisions, bear such date or dates and evidence such agreements relating to their discharge or payment or delivery of definitive bonds as the authority may by resolution, trust indenture, or mortgage determine. In case any of the officers whose signatures appear on any bonds or coupons shall cease to be such officers before the delivery of such bonds, such signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if they had remained in office until such delivery. The authority shall have power, out of any funds available therefor, to purchase any bonds issued by it at a price not more than the principal amount thereof and the accrued interest. All bonds so purchased shall be cancelled. This section shall not apply to the redemption of bonds. Any provision of any law to the contrary notwithstanding, any bonds, interim certificates, or other obligations issued pursuant to this article are hereby declared to be negotiable instruments.
(Code 1940, T. 25, §45; Acts 1971, No. 2231, p. 3589; Act 2006-188, p. 265, §1; Act 2019-105, §1.)