Alabama § 11-20-40 Bonds - Notice of Resolution Authorizing Issuance of Bonds; Limitation Period for Actions, Etc., as to Validity of Proceedings for Issuance of Bonds, Etc

Alabama Statutes

§ 11-20-40 — Bonds - Notice of Resolution Authorizing Issuance of Bonds; Limitation Period for Actions, Etc., as to Validity of Proceedings for Issuance of Bonds, Etc

Alabama·Title 11 Counties and Municipal Corporations·Ch. 20 Promotion of Industry and Trade·Art. 2 Industrial Development Boards

Upon the adoption by the board of directors of any resolution providing for the issuance of bonds, the corporation may, in its discretion, cause to be published once a week for two consecutive weeks, in a newspaper published in the county 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 chairman or secretary of the corporation: “_____, a public corporation under the laws of the State of Alabama, on the ___ day of _____, authorized the issuance of $_____ principal amount of revenue bonds of the said corporation for purposes authorized in the act of the Legislature of Alabama under which the said corporation was organized. Any action or proceeding questioning the validity of the said bonds

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Upon the adoption by the board of directors of any resolution providing for the issuance of bonds, the corporation may, in its discretion, cause to be published once a week for two consecutive weeks, in a newspaper published in the county 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 chairman or secretary of the corporation: “_____, a public corporation under the laws of the State of Alabama, on the ___ day of _____, authorized the issuance of $_____ principal amount of revenue bonds of the said corporation for purposes authorized in the act of the Legislature of Alabama under which the said corporation was organized. Any action or proceeding questioning the validity of the said bonds, the pledge and mortgage to secure the same, any lease or sale of the project to be financed by said bonds, or the proceedings authorizing the same must be commenced within 20 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 said notice or to contest the validity of such bonds or the validity of the pledge and mortgage made therefor or the lease or sale of the project to be financed by said bonds must be commenced within 20 days after the first publication of such notice. After the expiration of the said period, no right of action or defense questioning or attacking the validity of the said proceedings or of the said bonds or the said pledge or mortgage or the lease or sale of the project to be financed by said bonds shall be asserted, nor shall the validity of the said proceedings or of the said bonds or the said pledge or mortgage or the lease or sale of the project to be financed by said bonds be open to question in any court on any ground whatsoever except in an action or proceeding commenced within such period.

Alabama § 11-20-40 (Bonds - Notice of Resolution Authorizing Issuance of Bonds; Limitation Period for Actions, Etc., as to Validity of Proceedings for Issuance of Bonds, Etc) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.