Alabama § 11-54-182 Notice of Bond Resolution; Limitation on Proceedings Questioning or Attacking Bonds

Alabama Statutes

§ 11-54-182 — Notice of Bond Resolution; Limitation on Proceedings Questioning or Attacking Bonds

Alabama·Title 11 Counties and Municipal Corporations·Ch. 54 Promotion of Industry, Trade, Commerce and Pollution Control·Art. 6 Commercial Development Authorities

Upon the adoption by the board of any authority of any resolution providing for the issuance of bonds, such authority may, in its discretion, cause to be published once a week for two consecutive weeks, in a newspaper published or having a general circulation in the authorizing municipality, 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 such authority:
“___________, a public corporation under the laws of the State of Alabama, on the _____day of _____, authorized the issuance of $_____ principal amount of bonds of the said public corporation for purposes authorized in the act of the Legislature of Alabama under which the said public corporation was organized. A

Free access — add to your briefcase to read the full text and ask questions with AI

Upon the adoption by the board of any authority of any resolution providing for the issuance of bonds, such authority may, in its discretion, cause to be published once a week for two consecutive weeks, in a newspaper published or having a general circulation in the authorizing municipality, 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 such authority:
“___________, a public corporation under the laws of the State of Alabama, on the _____day of _____, authorized the issuance of $_____ principal amount of bonds of the said public corporation for purposes authorized in the act of the Legislature of Alabama under which the said public corporation was organized. Any action or proceeding questioning the validity of the said bonds, or the pledge and the mortgage and deed of trust or trust indenture to secure the same, or the proceedings authorizing the same, must be commenced within 30 days after the first publication of this notice.”
A newspaper shall be deemed to be published in the authorizing municipality, within the meaning of this section, if its principal editorial office is located in the authorizing municipality.
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 any such bonds, or the validity of any pledge and mortgage and deed of trust or trust indenture made therefor, must be commenced within 30 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 and deed of trust or trust indenture shall be asserted, nor shall the validity of the said proceedings, bonds, pledge, mortgage, and deed of trust or trust indenture be open to question in any court on any ground whatsoever except in an action commenced within such period.

Alabama § 11-54-182 (Notice of Bond Resolution; Limitation on Proceedings Questioning or Attacking Bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.