§ 11-81-93 — Bonds for Refunding of Bonds Outstanding or Installments on Serial Bonds Outstanding - Authority for Issuance

Alabama § 11-81-93

• Jurisdiction: Alabama
• Title 11: Counties and Municipal Corporations
• Ch. 81: Municipal and County Bonds
• Art. 3: County Bonds Generally

Text

(a) The county commission of any county having bonds outstanding, without an election, may issue bonds of the county for the purpose of refunding the bonds to an amount not exceeding the principal amount of the bonds to be so refunded and also, without an election, may issue bonds of the county from time to time for the purpose of refunding installments of not less than one thousand dollars ($1,000) becoming due on outstanding serial bonds heretofore or hereafter issued.
(b) Notwithstanding subsection (a), a county commission of any county, without an election, and no later than December 31, 2020, may issue bonds of the county, limited in an amount as provided in subsection (a), for the purpose of refunding bonds that were originally issued prior to January 1, 2011, to refund other bonds. The prior refunding bonds are ratified and confirmed and given effect in all respects and any refunding bonds to be issued to refund those bonds are authorized. This subsection does not apply to any bonds that prior to May 18, 2020, have been held invalid by the Supreme Court of Alabama or by final judgment of the circuit court in the county which issued the bonds and from which judgment an appeal was not taken to the Supreme Court of Alabama within the time provided by law for the taking of appeals or to any bonds the validity of which is an issue in any pending civil action commenced prior to May 18, 2020.

Legislative History

(Acts 1927, No. 478, p. 534; Acts 1931, No. 363, p. 428; Acts 1939, No. 167, p. 290; Code 1940, T. 12, §104; Act 2020-121, §1.)