Alabama § 11-82-3 Retention of Option to Redeem - Securities Maturing More Than 10 Years After Date

Alabama Statutes

§ 11-82-3 — Retention of Option to Redeem - Securities Maturing More Than 10 Years After Date

Alabama·Title 11 Counties and Municipal Corporations·Ch. 82 Redemption of Securities

Any county or municipality in this state which may hereafter issue securities having a stated maturity more than 10 years after the date thereof shall retain in the proceedings of its governing body authorizing the issuance of such securities an option to redeem at the expiration of the tenth year following the date of such securities and on any interest payment date subsequent thereto all or any part of such securities having stated maturities subsequent to the expiration of the tenth year after their date at such price or prices and after such notice or notices and on such terms and conditions as may be set forth in such proceedings and briefly recited in the face of such securities.

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Any county or municipality in this state which may hereafter issue securities having a stated maturity more than 10 years after the date thereof shall retain in the proceedings of its governing body authorizing the issuance of such securities an option to redeem at the expiration of the tenth year following the date of such securities and on any interest payment date subsequent thereto all or any part of such securities having stated maturities subsequent to the expiration of the tenth year after their date at such price or prices and after such notice or notices and on such terms and conditions as may be set forth in such proceedings and briefly recited in the face of such securities.

Alabama § 11-82-3 (Retention of Option to Redeem - Securities Maturing More Than 10 Years After Date) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.