§ 23-1-310 — Bonds and Notes - Issuance and Sale Generally

Alabama § 23-1-310

• Jurisdiction: Alabama
• Title 23: Highways, Roads, Bridges and Ferries
• Ch. 1: Alabama Highways
• Art. 10: Federal Aid Highway Finance Authority

Text

Obligations of the authority may be sold at either public or private sale in such manner and at such price or prices and at such time or times as may be determined by the board of directors to be most advantageous; provided, that none of the obligations may be sold for a price less than 97 percent of par or face value. Approval by the Governor of Alabama of the terms and conditions under which any of the obligations authorized by this article may be issued shall be requisite to their validity, which approval, signed by the Governor, shall be entered on the minutes of the respective meetings of the board of directors at which such obligations proposed to be issued are authorized. Neither a public hearing or consent by the state Department of Finance nor any other department or agency shall be a prerequisite to the issuance of any of the obligations. All obligations issued by the authority shall be exempt from the laws of the state governing usury or prescribing or limiting interest rates, including, but without limitation to, the provisions of Chapter 8 of Title 8 of this code, as it now exists and as it may at any time be amended.

Legislative History

(Acts 1976, No. 565, p. 764, §11; Acts 1981, No. 81-387, p. 574, §7.)