§ 23-2-148 — Refunding Bonds; Purposes

Alabama § 23-2-148

• Jurisdiction: Alabama
• Title 23: Highways, Roads, Bridges and Ferries
• Ch. 2: Toll Roads, Bridges and Ferries
• Art. 5: Alabama Toll Road, Bridge and Tunnel Authority

Text

The authority may provide by resolution for the issuance of refunding bonds for the purpose of refunding any bonds then outstanding which shall have been issued under the provisions of this article, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of such bonds, and, if deemed advisable by the authority, for the additional purpose of constructing improvements, extensions or enlargements of the toll road, bridge or tunnel project or projects in connection with which the bonds to be refunded shall have been issued.
The authority is further authorized to provide by resolution for the issuance of its bonds for the combined purpose of:
(1) Refunding any bonds then outstanding which shall have been issued under the provisions of this article, including the payment of any redemption premium thereof and any interest accrued or to accrue to the date of redemption of such bonds; and
(2) Paying all or any part of the cost of any additional project or projects.
The issuance of such bonds, the maturities and other details thereof, the rights of the holders thereof, and the rights, duties and obligations of the authority in respect to the same, shall be governed by the provisions of this article insofar as the same may be applicable.

Legislative History

(Acts 1980, No. 80-691, p. 1377, §8.)