§ 23-7-19 — Requirements for Bonds

Alabama § 23-7-19

• Jurisdiction: Alabama
• Title 23: Highways, Roads, Bridges and Ferries
• Ch. 7: Alabama Transportation Infrastructure Bank Act

Text

(a) The bonds of the bank must be authorized by a resolution of the bank.
(b) The bonds shall bear the date and mature at the time which the resolution provides, except that no bond may mature more than 40 years from its date of issue.
(c) The bonds may be in the denominations, be executed in the manner, be payable in the medium of payment, be payable at the place and at the time, and be subject to redemption or repurchase and contain other provisions determined by the bank prior to their issuance.
(d) The bonds may bear interest payable at a time and at a rate as determined by the bank, including the determination by agents designated by the bank under guidelines established by it.
(e) Bonds may be sold by the bank at public or private sale at the price it determines and approves.

Legislative History

(Act 2015-50, p. 173, §19; Act 2018-290, §1.)