Upon the adoption by the board of an authority of any resolution providing for the issuance of bonds, the authority shall cause a notice respecting the issuance of the bonds to be published once a week for two consecutive weeks in each county in which shall be located any project financed or in any way assisted by the issuance of the bonds, the publication in each county to be in a newspaper having general circulation therein. The notice shall be in substantially the following form (the blanks being properly filled in) at the end of which shall be printed the name and title of either the chair or secretary of the authority:
"________, a public corporation and instrumentality of the State of Alabama, on the _____ day of ________, authorized the issuance of $ _____ principal amount of bonds (or notes, as the case may be) of the public corporation for purposes authorized in the act of the Legislature of Alabama under which the public corporation was organized. Any action or proceedings questioning or contesting the validity of the bonds, or the instruments securing the same, or the proceedings authorizing the same, must be commenced on or before ________ (insert date determined in accordance with the provision of the next paragraph of this section)."
The date stated in the notice as the date on or before which any action or proceedings questioning or contesting the validity of the bonds referred to therein shall be commenced shall be a date at least 30 days after the date on which occurs the last publication of the notice necessary for it to have been published at least once in all counties in which it is required to be published. Any action or proceeding in any court to set aside or question the proceedings for the issuance of the bonds referred to in the notice or to contest the validity of the bonds, or the validity of any instruments securing the same, shall be commenced on or before the date determined in accordance with the preceding sentence and stated in the notice as the date on or before which the action or proceeding shall be commenced. After the date no right of action or defense shall be asserted questioning or contesting the validity of the bonds, or the instruments securing the same, or the proceedings authorizing the same, nor shall the validity of the bonds or the instruments or proceedings be open to question in any court on any ground whatsoever, except in an action or proceeding commenced on or before the date.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 47 - Powers, Duties and Liabilities Generally.
Article 9 - Parks, Playgrounds, and Other Recreational and Athletic Areas and Facilities.
Section 11-47-210 - Definitions.
Section 11-47-210.1 - Legislative Findings and Declarations.
Section 11-47-215 - Certificate of Incorporation of Authorities - Contents.
Section 11-47-217 - Boards of Directors of Authorities.
Section 11-47-220 - Construction of Article.
Section 11-47-223 - Bonds of an Authority - Signature and Seal.
Section 11-47-227 - Construction of Bonds as Negotiable Instruments.
Section 11-47-228 - Exemption From Taxation.
Section 11-47-230 - Compliance With State Laws Governing Competitive Bidding.
Section 11-47-231 - Bonds as Legal Investments.
Section 11-47-232 - Authority as Nonprofit Corporation.
Section 11-47-234 - Eminent Domain.
Section 11-47-237 - Application of State Ethics Act to Members of Authorities.
Section 11-47-238 - Relationship of Article to Other Laws.
Section 11-47-239 - Construction of Article to Effect Its Purpose.