All bonds issued under the authority of this chapter shall be sold at public or private sale as the governing body of the municipality or county may determine.
If the bonds are sold at public sale, the public sale shall be either on sealed bids or at auction. The notice of public sale shall state whether the sale is to be on sealed bids or at auction and shall also briefly recite the amount of the bonds to be sold, the maturities thereof, the amount payable at each maturity, any redemption or prepayment privileges, the frequency with which interest will be payable, either the rate of interest which the bonds are to bear or that the bidders are invited to name the rate of interest in their bids and the time and place of sale or for submitting sealed bids. Such notice shall be published once in each of two consecutive weeks in a newspaper published in the municipality proposing to issue the bonds, or, if there is no such newspaper published in such municipality or if the sale is of county bonds, then in a newspaper published in the county proposing to issue the bonds or in which such municipality is situated. The first of such two publications shall be not less than 10 days before the last date for submitting bids if the sale is on sealed bids or the date of sale if the sale is at auction. If there is no newspaper meeting the foregoing requirements, the notice shall be posted in three public places in the county or municipality issuing the bonds for at least a period of 10 days. The governing body shall have the right to reject any or all bids.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 81 - Municipal and County Bonds.
Article 1 - General Provisions.
Section 11-81-3 - Issuance of Refunding or Funding Bonds as to Adjustment, etc., of Indebtedness.
Section 11-81-5 - Places of Payment.
Section 11-81-6 - Maturity and Payment - Generally.
Section 11-81-7 - Maturity and Payment - Bonds Issued and Sold in Series.
Section 11-81-9 - Form; Appointment of Registrar and Provision for Registration and Transfer.
Section 11-81-10 - Sale Price.
Section 11-81-12 - Determination of Highest Bidder.
Section 11-81-13 - Disposition of Proceeds From Sale.
Section 11-81-17 - Pledge of Revenues From Waterworks System to Secure Payment of Bonds.
Section 11-81-20 - Investment of Funds Received to Credit of Sinking Fund.
Section 11-81-21 - Investment of Funds Obligation in Which Sinking Funds May Be Invested.
Section 11-81-22 - Sinking Fund Bonds - Issuance, Etc.
Section 11-81-23 - Sinking Fund Bonds - Designation; Maturity and Interest; Disposition.
Section 11-81-25 - Sinking Fund Bonds - Powers of Trustee of Sinking Fund.
Section 11-81-26 - Mandamus Proceedings.
Section 11-81-27 - Mortgages of Public Property for Payment of Debts.
Section 11-81-28 - Issuance, Sale, etc., of Negotiable Notes in Anticipation of Sale of Bonds.
Section 11-81-29 - Bonds and Interest Coupons Exempt From Taxation.
Section 11-81-31 - Ratification of Certain Irregular Elections for Issuance of Bonds.
Section 11-81-32 - Issuance of Duplicates for Lost, Mutilated or Destroyed Bonds.