The provisions of Sections 11-82-3 and 11-82-4 shall not apply, however, to any securities which have been authorized to be issued by any county or municipality by resolution or ordinance duly adopted by the proper governing body prior to July 7, 1945 or which have been authorized to be issued at any election held prior to July 7, 1945 at which the ballot used contained provisions for redemption different from those specified in Sections 11-82-3 and 11-82-4, and nothing contained in this chapter shall prevent the issuance of any such securities so authorized prior to July 7, 1945.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 82 - Redemption of Securities.
Section 11-82-1 - Definitions.
Section 11-82-2 - Retention of Option to Redeem - Generally.
Section 11-82-3 - Retention of Option to Redeem - Securities Maturing More Than 10 Years After Date.
Section 11-82-4 - Limitation on Redemption Prices.
Section 11-82-5 - Option to Redeem to Be Provided in Proceedings for Issuance of Securities.