Code of Alabama
Article 2 - Construction of Sewage Treatment or Disposal Plants, etc., in Resort Areas by Authorities.
Section 11-88-95 - Notice of and Sale or Exchange of Bonds.

All bonds issued under this article, except bonds issued to the contractor and except funding and refunding bonds issued by exchange as provided in this section, shall be sold to the highest bidder at public sale; provided, that if at a duly advertised public sale in accordance with this section no legal bid acceptable to the governing body shall be received, then such bonds may be sold within 30 days thereafter at private sale to the United States of America or to the State of Alabama.
The public sale shall be either on sealed bids or at auction. The notice of a 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 or rates of interest which the bonds are to bear or that the bidders are invited to name the rate or rates 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 each county in which any part of the improvement is located, the first of such publications to be not less than 10 days before the last date for submitting bids 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 said county for at least a like period of 10 days. The board shall have the right to reject any or all bids. Nothing contained in this section shall prevent the issuance of bonds under this article to the contractor in accordance with the provisions hereof.
Funding or refunding bonds may be issued in exchange for a like or greater amount of the interest then due or accrued on and the principal of the indebtedness to be funded or refunded thereby, whether such indebtedness has then matured or shall thereafter mature, with the consent of the holders of such indebtedness to be funded or refunded thereby without the publication of notice or other advertisement of such exchange; provided, that if the principal amount of the bonds so proposed to be issued in exchange shall exceed an aggregate of $50,000.00, then no such exchange shall be effected unless the authority shall first have offered such funding or refunding bonds for sale to the highest bidder at public sale advertised in accordance with the provisions of this section and no legal bid acceptable to the board shall have been received therefor at such advertised public sale. In the event no such legal bid acceptable to the board shall have been received at such advertised public sale then such exchange may thereafter be effected without further notice or advertisement. In any such authorized exchange the authority may pay for services rendered in making or securing the making of the exchange, not more than five percent of the face value of the first $10,000.00 aggregate principal amount of the funding or refunding bonds so exchanged, plus two and one-half percent of the face value of the funding or refunding bonds so exchanged in excess of $10,000.00 principal amount. Any amount authorized by this section to be paid by the making of any exchange of bonds shall include the cost of preparing the bonds, all costs of legal work, and all other necessary expenses in connection with the making of the exchange.

Structure Code of Alabama

Code of Alabama

Title 11 - Counties and Municipal Corporations.

Title 3 - Provisions Applicable to Counties and Municipal Corporations.

Chapter 88 - Water, Sewer and Fire Protection Authorities.

Article 2 - Construction of Sewage Treatment or Disposal Plants, etc., in Resort Areas by Authorities.

Section 11-88-40 - Definitions.

Section 11-88-41 - Legislative Findings and Declarations; Powers Granted Authorities by Article to Be Exercised Only in Resort Areas and With the Consent of County Governing Bodies.

Section 11-88-42 - Powers of Authorities Generally.

Section 11-88-43 - Adoption of Resolution by Board Describing Improvement, Property Benefited, etc., and Directing Drawing, etc., of Details, Drawings, Plans, Etc.

Section 11-88-44 - Filing of Details, Drawings, Plans, etc., for Examination by Property Owners; Appointment of Date for Hearing of Objections as to Improvement, Etc.

Section 11-88-45 - Publication of Resolution and Mailing of Copies Thereof to Persons Last Assessed for Taxation on Property Which May Be Assessed for Improvement.

Section 11-88-46 - Hearing Upon Objections to Improvement, etc.; Confirmation, Amendment, Rescission, etc., of Resolution by Board; When Unanimous Vote of Board Required to Approve Resolution.

Section 11-88-47 - Publication of Notice for Bids; Letting of Contract; Requirement of Bonds, etc., From Bidders, etc.; Construction of Improvement, Furnishing of Labor, etc., by Authority.

Section 11-88-48 - Supervision of Work.

Section 11-88-49 - Acceptance or Rejection of Work.

Section 11-88-50 - Payment of Cost of Improvement by Board; Specification of Cost of Improvement.

Section 11-88-51 - Levy of Assessments for Cost of Improvement on Abutting or Benefited Property Authorized.

Section 11-88-52 - Manner of Assessment Generally; Limitation as to Amount of Assessment.

Section 11-88-53 - Preparation of List of Property Owners Proposed to Be Assessed for Improvement.

Section 11-88-54 - Entry of List in Assessment Book of Improvements; Contents and Status Thereof.

Section 11-88-55 - Publication of Notice as to Assessment Book.

Section 11-88-56 - Filing of Written Objections or Defenses to Proposed Assessments; Effect of Failure to File Same.

Section 11-88-57 - Hearing of Objections and Defenses to Proposed Assessments by Board Generally.

Section 11-88-58 - Subpoena, etc., of Witnesses by Board.

Section 11-88-59 - Board to Hear and Pass Upon Objections to Proposed Assessments.

Section 11-88-60 - Fixing of Amount of Assessment by Board; Assessment to Constitute Lien on Property Against Which Levied; Reduction or Abatement of Final Assessment by Board Generally.

Section 11-88-61 - Effect of Defects in Notice or Proceedings; Supplementary Proceedings for Correction of Defects.

Section 11-88-62 - Reduction or Abatement of Assessments by Board.

Section 11-88-63 - Transfer and Assignment of Liens by Authorities.

Section 11-88-64 - Enforcement of Liens by Circuit Courts; Amounts Recovered in Civil Actions to Enforce Liens.

Section 11-88-65 - Enforcement of Lien on Property for State, County, etc., Taxes Not to Discharge or Affect Lien of Authority for Assessment; Duration of Liens.

Section 11-88-66 - Effect of Enforcement of Assessment Lien Upon Other Improvement Assessment Liens on Property.

Section 11-88-67 - Appeal From Assessments to Circuit Court - Authorization and Procedure Generally.

Section 11-88-68 - Appeal From Assessments to Circuit Court - Establishment of Amount of Appeal Bond and Approval of Sureties Thereon; Conditions of Bond.

Section 11-88-69 - Appeal From Assessments to Circuit Court - Entry of Appeal on Trial Docket.

Section 11-88-70 - Appeal From Assessments to Circuit Court - Transmittal to Circuit Court of Transcript of Proceedings of Authority as to Assessment; Contents Thereof.

Section 11-88-71 - Appeal From Assessments to Circuit Court - Transcript Deemed Prima Facie Evidence of Correctness of Assessment, Etc.

Section 11-88-72 - Appeal From Assessments to Circuit Court - Conduct of Trial Generally; When Costs of Appeal and Trial Adjudged Against Authority.

Section 11-88-73 - Appeal From Assessments to Circuit Court - Entry of Judgment for Amount Properly Chargeable Against Land Where Assessment Defective; Payment of Costs.

Section 11-88-74 - Appeal From Judgment of Circuit Court to Supreme Court - by Property Owner - Authorization and Procedure Generally.

Section 11-88-75 - Appeal From Judgment of Circuit Court to Supreme Court - by Property Owner - Appeal to Be Heard on Record.

Section 11-88-76 - Appeal From Judgment of Circuit Court to Supreme Court - by Property Owner - Addition by Supreme Court of Interest and Damages to Judgment of Circuit Court Upon Affirmance.

Section 11-88-77 - Appeal From Judgment of Circuit Court to Supreme Court - by Authority.

Section 11-88-78 - Issuance of Execution on Appeal Bond and Sale of Property Assessed When Final Judgment Entered in Favor of Authority.

Section 11-88-79 - Manner of Payment of Assessments Generally.

Section 11-88-80 - Entire Assessment Due and Payable Upon Default in Payment of Assessment or Installments Thereof; Advertisement and Sale of Property Assessed for Improvement Generally.

Section 11-88-81 - Defaulting Property Owner May Pay Assessment, etc., Prior to Sale.

Section 11-88-82 - Cost of Advertisement and Sale to Constitute Charge Against Property to Be Sold.

Section 11-88-83 - Officer Making Sale to Execute Deed to Purchaser; Rights, Title, etc., Conveyed to Purchaser by Deed; Disposition of Surplus Proceeds From Sale; Purchase of Property by Board.

Section 11-88-84 - Effect of Mistakes in Advertisement or Sale; Supplementary Proceedings for Correction of Errors; Enforcement of Lien by Purchaser.

Section 11-88-85 - Redemption of Property After Sale - Authorization and Procedure Generally.

Section 11-88-86 - Redemption of Property After Sale - Extension of Redemption Period.

Section 11-88-87 - Redemption of Property After Sale - Application for Entry in Record of Deeds of Certificate of Warning to Redeem; Form of Certificate.

Section 11-88-88 - Redemption of Property After Sale - Applicant to Deliver Copies of Improvement Assessment Sale Deed to Probate Judge; Examination, etc., of Deeds, etc., by Probate Judge; Mailing of Copies of Deed and Warning to Redeem to Persons L...

Section 11-88-89 - Redemption of Property After Sale - Performance of Duties of Probate Judge; Liability of Probate Judge for Errors or Mistakes in Performance of Duties.

Section 11-88-90 - Redemption of Property After Sale - Redemption During Extended Redemption Period.

Section 11-88-91 - Execution of Short Term Notes or Issuance of Bonds by Authority Prior to Letting of Contract or During Progress of Work on Improvement Generally.

Section 11-88-92 - Issuance of Bonds by Authority After Completion of Work on Improvement.

Section 11-88-93 - Consolidation of Improvements for Issuance of Bonds.

Section 11-88-94 - Form, Terms, Denominations, etc., of Notes Issued Under Article; Sale, Exchange, etc., Generally; Sale Price; Applicability of Certain Other Provisions of Law.

Section 11-88-95 - Notice of and Sale or Exchange of Bonds.

Section 11-88-96 - Determination of Highest Bidder for Bonds.

Section 11-88-97 - Disposition of Proceeds From Sale of Bonds.

Section 11-88-98 - Bonds Containing Recital as to Issuance Under Article Deemed to Have Been Issued, Sold, etc., in Conformity With Same; Limitation Period for Actions or Proceedings as to Issuance of Bonds.

Section 11-88-99 - Irregularities in Proceedings Authorizing Issuance of Bonds or Neglect, etc., of Duties by Officers Not to Affect Validity of Bonds; Bonds to Have Properties and Protection of Commercial Paper.

Section 11-88-100 - Exemption From Taxation of Bonds, Notes, Etc.

Section 11-88-101 - Replacement of Lost, Mutilated, or Destroyed Bonds.

Section 11-88-102 - Authorization and Procedure Generally for Settlement, Adjustment, or Refunding of Bonds.

Section 11-88-103 - Procedure Where Special Fund Used by Authority in Taking Up Bonds or Coupons Representing Principal at Maturity.

Section 11-88-104 - Consolidation of Outstanding Bond Issues for Refunding; Disposition of Assessments Collected for Improvements Financed by Said Outstanding Issues Generally.

Section 11-88-105 - Separate Sinking Fund Accounts to Be Maintained for Refunding Bond Issues; Disposition of Same.

Section 11-88-106 - Maintenance of Sinking Fund Accounts by Official Charged With Duty of Collecting Assessments; Institution of Mandamus Proceedings Against Officer Failing to Maintain Separate Sinking Fund Accounts, Pay Bonds or Interest Thereon, E...

Section 11-88-107 - Bond of Official Charged With Duty of Collecting Assessments; Liability of Said Official and Board Members for Diversion or Misappropriation of Funds for Payment of Bonds and Coupons.

Section 11-88-108 - Redemption of Bonds.

Section 11-88-109 - Refunding of Excess Amounts Collected From Assessments Upon Demand Therefor; Limitation Period for Claims for Refunds; Disposition of Unclaimed Amounts.

Section 11-88-110 - Acquisition of Lands by Authority.

Section 11-88-111 - Effect of Annexation or Incorporation of Area in Which Assessments for Improvement Made Upon Assessments, Liens, Bonds, Etc.