Code of Alabama
Article 2 - Alternate Procedure for Incorporation.
Section 4-3-56 - Refunding Bonds.

The authority may at any time and from time to time issue refunding bonds for the purpose of refunding or providing funds to pay the principal of and the interest on any bonds of the authority theretofore issued under this article and then outstanding, whether or not such principal or interest shall have matured at the time of such refunding, and for the payment of any expenses incurred in connection with such refunding and any premium necessary to be paid in order to redeem, retire or purchase for retirement the bonds to be refunded. The proceeds derived from the sale of any refunding bonds shall be used only for the purposes for which the refunding bonds were authorized to be issued. Any such refunding may be effected either by sale of the refunding bonds and the application of the proceeds thereof or by exchange of the refunding bonds for the bonds or interest coupons to be refunded thereby; provided, that the holders of any bonds or coupons so to be refunded shall not be compelled without their consent to surrender their bonds or coupons for payment or exchange prior to the date on which they may be paid or redeemed by call of the authority under their respective provisions. All provisions of this article pertaining to bonds of the authority that are not inconsistent with the provisions of this section shall, to the extent applicable, also apply to refunding bonds issued by the authority. The authority may at any time and from time to time issue bonds for the purpose of so refunding the principal of and the interest on any of its bonds and for any other purpose for which it is authorized to issue bonds, in which event the provisions of this article respecting refunding bonds shall apply to that portion of such combined issue authorized for refunding purposes and the provisions of this article respecting other financing shall apply to the remaining portion of such combined issue.

Structure Code of Alabama

Code of Alabama

Title 4 - Aviation.

Chapter 3 - Airport Authorities.

Article 2 - Alternate Procedure for Incorporation.

Section 4-3-40 - Definitions.

Section 4-3-41 - Authority and Procedure for Incorporation; Reincorporation of Existing Airport Authorities.

Section 4-3-42 - Certificate of Incorporation - Contents.

Section 4-3-43 - Certificate of Incorporation - Execution and Recordation.

Section 4-3-44 - Certificate of Incorporation - Amendment.

Section 4-3-45 - Board of Directors of Authority.

Section 4-3-46 - Officers of Authority; Personnel.

Section 4-3-47 - Powers of Authority Generally.

Section 4-3-48 - Receipt, Expenditure, etc., of Federal, State and Local Aid.

Section 4-3-49 - Assistance and Cooperation by Counties, Municipalities, Etc.

Section 4-3-50 - Civil Actions Against Authority, Directors, Etc.

Section 4-3-51 - Bonds - Issuance and Sale Generally; Payment of Principal and Interest Generally; Form, Denominations, Terms, Etc.

Section 4-3-52 - Bonds - Publication of Notice of Bond; Limitation Period for Actions or Proceedings to Challenge Proceedings for Issuance of Bonds, Etc.

Section 4-3-53 - Bonds - Execution and Delivery.

Section 4-3-54 - Bonds - Security for Payment of Principal and Interest.

Section 4-3-55 - Bonds - Disposition of Proceeds From Sale.

Section 4-3-56 - Refunding Bonds.

Section 4-3-57 - Investment of County or Municipal Funds in Bonds.

Section 4-3-58 - Eligibility of Bonds as Investment for Trusts, Savings Banks, Insurance Companies, Etc.

Section 4-3-59 - Exemption of Bonds, Property and Income of Authority From Taxation; Concessionaires, Tenants, etc., of Authority Subject to State and Local Taxation; Exemption From Payment of Deed Recording Fees and Roll-Back Taxes.

Section 4-3-60 - Exemption From State Contracting, Purchasing and Zoning Restrictions; Zoning Powers.

Section 4-3-61 - Procedure for Dissolution.

Section 4-3-62 - Provisions of Article Cumulative.