In any instance where any bond, warrant, note, certificate of indebtedness or other securities howsoever designated is authorized to be issued by the state, or by any county, municipality, board of education, political subdivision, public instrumentality, public corporation or other public entity howsoever identified; any such security may bear one or more rates of interest, or no interest, or interest may be payable through one or more payments which reflect compound interest computed at specified intervals on accrued but unpaid interest, or through a discount in the sales price for such security equivalent to compound interest on such security for all or part of the term thereof, or through any combination of the foregoing methods of providing for the payment of interest, and any such amounts shall be payable at such time or times as may be provided in the proceedings authorizing any such security, regardless of the requirements of any other provision of law authorizing the issuance of any such security.
Structure Code of Alabama
Chapter 1 - General Provisions.
Section 41-1-1 - Sovereignty and Jurisdiction of State; Territorial Waters; Legislative Findings.
Section 41-1-2 - Maintenance and Defense of State Authority and Jurisdiction.
Section 41-1-3 - Compromise of Claims in Favor of State.
Section 41-1-4 - When Bonds of State Payable.
Section 41-1-5 - Nepotism in State Service Prohibited.
Section 41-1-6 - Inventory of Nonconsumable Personal Property by Departments and Agencies.
Section 41-1-7 - Issuance of Securities in Fully Registered Form Without Coupons.
Section 41-1-9 - Issuance of Interest Bearing Securities, Etc.
Section 41-1-10 - Section 41-1-9 Deemed Declarative of Existing Law.