Bonds may be sold by the authority from time to time in series, and if sold in more than one series may all be authorized in one initial resolution of the board of directors with the pledges therefor made in such initial resolution although some of the details applicable to each series may be specified in the respective resolutions under which the different series are issued; provided, however, that no bonds of the authority that are authorized under Act 98-245 shall be sold or counsel hired prior to February 1, 1999. Each series of the bonds may be sold at public or private sale, as determined by the authority, at such price or prices as the authority shall determine, and, if sold at public sale either on sealed bids or at public auction, on a basis determined by the authority to enable it to effect the sale of the bonds being sold at the lowest effective borrowing cost to the authority; provided, that if in the event of public sale of the bonds no bid acceptable to the authority is received it may reject all bids. Notice of each public sale or summary notice of sale or both shall be given by publication in either a financial journal or a financial newspaper published in the City of New York, New York, and also by publication in a newspaper published in the state which is customarily published not less than five days during each calendar week, each of which notices must be published at least one time not less than 10 days prior to the date fixed for the sale. The board of directors may fix the terms and conditions under which each such sale may be held; provided, that such terms and conditions shall not conflict with any of the requirements of this article. Approval by the Governor of the terms and conditions under which any of the bonds may be issued shall be requisite to their validity, which approval signed by the Governor shall be entered on the minutes of the respective meetings of the board of directors at which the series of the bonds proposed to be issued are authorized or sold.
Structure Code of Alabama
Article 14 - Alabama Building Renovation Finance Authority.
Section 41-10-450 - Legislative Intent.
Section 41-10-451 - Definitions.
Section 41-10-452 - Power to Incorporate.
Section 41-10-453 - Provisions for Incorporation.
Section 41-10-454 - Consummation of Incorporation.
Section 41-10-455 - Members, Directors and Officers of Authority.
Section 41-10-456 - Powers of Authority.
Section 41-10-457 - Power of Condemnation.
Section 41-10-458 - Authorization of Bonds.
Section 41-10-458.1 - Definitions; Additional Authorization.
Section 41-10-458.2 - Issuance of Bonds - 2006 Authorization.
Section 41-10-459 - Refunding Bonds.
Section 41-10-460 - Execution of Bonds.
Section 41-10-461 - Sale of Bonds.
Section 41-10-462 - Bonds of Authority.
Section 41-10-463 - Investment of Proceeds From Sale of Bonds.
Section 41-10-464 - Exemption From Taxation.
Section 41-10-465 - Bonds Constitute Negotiable Instruments.
Section 41-10-466 - Obligations Not Debt of State.
Section 41-10-467 - Bonds May Be Used to Secure Deposit and for Investment of Fiduciary Funds.
Section 41-10-468 - Use of Proceeds From Sale of Bonds.
Section 41-10-469 - Use of Proceeds of Refunding Bonds.
Section 41-10-470 - Conveyance to Authority by State.
Section 41-10-471 - Creation of Fund for Benefit of Bonds.
Section 41-10-472 - Pledge and Lien for Benefit of Bonds.
Section 41-10-473 - State Treasurer to Disburse Funds.
Section 41-10-474 - Terms and Conditions of Leasing by Authority; Delinquent Lease Payments.
Section 41-10-475 - Presumption of Validity of Bonds and Publication of Notice Thereof.
Section 41-10-476 - Power to Make Payments and to Make Agreements Respecting Investment of Funds.