The corporation may at any time and from time to time issue refunding bonds for the purpose of refunding the principal of and interest on any bonds of the corporation theretofore issued under this article and then outstanding, whether or not such principal and interest shall have matured at the time of such refunding, and for the payment of any expenses incurred in connection with such refunding and such premium as is necessary to be paid in order to redeem or retire 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, in the manner provided for in this article with respect to bonds, 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 the corporation under their respective provisions. Any refunding bonds of the corporation shall be payable solely from the revenues out of which the bonds or coupons to be refunded thereby were payable. All provisions of this article pertaining to bonds of the corporation that are not inconsistent with the provisions of this section shall also apply to refunding bonds issued by the corporation.
Structure Code of Alabama
Article 4 - State Products Mart and Coliseum Authorities.
Section 41-10-80 - Short Title.
Section 41-10-81 - Definitions.
Section 41-10-82 - Purpose of Article; Construction of Article Generally.
Section 41-10-86 - Amendment of Certificate of Incorporation.
Section 41-10-90 - Officers of Corporation.
Section 41-10-91 - Powers of Corporation - Generally.
Section 41-10-92 - Powers of Corporation - Eminent Domain.
Section 41-10-95 - Execution and Delivery of Bonds and Interest Coupons.
Section 41-10-96 - Security for Payment of Principal and Interest on Bonds.
Section 41-10-97 - Disposition of Proceeds From Sale of Bonds Generally.
Section 41-10-99 - Refunding Bonds.
Section 41-10-100 - Investment of Surplus, etc., County Funds in Bonds of Corporation.
Section 41-10-102 - Remedies Upon Default on Bonds, Etc.
Section 41-10-103 - Leasing of Projects.
Section 41-10-104 - Conduct of Sporting Events, Exhibits, etc., in Projects.
Section 41-10-106 - Appropriations to Corporation by Municipality or County Authorized; Limitations.
Section 41-10-107 - Exemption From Taxation of Bonds, Income, Projects, etc., of Corporation.