The authority may at any time and from time to time issue refunding bonds for the purpose of refunding the principal of and the interest on any bonds of the authority theretofore issued hereunder 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 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 subpart pertaining to bonds of the authority that are not inconsistent with this section, to the extent applicable, shall 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 hereof respecting refunding bonds shall apply only to the portion of such combined issue authorized for refunding purposes and the provisions hereof respecting other financing shall apply to the remaining portion of such combined issue.
Structure Code of Alabama
Chapter 37A - Jefferson County Municipalities.
Section 45-37A-56.21 - Application of Subpart.
Section 45-37A-56.22 - Definitions.
Section 45-37A-56.25 - Execution and Recording of Certificate of Incorporation.
Section 45-37A-56.27 - Board of Directors of the Authority.
Section 45-37A-56.28 - Officers of the Authority.
Section 45-37A-56.29 - Powers of the Authority.
Section 45-37A-56.30 - Operation or Leasing of Parking Facilities.
Section 45-37A-56.31 - Federal and State Aid.
Section 45-37A-56.32 - Cooperation.
Section 45-37A-56.33 - Bonds of the Authority.
Section 45-37A-56.34 - Execution of Bonds.
Section 45-37A-56.35 - Security of Bonds.
Section 45-37A-56.36 - Use of Proceeds From Sale of Bonds.
Section 45-37A-56.37 - Refunding Bonds.
Section 45-37A-56.38 - Exemption From Taxation.
Section 45-37A-56.39 - Investment in Bonds.
Section 45-37A-56.40 - Eligibility of Bonds as Investments for Trust Funds.
Section 45-37A-56.42 - Contracting and Purchasing Restrictions.
Section 45-37A-56.43 - Audit; Inspection of Records.