(a) Upon the adoption by the board of the authority of any resolution providing for the issuance of bonds, such authority may, in its discretion, cause to be published once a week for two consecutive weeks, in a newspaper published or having a general circulation in the city, a notice in substantially the following form (the blanks being properly filled in) at the end of which shall be printed the name and title of either the chairman or secretary of such authority: "The Oxford Downtown Development Authority, a public corporation under the laws of the State of Alabama, on the ___ day of __________, authorized the issuance of $ ______ principal amount of bonds of the public corporation for purposes authorized in the act of the Legislature of Alabama under which the public corporation was organized. Any action or proceeding questioning the validity of the bonds, or the pledge and the mortgage and deed of trust or trust indenture to secure the same, or the proceedings authorizing the same, must be commenced within 30 days after the first publication of this notice." A newspaper shall be deemed to be published in the city, within the meaning of this section, if its principal editorial office is located in the city.
(b) Any action or proceeding in any court to set aside or question the proceedings for the issuance of the bonds referred to in the notice or to contest the validity of any such bonds, or the validity of any pledge and mortgage and deed of trust or trust indenture made therefor, must be commenced within 30 days after the first publication of such notice. After the expiration of the period no right of action or defense questioning or attacking the validity of the proceedings or of the bonds or the pledge or mortgage and deed of trust or trust indenture shall be asserted, nor shall the validity of the proceedings, bonds, pledge, mortgage, and deed of trust or trust indenture be open to question in any court on any ground whatsoever except in an action commenced within such period.
Structure Code of Alabama
Chapter 8A - Calhoun County Municipalities.
Section 45-8A-111 - Legislative Intent.
Section 45-8A-111.01 - Definitions.
Section 45-8A-111.02 - Use of Phrases.
Section 45-8A-111.05 - Amendments to Certificate of Incorporation.
Section 45-8A-111.06 - Board of Directors.
Section 45-8A-111.07 - Officers of the Authority.
Section 45-8A-111.08 - Powers of Authority.
Section 45-8A-111.09 - Bonds of Authority.
Section 45-8A-111.10 - Proceeds From the Sale of Bonds.
Section 45-8A-111.11 - Refunding Bonds.
Section 45-8A-111.12 - Notice of Bond Resolution.
Section 45-8A-111.13 - Exemption From Taxation.
Section 45-8A-111.14 - Liability of City.
Section 45-8A-111.15 - Exemption From Usury and Interest Laws.
Section 45-8A-111.16 - Exemption From Competitive Bid Laws.
Section 45-8A-111.17 - Freedom of Authority From State Supervision and Control.
Section 45-8A-111.18 - Earnings of the Authority.
Section 45-8A-111.19 - Dissolution of the Corporation and Vesting of Title to Property in the City.
Section 45-8A-111.20 - Existence of the Authority to Prevent Incorporation of Another by the City.