HB646 Alabama 2012 Session

Updated Feb 27, 2026

Low Interest

Summary

Primary Sponsor: Laura HallRepresentative
Democrat
Co-Sponsors: Kurt Wallace Alan Boothe Greg Wren Micky Hammon Chad Fincher Joe Hubbard Victor Gaston Mike Hill Randy Davis Elwyn Thomas Jeremy Oden Patricia Todd Chris England Thad McClammy Mark Tuggle
Session: Regular Session 2012
Title: Housing Authorities, bonds, interest on bonds to be paid according to terms of resolution or its trust indenture or mortgage, bonds sold as determined by authority, 10 days notice required for public sale, Sec. 24-1-32 am'd
Summary: HB646 changes how Alabama housing authorities issue bonds, including interest terms, sale options, and notice requirements for public bond sales.
What This Bill Does
Bond interest will follow rates set in the authority's resolution or trust indenture. The authority may sell bonds by public or private sale as it chooses; public sales must have at least 10 days' notice published in a newspaper circulating in the city where the authority was incorporated and in a financial newspaper in New York City or New Orleans, or posted electronically. The act also allows interim certificates before definitive bonds, lets the authority buy back its bonds, and makes bonds negotiable instruments.

Who It Affects
Housing authorities in Alabama issuing bonds would follow these terms for interest, sale methods (public or private), and notice requirements, and could issue interim certificates or buy back bonds.
Potential buyers of housing authority bonds (investors and other entities) would be affected by the notice and sale method rules, including electronic posting options and the possibility of private sales to the federal government or a government-sponsored enterprise.

Key Provisions
Bonds issued by the housing authority are authorized by resolution, may be issued in one or more series, may mature up to 60 years, and bear interest payable semiannually at rates specified by the resolution, trust indenture, or mortgage.
Public sale notices must be published at least 10 days before sale in a newspaper circulating in the city where the authority was incorporated and in a financial newspaper in New York City or New Orleans, or posted electronically; private sales can occur with the federal government or a government-sponsored enterprise without public advertisement.
Bonds may be sold by public or private sale as determined by the authority; interim certificates may be issued; the authority may purchase its own bonds at a price not more than the principal amount plus accrued interest; bonds and interim obligations are negotiable instruments.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.
Subjects: Housing Authorities