SB468 Alabama 2012 Session

Summary

Primary Sponsor

Jerry L. Fielding

Republican

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

SB468 updates Alabama housing authority bonds to reflect interest terms in bond documents and modernize public-sale notice by allowing electronic posting and flexible sale methods.

What This Bill Does

The bill clarifies that bonds issued by a housing authority bear interest at rates provided by the authority's resolution, trust indenture, or mortgage. It allows bonds to be sold by public or private sale as determined by the authority. For public sales, any notice must be published at least 10 days before the sale in a financial newspaper in New York City or New Orleans, or posted electronically on a website or other electronic service accessible to potential purchasers. It keeps the option for private sales to the federal government or a government-sponsored enterprise without public advertisement.

Who It Affects

• Housing authorities: gain clarified authority over bond terms and sale methods, with updated notice requirements for public sales.
• Potential bond purchasers/investors and financial intermediaries: will receive public-sale notices either in a New York financial newspaper or via electronic posting, increasing access to sale information.

Key Provisions

• Bonds shall bear interest at rates payable as provided in the authority's resolution, trust indenture, or mortgage.
• Bonds may be sold by public or private sale as determined by the authority; public sales require notice published at least 10 days prior in a financial newspaper in New York City or New Orleans, or posted electronically on a website or other electronic/Internet service accessible to potential purchasers.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Housing Authorities