HB144 Alabama 2013 Session

Summary

Primary Sponsor

Mark Tuggle

Republican

Session

Regular Session 2013

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.

Description

Under existing law, the governing body of a city may adopt a resolution declaring the need for a housing authority in the city. The authority has the power to issue bonds, from time to time, in its discretion for its corporate purposes. The bonds of the authority bear interest at a rate or rates payable semiannually according to the terms of the resolution or its trust indenture or mortgage.

These bonds may be sold at public sale after notice has been published once, at least 10 days prior to the sale, in a local newspaper and in a financial newspaper published in New York, New York, or New Orleans, Louisiana. However, these bonds may be sold to the federal government or a government sponsored enterprise at private sale without any public advertisement.

This bill would provide that the bonds would bear interest at a rate or rates payable at the time or times provided by the terms of the resolution or its trust indenture or mortgage.

This bill would provide that the bonds would be sold by public or private sale as determined by the authority and any public sale of bonds would be conducted after notice has been published at least 10 days prior to the sale in a local newspaper under certain conditions and in a financial newspaper published in the City of New York, New York, or posted electronically on a website or other electronic or Internet service reasonably expected to be available to potential purchasers of the bonds.

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Subjects

Housing Authorities