HB144 Alabama 2013 Session

Updated Feb 24, 2026

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.
Summary: HB144 updates Alabama housing authority bond rules to specify interest, sale methods, and public notice requirements for bond sales.
What This Bill Does
It allows housing authorities to issue bonds in one or more series with standard terms, including up to 60 years maturity and semiannual interest, as set by their resolution or trust indenture. Bonds may be sold by public or private sale as decided by the authority; public sales require notice at least 10 days before the sale. Notice for public sales can be published in specified newspapers or posted online; private sales may occur to the federal government or a government-sponsored enterprise without public advertisement. Interim certificates can be issued before definitive bonds, and the authority may buy back its bonds with funds, with such bonds canceled; all bonds and related obligations are negotiable instruments.

Who It Affects
Housing authorities in Alabama that issue bonds; they gain clearer rules on how to set terms, choose sale methods, and handle notices and potential bond repurchases.
Potential buyers of housing authority bonds (investors and institutions), who will receive public sale notices and may participate in public or private sales, including government buyers in private transactions.

Key Provisions
Bonds may be issued in one or more series, mature up to 60 years, and bear interest as determined by the issuing authority's resolution or trust indenture or mortgage.
Bonds may be sold by public sale or private sale as determined by the authority; public sales require notice at least 10 days prior.
Public sale notice must be published in a newspaper circulating in the authority's city and in a financial newspaper in New York City or New Orleans, or posted electronically for potential purchasers.
Bonds may be sold to the federal government or a government-sponsored enterprise at private sale without public advertisement.
Interim certificates or other temporary obligations may be issued before delivery of definitive bonds, with terms set by the authority.
The authority may purchase its own bonds at up to principal amount plus accrued interest, with purchased bonds canceled.
Bonds and related obligations are declared 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