SB83 Alabama 2013 Session

Summary

Primary Sponsor

Jerry L. Fielding

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

SB83 updates Alabama housing authority bond rules, clarifying interest terms and expanding how bonds can be sold and advertised.

What This Bill Does

SB83 amends Section 24-1-32 to require bonds bear interest as stated in the authority's resolution or trust indenture. It allows bonds to be sold by public or private sale as the authority chooses, with public sales requiring at least 10 days' notice. Notices can be published in a local newspaper, in a financial newspaper in New York City or New Orleans, or posted electronically for potential purchasers. Private sales can still be made to the federal government or a government-sponsored enterprise without public ads. Bonds can be issued in one or more series up to 60 years, and interim certificates may be issued before delivery; the authority may purchase its own bonds.

Who It Affects

• Housing authorities (the issuing bodies) gain flexibility in how they issue and sell bonds, in terms of sale method, notice requirements, and the ability to issue interim certificates and buy their own bonds.
• Potential bond investors and the public gain access to sale information through notices and online postings, with more options for how notices are published or displayed.

Key Provisions

• Bonds may be issued in one or more series and up to 60 years, with interest rates set as provided in the governing resolution or trust indenture or mortgage.
• Bonds may be sold by public or private sale as determined by the authority; any public sale requires notice at least 10 days before the sale.
• Public sale notices must be published in a local newspaper and 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.
• Private sales may be conducted with the federal government or a government-sponsored enterprise without any 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 with available funds at up to the principal amount plus accrued interest; purchased bonds are cancelled.

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