Relating to county housing authorities, to amend Sections 24-1-71, 24-1-83, and 41-4-16, Code of Alabama 1975, to authorize the electronic posting of the notice of the sale to potential purchasers of bonds under certain conditions; to eliminate the requirement for bids to be advertised for three weeks and publicly let to the lowest responsible bidder; and to exclude municipal, county, and regional housing authorities from the requirement of obtaining prior written consent of the Department of Finance to issue and sell bonds.
Sections 24-1-71, 24-1-83, and 41-4-16, Code of Alabama 1975, are amended to read as follows: "§24-1-71. "The bonds of the authority shall be authorized by its resolution and shall be issued in one or more series and shall bear such date or dates, mature at such time or times, not exceeding 60 years from their respective dates, bear interest at such rate or rates, payable semiannually, be in such denominations, which may be made interchangeable, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, with or without premium, as such resolution or its trust indenture or mortgage may provide. The bonds may be sold at public sale held after both of the following: "(1) A notice shall be published once, at least 10 days prior to such the sale, in a newspaper circulating in the county. "(2) In addition, a notice shall be published and at least 10 days prior to the sale in a financial newspaper published in the City of New York, New York, or in the City of New Orleans, Louisiana, or posted electronically at least 10 days prior to the sale on a website or other electronic or Internet service reasonably expected to be available to potential purchasers of the bonds.; provided, however, that such "Notwithstanding the foregoing, the bonds may be sold to the federal government or to a government sponsored enterprise at private sale without any public advertisement. The bonds may be sold at such price or prices as the authority shall determine. Pending the authorization, preparation, execution or delivery of definitive bonds, the authority may issue interim certificates, or other temporary obligations to the purchaser of such bonds. Such interim certificates, or other temporary obligations, shall be in such form, contain such terms, conditions and provisions, bear such date or dates and evidence such agreements relating to their discharge or payment or delivery of definitive bonds as the authority may by resolution, trust indenture or mortgage determine. In case any of the officers whose signatures appear on any bonds or coupons shall cease to be such officers before the delivery of such bonds, such signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if they had remained in office until such delivery. The authority shall have power, out of any funds available therefor, to purchase any bonds issued by it at a price not more than the principal amount thereof and the accrued interest. All bonds so purchased shall be cancelled. This section shall not apply to the redemption of bonds. Any provision of any law to the contrary notwithstanding, any bonds, interim certificates or other obligations issued pursuant to this article are hereby declared to be negotiable instruments. "§24-1-83. "The authority and its housing commissioners shall be under a statutory duty to comply or to cause compliance strictly with all provisions of this article and the laws of the State of Alabama and in addition thereto, with each and every term, provision, and covenant in any contract of the authority on its part to be kept or performed, and shall make no contract for the construction of any house or building costing more than $100.00 or the purchase of any material therefor until after three weeks' advertising for bids and a public letting to the lowest responsible bidder. "§41-4-16. "No bonds or other evidences of indebtedness of any commission or authority created to construct or reconstruct highway bridges, approaches and appurtenances thereto, any housing authority, any state rural electrification authority, any electric membership corporation, any power district or any improvement authority shall be issued or sold until the consent to the issuance and sale thereof shall have been given by the Department of Finance, to be evidenced by the written approval of the Director of Finance. Such consent shall be granted only after a public hearing and after a petition requesting such consent has been duly filed by the corporation, authority, district, commission or other body seeking such consent with the department more than five days before such public hearing. Such petition shall specify the plan or program of the body seeking such consent and the uses to which it is proposed to put the proceeds of such issue and such other matters as are necessary to fully advise such department of the nature of the proposed project, and said petition shall include such other information as may be required by the rules of the department. The Department of Finance shall grant such consent only after it finds that such issue or sale serves some public need and is in the public interest. It shall be unlawful for the body seeking such consent or anyone to use the proceeds of any such issue or sale contrary to the plan and purposes presented to the department in obtaining its consent thereto. The provisions of this section shall not apply to any bonds or other evidence of indebtedness issued by any municipality, or any agencies, bureaus or commissions thereof nor any municipal, county, or regional housing authority."
This act shall become effective on the first day of the third month following its passage and approval by the Governor, or its otherwise becoming law. Senate Read for the first time and referred to the Senate committee on Governmental Affairs................. 0.5-MAR-19Read for the second time and placed on the calen- dar with 1 substitute and......................... 1.9-MAR-19Read for the third time and passed as amended .... 2.0-MAR-19 Yeas 25 Nays Patrick Harris, Secretary.
|April 30, 2019||S||Assigned Act No. 2019-105.|
|April 30, 2019||H||Signature Requested|
|April 30, 2019||S||Enrolled|
|April 25, 2019||S||Passed Second House|
|April 25, 2019||H||Motion to Read a Third Time and Pass adopted Roll Call 396|
|April 25, 2019||H||Third Reading Passed|
|April 11, 2019||H||Read for the second time and placed on the calendar|
|April 3, 2019||H||Rereferred from SG to BA&C|
|March 21, 2019||H||Read for the first time and referred to the House of Representatives committee on State Government|
|March 21, 2019||S||Engrossed|
|March 20, 2019||S||Motion to Read a Third Time and Pass adopted Roll Call 24|
|March 20, 2019||S||Holley motion to Adopt adopted Roll Call 23|
|March 20, 2019||S||Holley motion to Carry Over adopted Voice Vote|
|March 20, 2019||S||Governmental Affairs first Substitute Offered|
|March 20, 2019||S||Third Reading Passed|
|March 19, 2019||S||Read for the second time and placed on the calendar with 1 substitute and|
|March 5, 2019||S||Read for the first time and referred to the Senate committee on Governmental Affairs|