Section 9-14B-20

Validation of bonds. THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER. THIS SECTION HAS NOT BEEN CODIFIED BY THE LEGISLATURE.

The validity of any bonds issued by the authority may be determined in the manner provided in Sections 11-81-220 through 11-81-227, provided that, as used in those sections: The term "unit" shall mean the authority; the term "organizing subdivision" shall mean the state; the term "obligations" shall include, in addition to the bonds, the obligations of the state and local governmental entities under funding agreements described in Section 9-14B-8; and the term "district attorney" shall mean the Attorney General of the state; and provided further, that the authority shall not be required to specify in its complaint when, where, and in what amounts principal and interest on the bonds are to be paid; and provided further, that in its complaint the authority may, when stating the amount of obligations to be issued, state the principal amount of bonds to be issued, whether the bonds are to be issued in separate series or installments from time to time and, in stating the maximum rate of interest such bonds are to bear, state a maximum per annum rate of interest or in the event the bonds or any series or installments thereof are to bear different rates of interest for different maturity dates that none of such rates will exceed the maximum rate specified in its complaint; and provided further, that nothing contained herein shall be construed as prohibiting or restricting the right of the authority to sell its bonds at a discount, even if in so doing the effective interest cost resulting therefrom would exceed the maximum per annum interest rate specified in the complaint. Publication of a notice to the taxpayers and citizens of the state shall be made in the manner and at the times specified in subsection (d) of Section 11-81-222, except that publication shall be made in a newspaper customarily published not less than five days during each calendar week in the Cities of Montgomery and Mobile. A statement of certification shall be made as provided in Section 11-81-225, and, together with a facsimile of the signature of the register of the circuit court in lieu of his or her manually signing the same, shall be stamped, printed, or otherwise reproduced on the bonds. The register or clerk of the circuit court shall receive no fee or other compensation in connection with the preparation of the certification described in this section. Prior to the initial issuance and sale by the authority of bonds, the validity of such bonds, along with the pledged revenues, may be determined in a validation proceeding as provided in this section.

(Act 2001-972, 2001 3rd Sp. Sess., p. 884, §20.)