SB468 Alabama 2012 Session

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 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

To amend Section 24-1-32, Code of Alabama 1975, relating to housing authority bonds; to provide that the bonds of the authority shall 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; and to provide that the bonds shall be sold by public or private sale as determined by the authority and any public sale of bonds shall be conducted after proper notice is published in a financial newspaper published in a specified city or posted electronically on a website or other electronic or Internet service reasonably expected to be available to potential purchasers of the bonds.