State Codes and Statutes
Statutes > Alabama > Title16 > Chapter16 > 16-16-14_1Section 16-16-14.1
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2009 FIRST SPECIAL SESSION, EFFECTIVE AUGUST 14, 2009. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
From and after August 14, 2009, bonds issued by the authority under subsection (b) of Section 3 of Act 98-373 may be sold by negotiated sale or by competitive bid at such price or prices and at such time or times as the authority may consider advantageous. In addition, bonds hereafter issued by the authority under subsection (b) of Section 3 of Act 98-373 may bear such maturities, may be subject to redemption, or may not be subject to redemption, all on such terms as the authority may consider advantageous. Notwithstanding any other provision of law, bonds issued as "qualified school construction bonds" may be issued by the authority after review by the Alabama Public School and College Education Incentive Fund Council created in Section 16-16-15. The council shall make their review within 10 days after receiving notification from the authority. In addition, bonds issued as "qualified school construction bonds" may contain such other terms and provisions as shall be necessary for such bonds to comply with the American Recovery and Reinvestment Act of 2009 and the Internal Revenue Code of 1986, as amended. In addition, proceeds from the sale of bonds issued as "qualified school construction bonds" may be provided only to those participating local boards of education that irrevocably pledge for the entire bond maturation period an amount of revenue sufficient to meet the corresponding debt service obligations of such local board of education.
(Act 2009-813, 1st Sp. Sess., §3 )