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For the purpose of providing funds for the acquisition of sites, for the construction, reconstruction, alteration and improvement of facilities, for the procurement and installation of equipment therefor and for payment of obligations incurred and the principal of and interest on any temporary loans made for any of the said purposes, the authority is hereby authorized, from time to time, to sell and issue, in addition to all bonds heretofore authorized to be issued by the authority, its bonds in such aggregate principal amounts as may be determined by the corporation to be necessary for the said purposes but not to exceed $25,000,000, plus an additional seven million five hundred thousand dollars ($7,500,000) pursuant to Act 97-950, in aggregate principal amount.

Any bonds issued pursuant to this section, as amended by Act 97-950, shall be sold by competitive bid using a financial institution whose principal office is located in Alabama as the financing agent.

(Acts 1965, No. 678, p. 1226, §9; Acts 1967, Ex. Sess., No. 103, p. 131; Acts 1985, 1st Ex. Sess., No. 85-125, p. 187, §6; Acts 1992, No. 92-587, p. 1209, §2; Acts 1997, No. 97-950, 1st Ex. Sess., p. 528, §1; Act 98-375, p. 706, §1.)