2023 Code of Alabama
Title 14 - Criminal Correctional and Detention Facilities.
Chapter 2 - Alabama Corrections Institution Finance Authority.
Section 14-2-16 - Bonds - Sale.

Section 14-2-16

Bonds - Sale.

THIS SECTION WAS AMENDED BY ACT 2021-546 IN THE 2021 1ST SPECIAL SESSION, EFFECTIVE OCTOBER 1, 2021. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.

Bonds of the authority may be sold at such price or prices and at such time or times as the authority may consider advantageous, at public sale, private sale, or via negotiation. Bonds of the authority sold by competitive bid must be sold, whether on sealed bids or at public auction, to the bidder whose bid reflects the lowest true interest cost to the authority for the bonds being sold; provided, that if no bid acceptable to the authority is received, it may reject all bids. The authority may fix the terms and conditions under which such sale may be held; provided, that such terms and conditions shall not conflict with any of the requirements of this chapter. The authority may pay out of the proceeds of the sale of its bonds all expenses, including capitalized interest during a period not to exceed three years from the date of issuance of such bonds, publication and printing charges, attorneys' fees, and other expenses that the authority may deem necessary and advantageous in connection with the authorization, advertisement, sale, execution, and issuance of such bonds. Except as otherwise provided in paragraphs (c)(2)b. and c. of Section 14-2-12, neither a public hearing nor consent of the State Department of Finance or any other department or agency of the state shall be a prerequisite to the issuance or sale of bonds by the authority.

(Acts 1965, No. 678, p. 1226, §14; Acts 1985, 1st Ex. Sess., No. 85-125, p. 187, §8; Acts 1986, No. 86-281, p. 407, §1; Acts 1992, No. 92-587, p. 1209, §3; Act 2021-546, §2.)