SB203 Summary

• Amends Section 11-94-10 of the Code of Alabama 1975 to modify publication requirements for port authority bond notices, making publication mandatory rather than discretionary.

• Requires port authorities to publish bond issuance notices once weekly for two consecutive weeks in newspapers of general circulation within the authority's operational area and on newspaper websites if available.

• Establishes a 20-day deadline from first publication for filing civil actions to challenge bond validity, pledges, mortgages, leases, or sales of projects financed by the bonds.

• Bars any cause of action, counterclaim, setoff, or defense questioning bond validity after the 20-day period expires and prohibits such challenges in any court except within the specified timeframe.

• Becomes effective on the first day of the third month following passage and approval by the Governor.