AL HB646

Amends Section 24-1-32, Code of Alabama 1975, to allow housing authority bonds to bear interest at rates determined by the terms of the resolution, trust indenture, or mortgage.

Permits bonds to be sold by either public or private sale as determined by the authority, eliminating the previous requirement for public sale.

Requires at least 10 days' notice prior to public bond sales, published in a newspaper in the city where the authority was incorporated and in a financial newspaper published in New York, or posted electronically on a website or Internet service reasonably accessible to potential bond purchasers.

Allows temporary interim certificates or other temporary obligations to be issued pending authorization, preparation, execution, or delivery of definitive bonds.

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