SB468 Summary

• Amends Section 24-1-32 of the Code of Alabama 1975 to modify how housing authority bonds bear interest by changing from semiannual payments to interest payable "at the time or times provided by the terms of the resolution or its trust indenture or mortgage."

• Allows housing authorities to determine whether bonds are sold by public or private sale, eliminating the previous requirement that bonds be sold at public sale unless sold to the federal government or government-sponsored enterprises.

• Requires public bond sales to include notice published at least 10 days prior to sale in a financial newspaper published in New York City, or posted electronically on a website or internet service reasonably expected to reach potential bond purchasers.

• Removes the requirement to publish notice in local newspapers and financial newspapers in both New York and New Orleans for public sales.

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