HB144 Summary

• Amends Section 24-1-32 of the Code of Alabama 1975 regarding housing authority bond issuance and sales procedures.

• Authorizes bonds to bear interest at rates determined by the authority's resolution, trust indenture, or mortgage, with interest payable semiannually at specified times.

• Allows bonds to be sold by public or private sale as determined by the authority, eliminating the previous requirement to advertise in specific financial newspapers.

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

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