SB 83 Summary

• Amends Section 24-1-32, Code of Alabama 1975, to allow housing authority bonds to bear interest payable at times specified in the resolution, trust indenture, or mortgage instead of requiring semiannual payment.

• Grants housing authorities discretion to sell bonds by public or private sale as determined by the authority.

• Requires public bond sales to be conducted after notice is published at least 10 days prior to sale in a local newspaper where the authority was incorporated and in a financial newspaper published in New York City.

• Permits public notice to be posted electronically on a website or other Internet service reasonably expected to be available to potential bond purchasers as an alternative to newspaper publication.

• Takes effect on the first day of the third month following passage and approval by the Governor.