SB183

By Senator Sessions

ENROLLED, An Act,

To amend Section 11-81-93 of the Code of Alabama 1975, authorizing any county to issue bonds for the purpose of refunding outstanding bonds; to authorize a county to issue bonds to refund certain bonds previously issued by the county; to ratify and confirm certain refunding bonds previously issued; and to provide for certain exceptions relating to pending litigation.

BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:Section 1. Section 11-81-93 of the Code of Alabama 1975, is amended to read as follows:

§11-81-93.

"(a) The county commission of any county having bonds outstanding may, without an election, issue bonds of the county for the purpose of refunding such bonds to an amount not exceeding the principal amount of the bonds to be so refunded and may also, without an election, issue bonds of the county from time to time for the purpose of refunding installments of not less than $1,000.00 one thousand dollars ($1000) becoming due on outstanding serial bonds heretofore or hereafter issued.

"(b) Notwithstanding the provisions of subsection (a), a county commission of any county, without an election, and no later than December 31, 2020, may issue bonds of the county, limited in amount as provided in subsection (a), for the purpose of refunding bonds which were originally issued prior to January 1, 2011, to refund other bonds. The prior refunding bonds are ratified and confirmed and given effect in all respects and any refunding bonds to be issued to refund those bonds are hereby authorized. This subsection shall not apply to any bonds which prior to the effective date of the act adding this language have been held invalid by the Supreme Court of Alabama or by final judgment of the circuit court in the county which issued the bonds and from which judgment an appeal was not taken to the Supreme Court of Alabama within the time provided by law for the taking of appeals or to any bonds the validity of which is an issue in any pending civil action commenced prior to the effective date of the act adding this language."

Section 2. This act shall become effective immediately following its passage and approval by the Governor, or its otherwise becoming law.

Counties

Bonds

Code Amended