41-10-44.10
Section 41-10-44.10 Refunding obligations. Any project obligations issued by the authority
may from time to time be refunded by the issuance, by sale or exchange, of refunding bonds
or obligations payable from the same or different sources for the purpose of paying all or
any part of the principal of the project obligations to be refunded, any redemption premium
required to be paid as a condition to the redemption prior to maturity of any such project
obligations that are to be so redeemed in connection with such refunding, any accrued and
unpaid interest on the project obligations to be refunded, any interest to accrue on each
project obligation to be refunded to the date on which it is to be paid, whether at maturity
or by redemption prior to maturity, and the expenses incurred in connection with refunding;
provided, that unless duly called for redemption pursuant to provisions contained therein,
the holders of any such project obligations then outstanding and proposed to be refunded...

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11-81-166
Section 11-81-166 Revenue bonds - Authority for issuance; authorization proceedings generally;
form, terms, denominations, etc.; execution and delivery generally; maturity and sale; payment
generally; trust indentures. (a) Any borrower may issue its revenue bonds for the purpose
of: (1) Financing the acquisition, improvement, enlargement, extension and repair, or any
of them, of a system or systems; (2) Refunding the principal of and the interest on any bonds
of such borrower theretofore issued under this article and then outstanding, whether or not
such principal and interest shall have matured at the time of such refunding; or (3) Financing
any such acquisition, improvement, enlargement, extension and repair, or any of them, and
refunding any such principal and interest. (b) Any bonds issued under this article shall be
made payable solely out of the revenues from the operation of a system or systems of the borrower
and may be made payable from any such revenues without regard to...
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41-10-756
Section 41-10-756 Refunding bonds. (a) Any bonds issued by the authority may from time to time
be refunded by the issuance, sale, or exchange of refunding bonds for the purpose of paying
the following items: (1) All or any part of the principal of the bonds to be refunded. (2)
Any redemption premium required to be paid as a condition to the redemption prior to maturity
of any such bonds that are to be so redeemed in connection with such refunding. (3) Any accrued
and unpaid interest on the bonds to be refunded. (4) Any interest to accrue on each bond to
be refunded to the date on which it is to be paid, whether at maturity or by redemption prior
to maturity. (5) The expenses incurred in connection with the refunding. (b) Refunding bonds
of the authority may be sold, in the discretion of the authority, either (1) at public sale
or sales, based on sealed bids received either electronically or on paper, after advertisement
as may be prescribed by the authority, to the bidder whose bid...
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41-10-363
Section 41-10-363 Refunding bonds; proceeds of sale of refunding bonds. Any bonds issued by
the authority under this article may from time to time thereafter be refunded by the issuance
of refunding bonds of the authority. Any such refunding bonds may be issued whether the bonds
to be refunded shall have then matured or shall thereafter mature, and such refunding may
be effected either by sale of the refunding bonds and the applications of the proceeds thereof
to the payment or redemption of the bonds so refunded or by exchange of the refunding bonds
for those to be refunded thereby; provided, that the holders of any bonds so to be refunded
shall not be compelled without their consent to surrender their bonds for payment or exchange
prior to the date on which they are payable or, if they are called for redemption, prior to
the date on which they may be redeemed by the authority according to their terms. Any refunding
bonds may be issued in such aggregate principal amount as the...
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2-5A-35
Section 2-5A-35 Refunding bonds. (a) Any bonds issued by the Department of Agriculture and
Industries pursuant to this article may from time to time thereafter be refunded by the issuance
of refunding bonds of the Department of Agriculture and Industries; provided, however, that
no refunding bonds shall be issued unless the present value of all debt service on the refunding
bonds, computed with a discount rate equal to the true interest rate of the refunding bonds
and taking into account all underwriting discount and issuance expenses, shall not be greater
than 97 percent of the present value of all debt service on the bonds to be refunded, computed
using the same discount rate and taking into account the underwriting discount and other issuance
expenses originally applicable to such bonds, determined as if such bonds to be refunded were
paid and retired in accordance with the schedule of maturities, considering mandatory redemption
as a scheduled maturity, provided at the time of...
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2-3A-54
Section 2-3A-54 Expenses; disposition of proceeds. Upon order of the board of directors of
said authority, all expenses incurred in connection with the authorization, preparation, sale,
and issuance of bonds authorized herein and by Amendment 619 shall be paid out of the proceeds
thereof. The proceeds thereof remaining after payment of such expenses, together with the
income derived from the investment and reinvestment of such proceeds (including income derived
from the investment and reinvestment of previously derived income) shall be disbursed from
time to time on the order of said authority for payment of costs incurred in carrying out
the purposes authorized in said amendment, as follows: The sum of five million seven hundred
thousand dollars ($5,700,000) shall be used for the purpose of providing and the equipping
of a center for cotton, cotton products technology, and for its use as an educational, applied
research, and promotional facility in the field of textile and apparel...
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2-3A-34
Section 2-3A-34 Expenses; disposition of proceeds. Upon order of the board of directors of
said authority, all expenses incurred in connection with the authorization, preparation, sale,
and issuance of bonds authorized herein and by Amendment 618 shall be paid out of the proceeds
thereof. The proceeds thereof remaining after payment of such expenses, together with the
income derived from the investment and reinvestment of such proceeds (including income derived
from the investment and reinvestment of previously derived income) shall be disbursed from
time to time on the order of said authority for payment of costs incurred in carrying out
the purposes authorized in said amendment, as follows: (1) the sum of $13,000,000 shall be
used for providing and improving animal diagnostic laboratories in the state in order to provide
improved animal health testing for livestock and poultry producers, veterinarians, animal
owners and animal-related businesses generally; (2) the sum of $18,200,000...
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41-10-277
Section 41-10-277 Refunding bonds. Any bonds issued by the authority may from time to time
thereafter be refunded by the issuance of refunding bonds of the authority. Any such refunding
bonds may be issued regardless of whether the bonds to be refunded shall have then matured
or shall thereafter mature, and such refunding may be effected either by sale of the refunding
bonds and the application of the proceeds thereof to the payment or redemption of the bonds
so refunded or by exchange of the refunding bonds for those to be refunded thereby; provided,
that the holders of any bonds so to be refunded shall not be compelled without their consent
to surrender their bonds for payment or exchange prior to the date on which they are payable
or, if they are called for redemption, prior to the date on which they may be redeemed by
the authority according to their terms. Any refunding bonds of the authority shall be payable
solely from and secured by the revenues out of which the bonds to be...
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41-10-44.11
Section 41-10-44.11 Publication of notice; time limitation on actions questioning bonds or
proceedings. Upon the adoption by the board of directors of the authority of any resolution
providing for the issuance of project obligations, the authority may, in its discretion, cause
to be published once a week for two consecutive weeks, in newspapers published or having a
general circulation in the Cities of Birmingham, Montgomery, Huntsville and Mobile, a notice
in substantially the following form (the blanks being properly filled in) at the end of which
shall be printed the name and title of either the president or the secretary of the authority:
"The State Industrial Development Authority, a public corporation under the laws of the
State of Alabama, on the ______ day of ___, authorized the issuance of $___ principal amount
of bonds or other obligations of the said public corporation for purposes authorized in Title
41, Chapter 10, Article 2A. The proceeds from the sale of the said...
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22-3A-14
Section 22-3A-14 Refunding bonds. (a) Any bonds issued by the authority under this chapter
may from time to time thereafter be refunded by the issuance of refunding bonds of the authority;
provided, however, that no refunding bonds shall be issued unless the present value of all
debt service on the refunding bonds (computed with a discount rate equal to the true interest
rate of the refunding bonds and taking into account all underwriting discount and other issuance
expenses) shall not be greater than 95 percent of the present value of all debt service on
the bonds to be refunded (computed using the same discount rate and taking into account the
underwriting discount and other issuance expenses originally applicable to such bonds) determined
as if such bonds to be refunded were paid and retired in accordance with the schedule of maturities
(considering mandatory redemption as a scheduled maturity) provided at the time of their issuance.
Provided further that the average maturity of the...
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