Section 2-5-31 Authorization to issue bonds. - Alabama Statutes

Section 2-5-31

Authorization to issue bonds.

The Farmers' Market Authority shall, in addition to all other powers previously conferred upon it, have the power to issue and sell its bonds in the aggregate principal amount not to exceed ten million dollars ($10,000,000) for the purpose of acquiring, constructing, enlarging, improving, renovating, equipping and maintaining farmers' market facilities which the authority has the power to establish pursuant to Section 2-5-1. The bonds shall be in such form or forms and denomination or denominations and of such tenor and maturities, shall bear such rate or rates of interest payable and evidenced in such manner, shall be made subject to redemption prior to their maturities, and shall contain provisions not inconsistent with this article, all as may be provided by the resolution under which the bonds may be issued; provided, that those bonds having maturities more than 10 years after their date shall be subject to redemption at the option of the authority on any interest payment date on and after the tenth anniversary after their date at such redemption price and under such conditions as may be prescribed in the proceedings of the authority under which they are issued.

(Act 98-243, p. 396, §3.)