Alabama Constitution of 1901, Act § 2021-326

(b) The state is further authorized to become indebted and in evidence thereof to sell and issue one or more series of bonds to refund all or any of the bonds authorized by this amendment in the principal amount or amounts, which may exceed the principal amount of the bonds being refunded, and in the manner as may be provided in general law.

(c) The authority is hereby vested with the power and authority to provide for the sale and terms of the bonds authorized and the issuance thereof, subject to the approval of the Governor. The bonds may be sold, executed, and delivered at any time and from time to time, may be in such forms, denominations, series, and numbers, may be of such tenor and maturities, may bear such date or dates, may be payable in such installments and at such place or places, may bear interest at such rate or rates payable and evidenced in such manner, and may contain provisions for redemption at the option of the state to be exercised by the authority at such date or dates prior to their maturity and upon payment of such redemption price or prices, all as shall be provided by the authority in the resolution or resolutions under which the bonds are issued. The principal of each series of bonds shall mature on such date and in such amounts as shall be specified in the resolution or resolutions of the board of directors of the authority, the last of which installments shall mature not later than 20 years after the date of the bonds of the same series. Bonds of the authority, including refunding bonds, may be sold either at public sale or private sale. Bonds sold by competitive bid must be sold, whether on sealed bids or at public auction, after advertisement as may be prescribed by the authority, to the bidder whose bid reflects the lowest true interest cost to the state computed to the respective maturities of the bonds sold;  provided, that if no bid deemed acceptable by the authority is received, all bids may be rejected.

(d) The bonds shall be signed in the name of the state by the Governor, and the Great Seal of the State of Alabama or a facsimile thereof shall be impressed, printed, or otherwise reproduced thereon and shall be attested by the signature of the Secretary of State;  provided, that facsimile or electronic signatures of either or both of the officers may be reproduced on the bonds in lieu of manual signatures.

(e) All bonds issued under this amendment, together with the interest income thereon, shall forever be exempt from all taxation in the state, except inheritance, estate, and gift taxes.

(f) The proceeds from the sale of the bonds by the Alabama State Parks Enhancement Authority authorized by this amendment, other than refunding bonds, after the payment of all expenses of the sale thereof, shall be set apart in a special fund in the State Treasury to be designated the Alabama State Parks Enhancement Fund, and the proceeds, together with income derived from the investment and reinvestment thereof, shall be temporarily invested until needed and disbursed, on order of the authority solely for the purposes, hereinabove described, for which the bonds are authorized to be issued.

(g) No further authorization from the Legislature shall be a prerequisite to the validity of any bonds issued under this amendment. However, the Legislature shall enact appropriate legislation implementing this amendment, including provisions for the issuance of refunding bonds as authorized by this amendment.

(h) The Alabama State Parks Enhancement Authority, to the extent practiced, shall strive to use businesses and companies in all aspects of the bond and construction portions authorized by this amendment that reflect the racial and ethnic diversity of the state.