Alabama Code Title 23. Highways, Roads, Bridges, and Ferries § 23-7-19
Current as of December 30, 2022 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(a) The bonds of the bank must be authorized by a resolution of the bank.
(b) The bonds shall bear the date and mature at the time which the resolution provides, except that no bond may mature more than 40 years from its date of issue.
(c) The bonds may be in the denominations, be executed in the manner, be payable in the medium of payment, be payable at the place and at the time, and be subject to redemption or repurchase and contain other provisions determined by the bank prior to their issuance.
(d) The bonds may bear interest payable at a time and at a rate as determined by the bank, including the determination by agents designated by the bank under guidelines established by it.
(e) Bonds may be sold by the bank at public or private sale at the price it determines and approves.
Cite this article: FindLaw.com - Alabama Code Title 23. Highways, Roads, Bridges, and Ferries § 23-7-19 - last updated December 30, 2022 | https://codes.findlaw.com/al/title-23-highways-roads-bridges-and-ferries/al-code-sect-23-7-19.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?