(a) Upon the adoption by the board of directors of any resolution providing for the issuance of bonds, the corporation, in its discretion, may cause to be published once a week for two consecutive weeks, in a newspaper published in the county, 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 chair or secretary of the corporation: “___________, a public corporation under the laws of the State of Alabama, on the _________ day of ___________, authorized the issuance of $_________ principal amount of revenue bonds of the corporation for purposes authorized in the act of the Legislature of Alabama under which the corporation was organized. Any action or proceeding questioning the validity of the bonds, the pledge, and mortgage to secure the same, any lease or sale of an industrial site to be financed by the bonds, or the proceedings authorizing the same must be commenced within 20 days after the first publication of this notice.”
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Terms Used In Alabama Code 45-49-90.09

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • following: means next after. See Alabama Code 1-1-1
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(b) Any action or proceeding in any court to set aside or question the proceedings for the issuance of the bonds referred to in the notice or to contest the validity of such bonds or the validity of the pledge and mortgage made therefor or the lease or sale of the industrial park to be financed by the bonds shall be commenced within 20 days after the first publication of such notice. After the expiration of the period, no right of action or defense questioning or attacking the validity of the proceedings or of the bonds or the pledge or mortgage or the lease or sale of the industrial park to be financed by the bonds shall be asserted, nor shall the validity of the proceedings or of the bonds or the pledge or mortgage or the lease or sale of the industrial park to be financed by the bonds be open to question in any court on any ground whatsoever except in an action or proceeding commenced within such period.
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