(a) Upon the adoption by the board of the authority of any resolution providing for the issuance of bonds, such authority may, in its discretion, cause to be published once a week for two consecutive weeks, in a newspaper published or having a general circulation in the city, 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 such authority: “Ozark Downtown Redevelopment Authority, a public corporation under the laws of the State of Alabama, on the _____ day of _____, authorized the issuance of $_____ principal amount of bonds of the public corporation for purposes authorized in the act of the Legislature of Alabama under which the public corporation was organized. Any action or proceeding questioning the validity of the bonds, or the pledge and the mortgage and deed of trust or trust indenture to secure the same, or the proceedings authorizing the same, shall be commenced within 30 days after the first publication of this notice.” A newspaper shall be deemed to be published in the city, within the meaning of this section, if its principal editorial office is located in the city.
Terms Used In Alabama Code 45-23A-91.12
- authority: The Ozark Downtown Redevelopment Authority, a public corporation organized pursuant to this part. See Alabama Code 45-23A-91.01
- board: The board of directors of the authority. See Alabama Code 45-23A-91.01
- bonds: Includes bonds, notes, and certificates representing an obligation to pay money. See Alabama Code 45-23A-91.01
- city: The City of Ozark, Alabama. See Alabama Code 45-23A-91.01
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- following: means next after. See Alabama Code 1-1-1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- state: The State of Alabama. See Alabama Code 45-23A-91.01
(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 any such bonds, or the validity of any pledge and mortgage and deed of trust or trust indenture made therefor, shall be commenced within 30 days after the first publication of such notice. After the expiration of the that period no right of action or defense questioning or attacking the validity of the proceedings or of the Bonds or the pledge or mortgage and deed of trust or trust indenture shall be asserted, nor shall the validity of the proceedings, bonds, pledge, mortgage, and deed of trust or trust indenture be open to question in any court on any ground whatsoever except in an action commenced within such period.