Ala. Code § 11-92C-11
Any bonds issued by an authority may from time to time be refunded by the issuance, sale, or exchange of refunding bonds payable from the same or different sources for the purpose of paying all or any part of the principal of the bonds to be refunded, any redemption premium required to be paid as a condition to the redemption prior to maturity of any bonds that are to be so redeemed in connection with refunding, any accrued and unpaid interest on the bonds to be refunded, any interest to accrue on each bond to be refunded to the date on which it is to be paid, whether at maturity or by redemption prior to maturity, and the expenses incurred in connection with refunding. Unless duly called for redemption pursuant to provisions contained therein, the holders of any bonds then outstanding and proposed to be refunded shall not be compelled without their consent to surrender their outstanding bonds for refunding. Any refunding bonds may be sold by the authority at public or private sale at the price or prices as may be determined by its board to be most advantageous, or may be exchanged for the bonds or other obligations to be refunded. Any refunding bonds may be executed and delivered by the authority at any time and from time to time, shall be in the form and denominations and have the tenor and maturities, shall contain provisions not inconsistent with this chapter, and shall bear the rate or rates of interest, payable and evidenced in the manner as may be provided by resolution of its board. Any refunding bonds issued by an authority shall be issued and may be secured in accordance with Section 11-92C-9.
Ala. Code § 11-92C-11 (1975)