Section 45-37-162.02 - Notice and hearing(a) The county may not issue debt unless it gives notice of the proposed debt issuance as provided in subsection (b) and a hearing is held as provided in Section 45-37-162.03. The county may not enter into a swap agreement unless notice of the proposed swap agreement is given as provided in subsection (d), a hearing is held as provided in Section 45-37-162.03, and competitive bids for the swap agreement are requested as provided in Section 45-37-162.04.(b) The county shall provide notice of a public hearing on the proposed issuance of debt. The notice shall be published in a newspaper of general circulation in the county not less than four days before the public hearing and shall include a brief description of all of the following information with respect to the proposed debt: (1) The maximum principal amount of debt to be issued and the purpose or purposes for which the debt is to be issued.(2) The interest rate or rates on the debt, if established as of the date of the notice, or, if not established as of such date, the terms and procedures by which the interest rates shall be established.(3) The expected final maturity of the debt.(4) The expected source of payment of the debt.(5) Any security expected to be provided for repayment of the debt.(6) If the debt will be sold in a negotiated sale or through a bidding process, the manner in which the debt is expected to be sold.(7) If the debt will be sold through a bidding process, a brief description of the expected terms and procedures for bidding and award.(8) If the debt will not be sold through a bidding process, the reasons why the county determined that a negotiated sale was desirable.(9) If the debt will be sold to an underwriter or group of underwriters in connection with a public offering of the debt, the expected identity of each underwriter.(10) If the debt will be purchased by one or more banks or other lenders in a direct placement of the debt, the expected identity of each purchaser of the debt and each placement agent.(11) A description of any credit enhancement expected to be provided as security for the debt.(12) The expected sources and uses of funds for the purposes of the issuance of the debt.(13) A list of each person who is expected to be paid, directly or indirectly, for services rendered in connection with the issuance of the debt, and an estimate of the expected purpose and amount of each such payment.(14) If a preliminary official statement is being prepared in connection with the issuance of the debt, the place or places where a member of the public may obtain a copy of the preliminary official statement. The copy may be posted on a website maintained by the county or the public filing system maintained by the Municipal Securities Rulemaking Board.(c) If information required by subsection (b) is included in a preliminary official statement being made available to potential investors and the preliminary official statement will be available not less than three days before the public hearing, the notice may adopt by reference information included in the preliminary official statement.(d) The county shall provide notice of a public hearing with respect to any proposed swap agreement. The notice shall be published in a newspaper of general circulation in the county not less than four days before the public hearing and shall include a brief description of all of the following information with respect to the proposed swap agreement: (1) The maximum notional amount of the swap agreement and the purpose or purposes for which the swap agreement is expected to be entered into.(2) The expected terms of payment by the county and its counter party.(3) The expected termination date and other termination provisions of the swap agreement.(4) The expected source of payment by the county.(5) Any security expected to be provided by the county for its payment obligation under the swap agreement.(6) A brief description of the terms and procedures expected to be used for bidding and award of a swap agreement.(7) A description of any credit enhancement or other agreements expected to be provided as security for the obligations of the county or its counter party.(8) The expected sources and uses of funds for the swap agreement transaction.(9) The name of each person who is expected to be paid, directly or indirectly, for services rendered in connection with the swap agreement, and an estimate of the expected purpose and amount of each such payment.(e) If information required by subsection (d) is included in a preliminary official statement being made available to potential investors in debt related to the swap agreement and the preliminary official statement will be available not less than three days before the public hearing, the notice may adopt by reference information included in the preliminary official statement.Ala. Code § 45-37-162.02 (1975)
Act 2010-519, p. 873, § 3.