Section 10A-NEW - Validation of financial obligations of a research and development corridor(a) A research and development corridor shall constitute a "unit" for purposes of Article 17 of Chapter 6 of Title 6 of the Code of Alabama 1975. A research and development corridor, in the determination of the board, may file a petition with respect to any financial obligation or financial obligations thereof pursuant to Article 17 of Chapter 6 of Title 6 of the Code of Alabama 1975.(b)(1) A research and development corridor, in the determination of the board and upon the adoption by the board of a resolution providing for the issuance of financial obligations, may cause a notice respecting the issuance of the financial obligations to be published once a week for two consecutive weeks in each county in which shall be located any project financed or in any way assisted by the issuance of the financial obligations. The publication in each such county shall be in a newspaper having general circulation therein and shall be 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 corridor: " _____________________________, a public corporation and instrumentality of the State of Alabama, on the _______ day of _________________, authorized the issuance of $ ______ principal amount of ___________________ (identification of the obligation) of the said 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 or contesting the validity of the said financial obligations, or the instruments securing the same, or the proceedings authorizing the same, must be commenced on or before __________________ (here insert date determined in accordance with the provisions of the next paragraph of this section.(2) The date stated in the notice as the date on or before which any action or proceeding questioning or contesting the validity of the financial obligations referred to in the notice must be commenced shall be a date at least 30 days after the date on which occurs the last publication of the notice necessary for it to have been published at least once in all counties in which it is required to be published. Any action or proceeding in any court to set aside or question the proceedings for the issuance of the financial obligations referred to in the notice or to contest the validity of any such financial obligations, or the validity of any instruments securing the same, must be commenced on or before the date determined in accordance with the preceding sentence and stated in the notice as the date on or before which any such action or proceeding must be commenced. After that date, no right of action or defense shall be asserted questioning or contesting the validity of the financial obligation or the instruments securing the same, or the proceedings authorizing the same, nor shall the validity of such financial obligations or such instruments or proceedings be open to question in any court on any ground whatsoever, except in an action or proceeding commenced on or before that date.Ala. Code § 10A-NEW (1975)
Added by Act 2024-308,§ 9, eff. 5/9/2024.