Section 2-5-32 Execution and other details of the bonds.
Section 2-5-32
Execution and other details of the bonds.
The bonds shall be signed by the chair or vice chair of the authority, and the seal of the authority shall be affixed thereto, or a facsimile thereof imprinted thereon, and attested by its secretary. All signatures of the chair, vice chair and secretary may be facsimile signatures if the proceedings under which the bonds are issued provide for the manual authentication of such bonds by a trustee or paying agent or by named individuals who are employees of the State of Alabama and who are assigned to the Department of Finance or office of the State Treasurer. The seal of the authority shall be impressed on the bonds and a facsimile of such seal may be printed or otherwise reproduced on any of the bonds in lieu of being manually impressed thereon. Delivery of bonds so executed shall be valid notwithstanding any changes in officers subsequent to the signing of such bonds. For the purpose of paying the principal of, premium, if any, and interest on the bonds, the authority shall designate the State Treasurer. Funds for the payment of debt service shall be transferred by the authority to the State Treasurer on the actual due date of such principal, premium, if any, or interest.
(Act 98-243, p. 396, §4.)