Upper Enterprise Reservoir Topics: notice in Outlook

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	Name:	mbk -
	Subject:	notice in Outlook
	Date:	11/17/2008 1:00:44 PM

Code of Alabama, Section 11-81-221
Filing of complaint for determination as to legality of proposed issuance of obligations.
When any unit desiring to issue any obligations shall, by its governing body, adopt any resolution or take any other action required by law for the issuance of obligations of such unit, the governing body of such unit may, in its discretion, before the issuance of any of such obligations, determine its authority to issue such obligations and the legality of all proceedings had or taken in connection therewith, the validity of the tax or other revenues or means provided for the payment thereof and the validity of all pledges of revenues and of all covenants and provisions contained in any such resolution by filing a complaint against the taxpayers and citizens of each organizing subdivision. Such complaint shall be filed in the circuit court of the county in which the principal office of the unit is located.

The purpose of the requirement to file the complaint is to have the circuit court review the documents before the bonds are issued to insure they comply with state law. The law requires them to file the complaint against the taxpayers and citizens of Tallapoosa County since that is the judicial circuit within which the development is located. If the court determines that all transactions are legal, they will be cleared to issue the bonds.

Other messages in this thread:

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notice in Outlook - lmlaker - 11/15/2008 8:46:28 PM

Thought it was dead huh? - roswellric - 11/17/2008 9:09:01 AM

notice in Outlook - mbk - 11/17/2008 10:29:15 AM

notice in Outlook - boataholic - 11/17/2008 11:37:18 AM

notice in Outlook - mbk - 11/17/2008 1:00:44 PM

notice in Outlook - boataholic - 11/17/2008 1:18:05 PM

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