This subpart is intended to aid the state through the furtherance of the purposes of the subpart by providing an appropriate and independent instrumentality with full and adequate powers to fulfill its functions. Except as expressly provided in this subpart, no proceeding, notice, or approval shall be required for the establishment of the authority, the purchase of any note or other instrument secured by a mortgage deed of trust, note or other security interest, the issuance of any bonds, the execution of any mortgage and deed of trust or trust indenture, or the exercise of any other of its powers by the authority. Neither a public hearing nor the consent of the State Department of Finance or any other department, agency, bureau, board, or corporation of the state shall be prerequisite to the issuance of bonds by the authority. (Act 2009-764, p. 2319, § 15.)
Alabama Legal Code