Section 22-3-1213 - Certificates of indebtedness - Alternative method of payment

(a) In the event it shall be determined that the procedure set forth in § 22-3-1212 for the retirement of the certificates is unconstitutional or invalid for any reason, the Building Authority Division is authorized and directed to establish an account in its name in a bank to be approved by the State Board of Finance and to deposit therein so much of the first moneys received by it each year under the provisions of § 22-3-1210 as shall be required to meet the next ensuing principal and interest maturities of its outstanding certificates, together with such additional amounts as may be necessary to pay any certificates which it shall determine to retire in advance of maturity.(b) The division is authorized and directed to reimburse the funds so deposited for the purpose of paying the principal of and interest on the division's outstanding certificates of indebtedness authorized under this subchapter.Amended by Act 2019, No. 910,§ 6204, eff. 7/1/2019.Amended by Act 2016EX3, No. 3,§ 70, eff. 5/23/2016.Amended by Act 2016EX3, No. 2,§ 70, eff. 5/23/2016.Acts 1983, No. 458, § 8; A.S.A. 1947, § 13-2608.

(a) In the event it shall be determined that the procedure set forth in § 22-3-1212 for the retirement of the certificates is unconstitutional or invalid for any reason, the Building Authority Division is authorized and directed to establish an account in its name in a bank to be approved by the State Board of Finance and to deposit therein so much of the first moneys received by it each year under the provisions of § 22-3-1210 as shall be required to meet the next ensuing principal and interest maturities of its outstanding certificates, together with such additional amounts as may be necessary to pay any certificates which it shall determine to retire in advance of maturity.(b) The division is authorized and directed to reimburse the funds so deposited for the purpose of paying the principal of and interest on the division's outstanding certificates of indebtedness authorized under this subchapter.Amended by Act 2019, No. 910,§ 6204, eff. 7/1/2019.Amended by Act 2016EX3, No. 3,§ 70, eff. 5/23/2016.Amended by Act 2016EX3, No. 2,§ 70, eff. 5/23/2016.Acts 1983, No. 458, § 8; A.S.A. 1947, § 13-2608.