The bank, subject to agreements with bondholders as may then exist, may purchase outstanding bonds of the bank with any available funds, at any reasonable price. If the bonds are then redeemable, the price shall not exceed the redemption price then applicable plus accrued interest to the next interest payment date.
Ala. Code § 23-7-22
Purchase of Outstanding Bonds.
Known as the Alabama Transportation Infrastructure Bank Act
The act spans §§ 23-7-1 to 23-7-9 (31 sections).
(Act 2015-50, §22.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.