Alabama § 11-100-6 Termination of State Assistance Payments; Return of Moneys Held

Alabama Statutes

§ 11-100-6 — Termination of State Assistance Payments; Return of Moneys Held

Alabama·Title 11 Counties and Municipal Corporations·Ch. 100 Alabama Convention Facilities Act

State assistance payments to cities, counties, and entities or authorities thereof, authorized by this chapter, shall be terminated when the bonds issued to finance said city, county, or entity’s or authority’s eligible facilities are fully retired or when, in the instance the bonds are refinanced, at the date the original issue of such bonds would have reached its final maturity. Any moneys then held by the cities or counties or entities or authorities thereof, derived from state assistance payments, shall be returned to the state and deposited into the account in the State Treasury to which such funds would have otherwise originally been deposited.

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State assistance payments to cities, counties, and entities or authorities thereof, authorized by this chapter, shall be terminated when the bonds issued to finance said city, county, or entity’s or authority’s eligible facilities are fully retired or when, in the instance the bonds are refinanced, at the date the original issue of such bonds would have reached its final maturity. Any moneys then held by the cities or counties or entities or authorities thereof, derived from state assistance payments, shall be returned to the state and deposited into the account in the State Treasury to which such funds would have otherwise originally been deposited.

Alabama § 11-100-6 (Termination of State Assistance Payments; Return of Moneys Held) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.