Alabama § 11-20-41 Borrowing of Money for Temporary Use and Issuance of Temporary Revenue Bonds or Notes as Evidence Thereof

Alabama Statutes

§ 11-20-41 — Borrowing of Money for Temporary Use and Issuance of Temporary Revenue Bonds or Notes as Evidence Thereof

Alabama § 11-20-41

Title 11Counties and Municipal Corporations

Ch. 20Promotion of Industry and Trade

Art. 2Industrial Development Boards

This text of Alabama § 11-20-41 (Borrowing of Money for Temporary Use and Issuance of Temporary Revenue Bonds or Notes as Evidence Thereof) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 11-20-41 (2026).

Text

The corporation may, in addition to the other powers granted in this article, borrow money for temporary use for any of its corporate purposes and in evidence of such borrowing issue from time to time revenue bonds or notes maturing not later than three years from the date of issuance.
Any such temporary borrowing may be made in anticipation of the sale and issuance of long term revenue bonds, and in such event the principal proceeds from the sale of such long term revenue bonds shall, to the extent necessary, be used for payment of the principal of and the interest on the temporary revenue bonds or notes issued in anticipation of the sale and issuance of such long term revenue bonds.

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The corporation may, in addition to the other powers granted in this article, borrow money for temporary use for any of its corporate purposes and in evidence of such borrowing issue from time to time revenue bonds or notes maturing not later than three years from the date of issuance.
Any such temporary borrowing may be made in anticipation of the sale and issuance of long term revenue bonds, and in such event the principal proceeds from the sale of such long term revenue bonds shall, to the extent necessary, be used for payment of the principal of and the interest on the temporary revenue bonds or notes issued in anticipation of the sale and issuance of such long term revenue bonds.