§ 11-54-180 — Proceeds from Sale of Bonds

Alabama § 11-54-180

• Jurisdiction: Alabama
• Title 11: Counties and Municipal Corporations
• Ch. 54: Promotion of Industry, Trade, Commerce and Pollution Control
• Art. 6: Commercial Development Authorities

Text

All moneys derived from the sale of any bonds issued by an authority shall be used solely for the purpose or purposes for which the same are authorized, including, but without limitation to, the use of bond proceeds to establish reserve funds as security for the payment of the principal of (and premium, if any) and interest on the bonds, and any costs and expenses incidental thereto. Such costs and expenses may include but shall not be limited to the fiscal, engineering, legal and other expenses incurred in connection with the issuance of the bonds, and except in the case of refunding bonds, interest to accrue on such bonds for a period ending not later than two years from their date.

Legislative History

(Acts 1980, No. 80-648, p. 1235, §11.)