Alabama § 11-81-111 Maturity and Payment; Sale or Delivery in Payment for Work

Alabama Statutes

§ 11-81-111 — Maturity and Payment; Sale or Delivery in Payment for Work

Alabama § 11-81-111

JurisdictionAlabama

Title 11Counties and Municipal Corporations

Ch. 81Municipal and County Bonds

Art. 4Public Improvement Bonds

Div. 1Bonds for Street and Sidewalk Improvements, Sewer Systems or Other Improvements Generally

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Bluebook

Ala. Code § 11-81-111 (2026).

Text

Such bonds shall be subject to the provisions of Sections 11-81-5 through 11-81-20 and 11-81-22 through 11-81-33 except that they shall be payable in annual installments beginning one year and ending 10 years from the date of the bonds, the amount of no installments to exceed the amount of any other installment by more than $1,000.00 and except that they may either be sold according to Sections 11-81-5 through 11-81-20 and 11-81-22 through 11-81-33 or be delivered at not less than par and accrued interest to the contractor in payment or part payment for the work.

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Such bonds shall be subject to the provisions of Sections 11-81-5 through 11-81-20 and 11-81-22 through 11-81-33 except that they shall be payable in annual installments beginning one year and ending 10 years from the date of the bonds, the amount of no installments to exceed the amount of any other installment by more than $1,000.00 and except that they may either be sold according to Sections 11-81-5 through 11-81-20 and 11-81-22 through 11-81-33 or be delivered at not less than par and accrued interest to the contractor in payment or part payment for the work.