Alabama Statutes
§ 11-81-112 — Disposition of Proceeds from Sale
Alabama·Title 11 Counties and Municipal Corporations·Ch. 81 Municipal and County Bonds·Art. 4 Public Improvement Bonds·Div. 1 Bonds for Street and Sidewalk Improvements, Sewer Systems or Other Improvements Generally
The proceeds from the sale of bonds authorized to be issued by this division shall be applied only to the payment of the cost of the improvement or improvements designated in the ordinance providing for their issue, but should there be any surplus from any bond issue over and above such cost it shall be applied to the payment of the principal of the bonds.
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Alabama § 11-81-112 (Disposition of Proceeds from Sale) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
(Acts 1927, No. 478, p. 534; Code 1940, T. 37, §300.)
Nearby Sections
15
§ 11-1-1
Number and Names of Counties§ 11-1-2
County Declared a Body Corporate