Alabama § 11-81-122 Maintenance and Disposition of Sinking Fund Accounts for Refunding Bond Issues

Alabama Statutes

§ 11-81-122 — Maintenance and Disposition of Sinking Fund Accounts for Refunding Bond Issues

Alabama § 11-81-122

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

This text of Alabama § 11-81-122 (Maintenance and Disposition of Sinking Fund Accounts for Refunding Bond Issues) 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 § 11-81-122 (2026).

Text

A separate sinking fund account shall be provided and kept for each refunding bond issue authorized under the provisions of Sections 11-81-119 through 11-81-121 to which shall be credited all collections made on assessments levied with respect to the improvements financed by the original issues of bonds or the proper proportionate part thereof, and such sinking fund shall be used only for the purpose of paying interest and principal on such bonds in that particular group or series as they mature.

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A separate sinking fund account shall be provided and kept for each refunding bond issue authorized under the provisions of Sections 11-81-119 through 11-81-121 to which shall be credited all collections made on assessments levied with respect to the improvements financed by the original issues of bonds or the proper proportionate part thereof, and such sinking fund shall be used only for the purpose of paying interest and principal on such bonds in that particular group or series as they mature.