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·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

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.

Alabama § 11-81-122 (Maintenance and Disposition of Sinking Fund Accounts for Refunding Bond Issues) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.