§ 11-81-169 — Revenue Bonds - Disposition of Proceeds from Sale - Generally

Alabama § 11-81-169

• Jurisdiction: Alabama
• Title 11: Counties and Municipal Corporations
• Ch. 81: Municipal and County Bonds
• Art. 5: Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems

Text

The governing body, where practicable, shall require that the proceeds of the sale of bonds issued under the provisions of this article be deposited in a special account or accounts in a bank or banks which are members of the federal reserve system and shall require, insofar as practicable, that each such deposit be secured by United States government securities having an aggregate market value at least equal to the sum at the time on deposit, or, in any event, the proceeds shall be deposited in some bank or other depository either within or without the state which will secure such deposit satisfactorily to said governing body.

Legislative History

(Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §320.)