§ 11-81-188 — Maintenance of Books of Record and Accounts, Balance Sheets, Etc., as to Properties, Financial Condition, Etc., of System; Inspection and Examination of Same

Alabama § 11-81-188

• 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

(a) Any borrower issuing revenue bonds under the provisions of this article shall install and maintain proper books of record and account, separate entirely from other records and accounts of such borrower, in which full and correct entries shall be made of all dealings or transactions of or in relation to the properties, business and affairs of the system or combined system. The governing body of such borrower, not later than three months after the close of any calendar, operating or fiscal year, shall cause to be prepared a balance sheet and an income and surplus account showing, respectively, in reasonable detail, the financial condition of the system or combined system at the close of each preceding calendar, operating or fiscal year and the financial operations thereof during such year.
(b) Said balance sheets and income and surplus accounts shall at all reasonable times during usual business hours be open to examination and inspection by any taxpayer, user of the services furnished by the system or any holder of bonds issued under the provisions of this article or anyone acting for or on behalf of such taxpayer, user of the services of the system or bondholder.

Legislative History

(Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §335.)