Alabama § 11-88-102 Authorization and Procedure Generally for Settlement, Adjustment, or Refunding of Bonds

Alabama Statutes

§ 11-88-102 — Authorization and Procedure Generally for Settlement, Adjustment, or Refunding of Bonds

Alabama·Title 11 Counties and Municipal Corporations·Ch. 88 Water, Sewer and Fire Protection Authorities·Art. 2 Construction of Sewage Treatment or Disposal Plants, Etc., in Resort Areas by Authorities

The board shall have the power to settle, adjust, and refund any bonds issued under this article, whether such bonds have already become due and payable or are about to become due and payable or are callable according to their terms, when the board deems it to the best interest of the authority to call said bonds and raise funds for the payment thereof by the sale of bonds as authorized in this article; provided, that all sums derived from the payment of assessments and being in the hands of the authority at the time of such refunding shall be first applied to the payment of the outstanding bonds, and refunding bonds shall be issued only in such amount as shall be necessary to raise the difference between the amount required for the payment of the outstanding bonds and the amount held for 

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The board shall have the power to settle, adjust, and refund any bonds issued under this article, whether such bonds have already become due and payable or are about to become due and payable or are callable according to their terms, when the board deems it to the best interest of the authority to call said bonds and raise funds for the payment thereof by the sale of bonds as authorized in this article; provided, that all sums derived from the payment of assessments and being in the hands of the authority at the time of such refunding shall be first applied to the payment of the outstanding bonds, and refunding bonds shall be issued only in such amount as shall be necessary to raise the difference between the amount required for the payment of the outstanding bonds and the amount held for the payment thereof.

Alabama § 11-88-102 (Authorization and Procedure Generally for Settlement, Adjustment, or Refunding of Bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.