Alabama § 11-88-103 Procedure Where Special Fund Used by Authority in Taking Up Bonds or Coupons Representing Principal at Maturity

Alabama Statutes

§ 11-88-103 — Procedure Where Special Fund Used by Authority in Taking Up Bonds or Coupons Representing Principal at Maturity

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

Where the authority has used any part of any other special fund for the purpose of taking up at maturity bonds or coupons representing a portion of the principal of bonds which had heretofore been issued for improvements and which had fallen due, the provisions of Section 11-88-102 shall be construed to permit either the issuance of refunding bonds to the authority’s treasurer as custodian of such fund or the sale of such bonds for the purpose of replacing in such fund all moneys of such fund so used.

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Where the authority has used any part of any other special fund for the purpose of taking up at maturity bonds or coupons representing a portion of the principal of bonds which had heretofore been issued for improvements and which had fallen due, the provisions of Section 11-88-102 shall be construed to permit either the issuance of refunding bonds to the authority’s treasurer as custodian of such fund or the sale of such bonds for the purpose of replacing in such fund all moneys of such fund so used.

Alabama § 11-88-103 (Procedure Where Special Fund Used by Authority in Taking Up Bonds or Coupons Representing Principal at Maturity) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.