Alabama § 11-88-105 Separate Sinking Fund Accounts to Be Maintained for Refunding Bond Issues; Disposition of Same

Alabama Statutes

§ 11-88-105 — Separate Sinking Fund Accounts to Be Maintained for Refunding Bond Issues; Disposition of Same

Alabama § 11-88-105

Title 11Counties and Municipal Corporations

Ch. 88Water, Sewer and Fire Protection Authorities

Art. 2Construction of Sewage Treatment or Disposal Plants, Etc., in Resort Areas by Authorities

This text of Alabama § 11-88-105 (Separate Sinking Fund Accounts to Be Maintained for Refunding Bond Issues; Disposition of Same) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 11-88-105 (2026).

Text

A separate sinking fund account shall be provided and kept for each refunding bond issue authorized under the provisions of Sections 11-88-102, 11-88-103, and 11-88-104 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 11-88-102, 11-88-103, and 11-88-104 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.