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·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

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.

Alabama § 11-88-105 (Separate Sinking Fund Accounts to Be Maintained for Refunding Bond Issues; Disposition of Same) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.