Alabama § 11-88-97 Disposition of Proceeds from Sale of Bonds

Alabama Statutes

§ 11-88-97 — Disposition of Proceeds from Sale of Bonds

Alabama § 11-88-97

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 § 11-88-97 (Disposition of Proceeds from Sale of Bonds) 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 § 11-88-97 (2026).

Text

The principal proceeds received in the sale of any bonds issued under the authority of this article shall be used for the purposes for which the bonds are issued; provided, however, that if for any reason any part of such proceeds shall not be necessary for such purposes, then such unexpended part of such proceeds shall be applied to the payment of the principal of or interest on the said bonds. All accrued interest and premium received in any such sale shall be applied to the payment of interest or principal on the bonds sold.

Free access — add to your briefcase to read the full text and ask questions with AI

The principal proceeds received in the sale of any bonds issued under the authority of this article shall be used for the purposes for which the bonds are issued; provided, however, that if for any reason any part of such proceeds shall not be necessary for such purposes, then such unexpended part of such proceeds shall be applied to the payment of the principal of or interest on the said bonds. All accrued interest and premium received in any such sale shall be applied to the payment of interest or principal on the bonds sold.