Alabama Statutes
§ 11-88-97 — Disposition of Proceeds from Sale 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 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.
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Alabama § 11-88-97 (Disposition of Proceeds from Sale of Bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
(Acts 1973, No. 826, p. 1293, §57.)
Nearby Sections
15
§ 11-1-1
Number and Names of Counties§ 11-1-2
County Declared a Body Corporate