§ 11-89-11 — Bonds of District - Disposition of Proceeds from Sale of Bonds

Alabama § 11-89-11

• Jurisdiction: Alabama
• Title 11: Counties and Municipal Corporations
• Ch. 89: Water, Sewer, Solid Waste Disposal and Fire Protection Districts
• Art. 1: General Provisions

Text

All moneys derived from the sale of any bonds issued by the district shall be used solely for the purpose or purposes for which the same are authorized and any costs and expenses incidental thereto. Such costs and expenses may include but shall not be limited to:
(1) The fiscal, engineering, legal, and other expenses incurred in connection with the issuance of the bonds;
(2) Interest on the bonds in the case of bonds issued to pay costs of construction or, if a part only of any series of bonds is issued for construction purposes, interest on that portion of the bonds of that series that is issued to pay construction costs prior to and during such construction and for not exceeding one year after completion of such construction; and
(3) Any premium that it may be necessary to pay in order to redeem or retire the bonds or other obligations to be refunded in the case of bonds issued for the purpose of refunding principal and interest, or either, with respect to bonds issued or obligations assumed by the district.

Legislative History

(Acts 1970, Ex. Sess., No. 29, p. 2630, §12.)