Alabama § 11-92C-10 Proceeds from the Sale of Bonds

Alabama Statutes

§ 11-92C-10 — Proceeds from the Sale of Bonds

Alabama·Title 11 Counties and Municipal Corporations·Ch. 92C Local Redevelopment Authorities

All moneys derived from the sale of any bonds issued by an authority shall be used solely for the purpose or purposes for which the same are authorized, including, but not limited to, the use of bond proceeds to establish reserve funds as security for the payment of the principal, premium, as applicable, and interest on the bonds, and any costs and expenses incidental thereto. The costs and expenses may include, but shall not be limited to the following:

(1)The underwriting, fiscal, engineering, legal, and other expenses incurred in connection with the issuance of the bonds.

(2)Except in the case of refunding bonds, interest to accrue on the bonds for a period ending not later than two years from their date.

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All moneys derived from the sale of any bonds issued by an authority shall be used solely for the purpose or purposes for which the same are authorized, including, but not limited to, the use of bond proceeds to establish reserve funds as security for the payment of the principal, premium, as applicable, and interest on the bonds, and any costs and expenses incidental thereto. The costs and expenses may include, but shall not be limited to the following:
(1) The underwriting, fiscal, engineering, legal, and other expenses incurred in connection with the issuance of the bonds.
(2) Except in the case of refunding bonds, interest to accrue on the bonds for a period ending not later than two years from their date.

Alabama § 11-92C-10 (Proceeds from the Sale of Bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.