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

Alabama Statutes

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

Alabama § 11-97-11

Title 11Counties and Municipal Corporations

Ch. 97Construction and Improvement of Utility Services Facilities

This text of Alabama § 11-97-11 (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 § 11-97-11 (2026).

Text

All moneys derived from the sale of any bonds issued by a corporation shall be used solely for the purpose or purposes for which the same are authorized; 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 or of 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

All moneys derived from the sale of any bonds issued by a corporation shall be used solely for the purpose or purposes for which the same are authorized; 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 or of 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.