§ 16-18A-8 — Use of Proceeds from Sale

Alabama § 16-18A-8

• Jurisdiction: Alabama
• Title 16: Education
• Ch. 18A: Private Colleges and Universities Facilities Authority

Text

All moneys derived from the sale of any bonds issued by the authority 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 and sale of the bonds;
(2) In the case of bonds issued to pay costs of the authority, interest on such bonds (or, if a part only of bonds of any series 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
(3) 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 authority, any premium that it may be necessary to pay in order to redeem or retire the bonds or other obligations to be refunded.

Legislative History

(Acts 1979, No. 79-322, p. 475, §8.)