§ 40-7-92 — Authorization to Issue Warrants

Alabama § 40-7-92

• Jurisdiction: Alabama
• Title 40: Revenue and Taxation
• Ch. 7: Assessment of Taxes Generally
• Art. 2: Statewide Property Reappraisal
• Div. 2: County Bonds for Purpose of Paying Costs of Reappraisal

Text

Each county shall have the power from time to time to sell and issue interest-bearing warrants of such county for the purpose of paying appraisal costs or any part thereof. Such warrants may be in such denomination or denominations, may have such maturity or maturities not exceeding 20 years from their date, may bear interest from their date at such rate or rates payable at such times, may be payable at such place or places within or without the state, may be sold at such time or times and in such manner, whether publicly or privately, may be executed in such manner and may contain such terms not in conflict with the provisions of this division, all as the governing body of such county may provide in the proceedings wherein the warrants are authorized to be issued. All such warrants shall evidence general obligation indebtedness of the county by which they are issued, and the full faith and credit of the county shall be irrevocably pledged for the payment of the principal thereof and interest thereon. The proceeds derived from the sale of any such warrants shall be used solely for the purpose for which they are authorized to be issued, including the payment of any expenses incurred in connection with the issuance thereof.

Legislative History

(Acts 1973, No. 1092, p. 1855, §3.)