§ 41-10-270 — Use of Proceeds from Sale of Bonds

Alabama § 41-10-270

• Jurisdiction: Alabama
• Title 41: State Government
• Ch. 10: Authorities
• Art. 9: Alabama Judicial Building Authority

Text

All proceeds derived from the sale of any bonds (except refunding bonds) by the authority remaining after payment of the expenses of issuance thereof shall be turned over to the State Treasurer, shall be carried in a special account of the State Treasury to the credit of the authority, and shall be subject to be drawn on by the authority solely for the purposes of funding any required reserve fund, acquiring, constructing, installing and equipping judicial facilities, and paying all reasonable and necessary expenses incidental thereto, including interest which shall accrue on said bonds during the construction of said judicial facilities. Any balance of said proceeds thereafter remaining shall, upon completion of said judicial facilities and the payment of all costs in connection therewith, be used for the redemption of bonds of the authority at the earliest permissible date.

Legislative History

(Acts 1986, No. 86-420, p. 627, §11.)