Alabama § 41-10-357 Authorization to Issue Bonds; Limitation on Use of Proceeds

Alabama Statutes

§ 41-10-357 — Authorization to Issue Bonds; Limitation on Use of Proceeds

Alabama § 41-10-357

Title 41State Government

Ch. 10Authorities

Art. 11Alabama Mental Health Finance Authority

This text of Alabama § 41-10-357 (Authorization to Issue Bonds; Limitation on Use of Proceeds) 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 § 41-10-357 (2026).

Text

For the purpose of acquiring, constructing, installing, and equipping mental health facilities, the authority is hereby authorized to issue and sell from time to time its bonds, which bonds may be in the form of interest-bearing bonds or noninterest-bearing bonds. The aggregate principal amount of bonds issued under this article shall (other than refunding bonds) not exceed $100,000,000.00. Provided, however, that the proceeds from the bonds issued under the provisions of this article shall not be utilized for the construction, installing, or equipping of community crisis stabilization units unless there is no available existing hospital beds that can be leased for said purposes within the community where such facility is to be operated.

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For the purpose of acquiring, constructing, installing, and equipping mental health facilities, the authority is hereby authorized to issue and sell from time to time its bonds, which bonds may be in the form of interest-bearing bonds or noninterest-bearing bonds. The aggregate principal amount of bonds issued under this article shall (other than refunding bonds) not exceed $100,000,000.00. Provided, however, that the proceeds from the bonds issued under the provisions of this article shall not be utilized for the construction, installing, or equipping of community crisis stabilization units unless there is no available existing hospital beds that can be leased for said purposes within the community where such facility is to be operated.