Alabama § 41-4-10 Use of Funds in Sinking Fund - Purchase and Holding in Trust of State Bonds

Alabama Statutes

§ 41-4-10 — Use of Funds in Sinking Fund - Purchase and Holding in Trust of State Bonds

Alabama·Title 41 State Government·Ch. 4 Department of Finance·Art. 1 General Provisions

With the consent of the Governor, the funds in the sinking fund for retiring old bonded debt may be used from time to time by the Department of Finance for the purpose of purchasing and holding in trust in said fund bonds of the State of Alabama. It shall be the duty of the Department of Finance to see that the funds coming into any sinking fund are applied in satisfaction of the bonds against which said sinking fund was created.

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With the consent of the Governor, the funds in the sinking fund for retiring old bonded debt may be used from time to time by the Department of Finance for the purpose of purchasing and holding in trust in said fund bonds of the State of Alabama. It shall be the duty of the Department of Finance to see that the funds coming into any sinking fund are applied in satisfaction of the bonds against which said sinking fund was created.

Alabama § 41-4-10 (Use of Funds in Sinking Fund - Purchase and Holding in Trust of State Bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.