Alabama § 41-4-11 Use of Funds in Sinking Fund - Sale of Bonds; Reinvestment of Funds; Cancellation of Paid Bonds

Alabama Statutes

§ 41-4-11 — Use of Funds in Sinking Fund - Sale of Bonds; Reinvestment of Funds; Cancellation of Paid Bonds

Alabama § 41-4-11

Title 41State Government

Ch. 4Department of Finance

Art. 1General Provisions

This text of Alabama § 41-4-11 (Use of Funds in Sinking Fund - Sale of Bonds; Reinvestment of Funds; Cancellation of Paid Bonds) 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 § 41-4-11 (2026).

Text

With the consent of the Governor, said bonds so purchased and held in trust may be sold from time to time by the Department of Finance, if it is deemed for the best interest of the sinking fund that said transactions be had, and the proceeds held or reinvested from time to time, provided always said fund be kept intact and be used at the maturity of the said bonds for the retirement of the same. Bonds in said sinking fund on maturity dates shall be cancelled and destroyed as other bond obligations of the state are handled when paid at maturity.

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With the consent of the Governor, said bonds so purchased and held in trust may be sold from time to time by the Department of Finance, if it is deemed for the best interest of the sinking fund that said transactions be had, and the proceeds held or reinvested from time to time, provided always said fund be kept intact and be used at the maturity of the said bonds for the retirement of the same. Bonds in said sinking fund on maturity dates shall be cancelled and destroyed as other bond obligations of the state are handled when paid at maturity.