Alabama Statutes

§ 9-9-40 — Bonds - Remedies and Proceedings Upon Default

Alabama·Title 9 Conservation and Natural Resources·Ch. 9 Water Management and Drainage·Art. 1 Water Management Districts
(a)If any installment of principal and interest evidenced by any bonds issued under the provisions of this article shall not be paid at the time and in the manner when the same shall become due and payable, the same shall bear interest at the rate of eight percent per annum until paid, and if such default shall continue for a period of 60 days, the holder or holders of such bond or bonds upon which default has been made may have a right of action against said water management district wherein the court may issue a writ of mandamus against the officers of said district, including the tax collector, directing the levying of a sufficient tax as provided in this article and the collection of same in such sum as may be necessary to meet any unpaid installments of principal and interest and cos

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Legislative History

(Acts 1965, No. 685, p. 1246, §33.)

Nearby Sections

15
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