GroundRules
Ala. Code § 11-81-112: Disposition of Proceeds from Sale.
Where this section sits in the code
- Title 11 Counties and Municipal Corporations.
- Title 3 Provisions Applicable to Counties and Municipal Corporations.
- Chapter 81 Municipal and County Bonds.
- Article 4 Public Improvement Bonds.
- Division 1 Bonds for Street and Sidewalk Improvements, Sewer Systems or Other Improvements Generally.
The proceeds from the sale of bonds authorized to be issued by this division shall be applied only to the payment of the cost of the improvement or improvements designated in the ordinance providing for their issue, but should there be any surplus from any bond issue over and above such cost it shall be applied to the payment of the principal of the bonds.
Collected 2026-09-03T14:01:52Z. Source file · JSON