GroundRules
Ala. Code § 11-81-122: Maintenance and Disposition of Sinking Fund Accounts for Refunding Bond Issues.
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.
A separate sinking fund account shall be provided and kept for each refunding bond issue authorized under the provisions of Sections 11-81-119 through 11-81-121 to which shall be credited all collections made on assessments levied with respect to the improvements financed by the original issues of bonds or the proper proportionate part thereof, and such sinking fund shall be used only for the purpose of paying interest and principal on such bonds in that particular group or series as they mature.
Collected 2026-09-03T14:01:52Z. Source file · JSON