GroundRules
Ala. Code § 11-81-13: 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 1 General Provisions.
The principal proceeds received in the sale of any bonds hereafter issued under the authority of this chapter shall be used for the purposes for which the bonds are issued; provided, however, that if for any reason any part of such proceeds shall not be necessary for such purposes then such unexpended part of such proceeds shall be applied to the payment of the principal of or interest on said bonds. All accrued interest and premium received in any such sale shall be applied to the payment of interest or principal on the bonds sold.
Collected 2026-09-03T14:01:52Z. Source file · JSON