Ala. Code § 11-92C-10

Current through the 2024 Regular Session.

Section 11-92C-10 - Proceeds from the sale of bonds

All moneys derived from the sale of any bonds issued by an authority shall be used solely for the purpose or purposes for which the same are authorized, including, but not limited to, the use of bond proceeds to establish reserve funds as security for the payment of the principal, premium, as applicable, and interest on the bonds, and any costs and expenses incidental thereto. The costs and expenses may include, but shall not be limited to the following:

(1) The underwriting, fiscal, engineering, legal, and other expenses incurred in connection with the issuance of the bonds.

(2) Except in the case of refunding bonds, interest to accrue on the bonds for a period ending not later than two years from their date.

Ala. Code § 11-92C-10 (1975)

Added by Act 2020-72,§ 10, eff. 3/31/2020.