2006 Alabama Code - Section 33-2-195 — State Treasurer to disburse funds.

There is hereby created a special fund to be designated the State Docks Facilities Debt Service Fund, which shall be held in and constitute a part of the State Treasury and which shall be maintained until the principal of and interest on any docks facilities revenue bonds or any refunding bonds shall have been paid in full.

Not less than one day nor more than three days prior to the due date of any installment of principal of or interest on any of the docks facilities revenue bonds or any of the refunding bonds, the department shall pay, out of docks facilities revenues held by the department, into the said special fund an amount equal to debt service on the docks facilities revenue bonds and refunding bonds coming due on such due date.

The moneys on deposit in the said special fund shall be applied for payment of the principal of and interest on the docks facilities revenue bonds and the refunding bonds; and moneys in the said special fund shall be exhausted for payment of the said principal and interest prior to the use for such purpose of any docks facilities revenues held by the department.

The State Treasurer is authorized and directed to pay, out of moneys contained in the state Docks Facilities Debt Service Fund, the principal of and interest (and premium, if any) on the docks facilities revenue bonds and the refunding bonds at the respective due dates of said principal, interest and premium, and the State Treasurer is further authorized and directed to set up and maintain appropriate records pertaining thereto.

(Acts 1984, No. 84-412, p. 963, §16.)