2016 Code of Alabama
Title 11 - COUNTIES AND MUNICIPAL CORPORATIONS.
Title 1 - PROVISIONS APPLICABLE TO COUNTIES ONLY.
Chapter 2 - BONDS OF COUNTY OFFICERS, EMPLOYEES, ETC., GENERALLY.
Article 1 - General Provisions.
Section 11-2-5 - Reduction of bonds.
Whenever, in the judgment of the board of education of any county the amount of the bond of the superintendent of education or of the chief school financial officer is greater than is necessary, the board of education may reduce the amount of the bond, but not below the minimum fixed by this chapter. A resolution to that effect shall be adopted by the board and spread upon its minutes and a certified copy thereof served upon all of the obligors in the bond. The liability of the obligors under the bond reduced for any breach occurring after the reduction shall not exceed the amount of the bond as reduced. In event of the reduction, the obligors shall refund to the board of education the pro rata net unearned premium on the amount of the reduction.
(Acts 1933, Ex. Sess., No. 191, p. 203; Code 1940, T. 41, §85; Act 2009-744, p. 2229, §1.)Disclaimer: These codes may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
