2020 Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 92C
Section 11-92C-10 - Proceeds From the Sale of Bonds.
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.
(Act 2020-72, §10.)
