143 chapters · 3,669 sections in this title.
Ala. Code § 11-54-23 Requirements as to Leasing of Projects
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(a) Prior to the leasing of any project, the governing body must determine and find the following: (1) The amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance such project; (2) The amount necessary to be paid each y…
Ala. Code § 11-54-24 Bonds - Form, Terms, Denominations, Etc.; Execution, Sale, Delivery, Redemption, Etc
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All bonds issued by a municipality under authority of this article shall be limited obligations of the municipality, the principal of and interest on which shall be payable solely out of the revenues derived from the leasing of the project to finance which the bonds are issued. B…
Ala. Code § 11-54-25 Bonds - Security for Payment of Principal and Interest; Remedies Upon Default
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The principal of and interest on any bonds issued under the authority of this article shall be secured by a pledge of the revenues out of which such bonds shall be made payable, may be secured by a mortgage covering all or any part of the project from which the revenues so pledge…
Ala. Code § 11-54-26 Bonds - Disposition of Proceeds from Sale
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(a) The proceeds from the sale of any bonds issued under authority of this article shall be applied only for the purpose for which the bonds were issued; provided, however, that any accrued interest and premium received in any such sale shall be applied to the payment of the prin…