Such loans shall not be in an amount greater than $400,000.00 per year and may bear interest not to exceed 12 percent per annum.
All such loans shall mature not later than February 1 of the year following that in which the loan is made and may be renewed only upon payment of all interest then due, together with not less than 10 percent of the principal then outstanding.
No proceeds from any loans made under the provisions of this chapter shall be used for any purpose other than that for which the general funds of the county may now be used.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 1 - Provisions Applicable to Counties Only.
Chapter 10 - Making of Loans in Anticipation of Taxes.
Section 11-10-2 - Amount of Loans; Interest, Maturity, Renewal, etc.; Disposition of Proceeds.
Section 11-10-3 - Registration and Payment of Certificates.
Section 11-10-4 - Cancellation of Certificates.
Section 11-10-5 - Certificates Exempt From Taxation.
Section 11-10-6 - State and Local Fiscal Assistance Act of 1972.