State assistance payments to cities, counties, and entities or authorities thereof, authorized by this chapter, shall be terminated when the bonds issued to finance said city, county, or entity's or authority's eligible facilities are fully retired or when, in the instance the bonds are refinanced, at the date the original issue of such bonds would have reached its final maturity. Any moneys then held by the cities or counties or entities or authorities thereof, derived from state assistance payments, shall be returned to the state and deposited into the account in the State Treasury to which such funds would have otherwise originally been deposited.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 100 - Alabama Convention Facilities Act.
Section 11-100-1 - Short Title.
Section 11-100-2 - Legislative Findings.
Section 11-100-3 - Definitions.
Section 11-100-5 - Alabama Convention Facilities Fund.
Section 11-100-6 - Termination of State Assistance Payments; Return of Moneys Held.
Section 11-100-8 - Application of Payments and Credits; Refunding or Refinancing of Bonds.