All moneys received pursuant to the authority of this article, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this article.
The resolution authorizing the bonds of any issue or the trust agreement securing such bonds shall provide that any officer with whom or any bank, trust company, or other fiscal agent with which such moneys shall be deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes hereof, subject to such regulations as this article and such resolution or trust agreement may provide.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 50 - Public Utilities.
Article 10 - Boards of Water and Sewer Commissioners.
Section 11-50-340 - Definitions.
Section 11-50-348 - Liability Upon Revenue Bonds, etc.; Payment of Bonds and Expenses.
Section 11-50-349 - Remedies of Bondholders and Trustees.
Section 11-50-350 - Revenue Refunding Bonds.
Section 11-50-354 - Exemption From Taxation of Systems, Revenue Bonds, Etc.