The bonds authorized to be issued by this division shall be negotiable and payable to the bearer and may be payable in lawful money of the United States as the council may prescribe. By the ordinance providing for the issue of such bonds, full provision shall be made for their form and character. Said bonds shall have coupons attached to represent the interest thereon, and the council may provide that such bonds may be changed from coupon to registered bonds or vice versa. Such bonds shall be of such denomination or denominations as the council may direct, not to exceed $1,000.00 each, and not to be less than $50.00 each. They shall bear interest at a rate not to exceed six percent per annum, payable annually or semiannually, at such place or places as may be designated therein. They shall be issued under the corporate seal of the city or town and shall be signed by the mayor and the treasurer thereof and shall be disposed of at not less than par.
The council may, as provided in Section 11-50-97, by contract with the owner or owners of the sewers or sewer system purchased, provide that the bonds thereafter to be issued to pay for the same may, upon the consummation of said purchase contract, be issued to said owner or owners at not less than par in payment of the purchase price of such work.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 50 - Public Utilities.
Article 3 - Acquisition, Operation, etc., of Sewers or Sewer Systems by Municipalities Generally.
Division 2 - Purchase of Sanitary Sewers or Sewer Systems and Assessments Therefor.
Section 11-50-70 - "Council" Defined.
Section 11-50-71 - Authorized.
Section 11-50-73 - Filing of Maps, Profiles, etc., in Office of Engineer for Public Inspection.
Section 11-50-76 - Publication of Ordinance or Resolution.
Section 11-50-78 - Payment of Portion of Costs of Purchase by Council; Costs of Purchase Specified.
Section 11-50-79 - Assessment of Cost of Sewers or Sewer System Against Abutting Lands Authorized.
Section 11-50-82 - Effect and Correction of Defects or Errors in Notice.
Section 11-50-83 - Filing of Written Objections, etc., to Proposed Assessments by Property Owners.
Section 11-50-84 - Hearing Upon Objections, etc., to Assessments.
Section 11-50-85 - Fixing of Amount of Assessments by Council and Effect Thereof.
Section 11-50-86 - Assignment and Transfer of Assessment Liens.
Section 11-50-87 - Enforcement of Assessment Liens in Circuit Court.
Section 11-50-88 - Effect of Enforcement of Tax Liens Upon Property Upon Assessment Liens.
Section 11-50-90 - Appeals From Assessments.
Section 11-50-91 - Payment of Assessments Generally.
Section 11-50-95 - Redemption of Property After Sale.
Section 11-50-96 - Issuance of Bonds to Pay for Sewers or Sewer System Authorized Generally.
Section 11-50-97 - Making of Loans and Issuance of Bonds to Pay for Sewers or Sewer System.
Section 11-50-98 - Form, Terms, Denominations, etc., of Bonds; Execution, Sale, etc., Thereof.
Section 11-50-99 - Disposition of Proceeds From Sale of Bonds.
Section 11-50-100 - Payment and Redemption of Bonds Generally.
Section 11-50-103 - Maintenance of Account and Disbursement of Proceeds From Assessments Generally.
Section 11-50-104 - Deposit of Assessment Proceeds in Bank; Manner of Withdrawal Thereof.
Section 11-50-105 - Use of Proceeds to Redeem Bonds and Coupons; Disposition of Excess.
Section 11-50-106 - Refunding of Excess Assessments - Authority and Procedure Generally.