No municipality shall have the power to pay out of its general funds or otherwise contribute any part of the costs of acquiring a project and shall not have the power to use land already owned by the municipality or in which the municipality has an equity for construction thereon of a project or any part thereof. The entire cost of acquiring any project must be paid out of the proceeds from the sale of bonds issued under the authority of this article; provided, however, that this provision shall not be construed to prevent a municipality from accepting donations of property to be used as a part of any project or money to be used for defraying any part of the cost of any project or from requiring any lessee of a project to pay the cost of completing such project in the event the proceeds from the sale of the bonds are insufficient therefor.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.
Section 11-54-50 - Definitions.
Section 11-54-51 - Legislative Intent; Construction of Article Generally.
Section 11-54-53 - Requirements as to Leasing of Projects.
Section 11-54-55 - Bonds - Security for Payment of Principal and Interest.
Section 11-54-56 - Bonds - Disposition of Proceeds From Sale.
Section 11-54-57 - Refunding Bonds.
Section 11-54-59 - Investment in Bonds by Savings Banks and Insurance Companies.
Section 11-54-61 - Exemption From Taxation of Projects, Bonds, Etc.