Such bonds shall be subject to the provisions of Sections 11-81-5 through 11-81-20 and 11-81-22 through 11-81-33 except that they shall be payable in annual installments beginning one year and ending 10 years from the date of the bonds, the amount of no installments to exceed the amount of any other installment by more than $1,000.00 and except that they may either be sold according to Sections 11-81-5 through 11-81-20 and 11-81-22 through 11-81-33 or be delivered at not less than par and accrued interest to the contractor in payment or part payment for the work.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 81 - Municipal and County Bonds.
Article 4 - Public Improvement Bonds.
Section 11-81-111 - Maturity and Payment; Sale or Delivery in Payment for Work.
Section 11-81-112 - Disposition of Proceeds From Sale.
Section 11-81-113 - Grouping of Improvements for Issuance of Bonds.
Section 11-81-116 - Redemption of Bonds.
Section 11-81-117 - Refunding of Excess Assessments - Authority and Procedure Generally.
Section 11-81-119 - Settlement, Adjustment or Refunding of Bonds.
Section 11-81-120 - Sale or Issuance to Custodian of Special Fund, etc., of Refunding Bonds.
Section 11-81-121 - Consolidation of Separate Outstanding Issues for Issuance of Refunding Bonds.
Section 11-81-122 - Maintenance and Disposition of Sinking Fund Accounts for Refunding Bond Issues.
Section 11-81-123 - Liability, etc., Upon Bonds, etc., When Municipalities Consolidated.