The proceeds from the sale of bonds authorized to be issued by this division shall be applied only to the payment of the cost of the improvement or improvements designated in the ordinance providing for their issue, but should there be any surplus from any bond issue over and above such cost it shall be applied to the payment of the principal of the bonds.
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.