Code of Alabama
Article 1 - General Provisions.
Section 11-81-13 - Disposition of Proceeds From Sale.

The principal proceeds received in the sale of any bonds hereafter issued under the authority of this chapter shall be used for the purposes for which the bonds are issued; provided, however, that if for any reason any part of such proceeds shall not be necessary for such purposes then such unexpended part of such proceeds shall be applied to the payment of the principal of or interest on said bonds. All accrued interest and premium received in any such sale shall be applied to the payment of interest or principal on the bonds sold.

Structure Code of Alabama

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 1 - General Provisions.

Section 11-81-1 - Execution of Mortgages to Secure Bonds and Indebtedness Incurred in Purchase, Construction, Extension, etc., of School Buildings or Waterworks, Gas, Light, etc., Plants.

Section 11-81-2 - Execution of Mortgages or Deeds of Trust Upon Property Acquired, etc., With Proceeds of Bond Issues; Recordation of Same.

Section 11-81-3 - Issuance of Refunding or Funding Bonds as to Adjustment, etc., of Indebtedness.

Section 11-81-4 - Issuance of Refunding Interest-Bearing Certificates of Indebtedness, Warrants or Notes by Municipalities; Pledge of Tax, Revenues, etc., for Payment of Principal and Interest on Same.

Section 11-81-5 - Places of Payment.

Section 11-81-6 - Maturity and Payment - Generally.

Section 11-81-7 - Maturity and Payment - Bonds Issued and Sold in Series.

Section 11-81-8 - Estimate as to Period of Usefulness of Improvement or Property for Which Bonds Issued.

Section 11-81-9 - Form; Appointment of Registrar and Provision for Registration and Transfer.

Section 11-81-10 - Sale Price.

Section 11-81-11 - Sale.

Section 11-81-12 - Determination of Highest Bidder.

Section 11-81-13 - Disposition of Proceeds From Sale.

Section 11-81-14 - Presumption as to Validity of Issuance, Sale, etc.; Limitation Period for Actions to Contest Validity Thereof.

Section 11-81-15 - Levy, Collection and Disposition of Special Tax for Payment of Principal and Interest on Bonds and Sinking Fund Payments.

Section 11-81-16 - Pledge of Revenues From Certain Taxes, Utilities, etc., for Payment of Principal and Interest on Bonds.

Section 11-81-17 - Pledge of Revenues From Waterworks System to Secure Payment of Bonds.

Section 11-81-18 - Pledge of Revenues From License, Privilege, or Excise Taxes for Payment of Principal and Interest on Bonds.

Section 11-81-19 - Investment of Sinking Funds Generally; Reports as to Investment or Deposit of Sinking Funds; Contracts for Purchase of Savings Certificates.

Section 11-81-20 - Investment of Funds Received to Credit of Sinking Fund.

Section 11-81-21 - Investment of Funds Obligation in Which Sinking Funds May Be Invested.

Section 11-81-22 - Sinking Fund Bonds - Issuance, Etc.

Section 11-81-23 - Sinking Fund Bonds - Designation; Maturity and Interest; Disposition.

Section 11-81-24 - Sinking Fund Bonds - Creation of Sinking Fund; Employment and Duties of Trustee of Sinking Fund.

Section 11-81-25 - Sinking Fund Bonds - Powers of Trustee of Sinking Fund.

Section 11-81-26 - Mandamus Proceedings.

Section 11-81-27 - Mortgages of Public Property for Payment of Debts.

Section 11-81-28 - Issuance, Sale, etc., of Negotiable Notes in Anticipation of Sale of Bonds.

Section 11-81-29 - Bonds and Interest Coupons Exempt From Taxation.

Section 11-81-30 - Irregularities in Proceedings for Issuance, etc., Not to Affect Validity of Bonds; Properties, etc., of Bonds.

Section 11-81-31 - Ratification of Certain Irregular Elections for Issuance of Bonds.

Section 11-81-32 - Issuance of Duplicates for Lost, Mutilated or Destroyed Bonds.

Section 11-81-33 - Execution of Bonds, etc., With Engraved or Otherwise Reproduced Facsimile of Signature, Seal or Other Means of Authentication, Etc.