The governing body, where practicable, shall require that the proceeds of the sale of bonds issued under the provisions of this article be deposited in a special account or accounts in a bank or banks which are members of the federal reserve system and shall require, insofar as practicable, that each such deposit be secured by United States government securities having an aggregate market value at least equal to the sum at the time on deposit, or, in any event, the proceeds shall be deposited in some bank or other depository either within or without the state which will secure such deposit satisfactorily to said governing body.
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 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.
Section 11-81-160 - Definitions.
Section 11-81-162 - Estimate of Cost of Acquisition, Extension, Repair, Consolidation, Etc.
Section 11-81-167 - Revenue Bonds - Execution and Delivery.
Section 11-81-168 - Revenue Bonds - Negotiability.
Section 11-81-169 - Revenue Bonds - Disposition of Proceeds From Sale - Generally.
Section 11-81-171 - Revenue Bonds - Redemption.
Section 11-81-172 - Revenue Bonds - Exemption From Taxation.
Section 11-81-173 - Issuance of Additional Bonds; Payment of Same.
Section 11-81-174 - Refunding Bonds.
Section 11-81-177 - Investment in Bonds by Executors, Trustees, Savings Banks, Etc.
Section 11-81-179 - Statutory Mortgage Lien of Bondholders - Duration; Enforcement.
Section 11-81-182 - Payment of Expenses of Operation or Maintenance of System Out of General Funds.
Section 11-81-184 - Establishment, etc., of Rates for Services Furnished by System.
Section 11-81-186 - Payment by Counties, Municipalities, etc., for Services Furnished by System.
Section 11-81-189 - Impairment, etc., of Valid Liens or Contracts Not Authorized by Article.