(a) Any borrower issuing revenue bonds under the provisions of this article shall install and maintain proper books of record and account, separate entirely from other records and accounts of such borrower, in which full and correct entries shall be made of all dealings or transactions of or in relation to the properties, business and affairs of the system or combined system. The governing body of such borrower, not later than three months after the close of any calendar, operating or fiscal year, shall cause to be prepared a balance sheet and an income and surplus account showing, respectively, in reasonable detail, the financial condition of the system or combined system at the close of each preceding calendar, operating or fiscal year and the financial operations thereof during such year.
(b) Said balance sheets and income and surplus accounts shall at all reasonable times during usual business hours be open to examination and inspection by any taxpayer, user of the services furnished by the system or any holder of bonds issued under the provisions of this article or anyone acting for or on behalf of such taxpayer, user of the services of the system or bondholder.
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.