All sinking funds provided for the retirement of bonds shall be invested in bonds of such subdivision or in bonds of the United States or in bonds of the State of Alabama or in bonds of any county in the State of Alabama or any municipal corporation of the State of Alabama, or deposited in a bank on interest; provided, however, that the proceedings authorizing any funding or refunding bonds may prohibit the investment of the sinking fund for such bonds and require that such sinking fund shall be used exclusively in the purchase for retirement or in the redemption of such funding or refunding bonds.
All sinking funds created by resolutions or ordinance heretofore adopted must be properly set aside each year in accordance with the resolution or ordinance providing for the same and a report made thereof and filed with the clerk of the municipality or with the probate judge of the county, as the case may be, showing in detail how said sinking fund is invested or deposited.
All contracts now in effect for purchasing savings certificates under the law as it heretofore existed shall continue as legal investments.
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 1 - General Provisions.
Section 11-81-3 - Issuance of Refunding or Funding Bonds as to Adjustment, etc., of Indebtedness.
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 11-81-9 - Form; Appointment of Registrar and Provision for Registration and Transfer.
Section 11-81-10 - Sale Price.
Section 11-81-12 - Determination of Highest Bidder.
Section 11-81-13 - Disposition of Proceeds From Sale.
Section 11-81-17 - Pledge of Revenues From Waterworks System to Secure Payment of Bonds.
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 11-81-25 - 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 11-81-31 - Ratification of Certain Irregular Elections for Issuance of Bonds.
Section 11-81-32 - Issuance of Duplicates for Lost, Mutilated or Destroyed Bonds.