A local government, combination of local governments, the State or designee, may establish a loss reserve fund. The loss reserve fund may be established for the purposes of paying delinquent assessments caused by the failure of a real property owner to fulfill their obligations under an assessment.
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 8 - Property Insurance and Energy Reduction Act of Alabama.
Section 11-81-240 - Short Title.
Section 11-81-241 - Definitions.
Section 11-81-242 - Designation of Regions for Qualified Projects; Issuance of Bonds, Notes, Etc.
Section 11-81-243 - Establishment and Amendment of Programs.
Section 11-81-245 - Consent Requirements; Disclosure Statement.
Section 11-81-246 - Assessment Lien; Enforcement.
Section 11-81-247 - Loss Reserve Fund.
Section 11-81-248 - Regulatory Jurisidiction.