Whenever it shall be made to appear to the governing body of any municipality or county by clear and satisfactory evidence that any bond of said municipality or county bearing interest has been lost, destroyed or mutilated so that the same is not held by any person as his property, then such municipality or county shall issue a duplicate of such lost, destroyed or mutilated bond in like amount, bearing like interest and executed and marked in like manner as the bond so proved to have been lost, destroyed or mutilated. But the owner of such lost, destroyed or mutilated bond shall first execute a penal bond in double the amount of the bond sought to be replaced together with the amount of interest which has or might thereafter accrue thereon with some surety company qualified to do business in the State of Alabama, to be approved by the governing body of said municipality or county and payable to said municipality or county, with condition to indemnify and save harmless such municipality or county from any claim whatsoever because of such lost, destroyed or mutilated bond. Such penal bonds shall be filed and kept with the clerk of said municipality or the judge of probate of such county and shall be admissible in evidence in any court.
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.