The principal of all bonds issued under this chapter, except bonds issued under Division 1 of Article 4 of this chapter, shall be payable as provided in this section.
(1) The principal of all such bonds, other than revenue bonds as defined in subdivision (2) of this section, shall be payable on such date or dates as shall be specified in the ordinance or resolution providing for their issuance; provided, that
a. The principal of each such bond shall be payable not later than 30 years after its date; and
b. If such bonds shall be issued for the purpose of acquiring property or making improvements, then all the principal thereof shall be payable within the period of usefulness of the property or improvement for which the bonds are issued as such period shall be estimated under the provisions of Section 11-81-8;
(2) The principal of all revenue bonds (which are hereby defined as bonds payable solely out of revenues to be derived from a specified system or systems or other property or improvements) issued under the provisions of this chapter shall be payable on such date or dates as shall be specified in the ordinance or resolution providing for their issuance; provided that
a. The principal of each such revenue bond shall be payable on a date not later than 50 years after its date; and
b. If such revenue bonds shall be issued for the purpose of acquiring property or making improvements, then all the principal thereof shall be payable within the period of usefulness of the property or improvement for which such revenue bonds are issued as such period shall be estimated under the provisions of Section 11-81-8.
(3) Refunding bonds issued under this chapter that are revenue bonds as defined in subdivision (2) of this section shall be subject to the provisions of subdivision (2) of this section. All other refunding bonds issued under this chapter (except those issued under Division 1 of Article 4 of this chapter) shall be subject to the provisions of subdivision (1) of this section.
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.