All moneys derived from the sale of any bonds issued by a corporation shall be used solely for the purpose or purposes for which the same are authorized, including, but without limitation to, the establishment of reserve funds as security for the payment of the principal of (and premium, if any) and interest on such bonds and funds for the maintenance, repair, replacement, improvement and enlargement of any of its hospital facilities or other properties, and any costs and expenses incidental thereto. Such costs and expenses may include but shall not be limited to the fiscal, consulting, legal and other expenses incurred in connection with the issuance of the bonds, and interest to accrue on such bonds for a period ending not later than three years from their date.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 95 - Public Hospitals.
Section 11-95-1 - Legislative Intent; Liberal Construction of Chapter.
Section 11-95-2 - Definitions.
Section 11-95-5 - Certificate of Incorporation - Amendment Procedure.
Section 11-95-7 - Powers of Corporation.
Section 11-95-9 - Bonds of Corporation - Proceeds From Sale.
Section 11-95-10 - Refunding Bonds.
Section 11-95-11 - Exemption From Taxation and Fees.
Section 11-95-12 - Liability of Authorizing Subdivisions.
Section 11-95-13 - Exemption From Usury and Interest Laws.
Section 11-95-14 - Power of Eminent Domain.
Section 11-95-15 - Applicability of Division 2 of Article 4 of Chapter 21 of Title 22.
Section 11-95-16 - Applicability of Section 11-93-2.
Section 11-95-17 - Transfer of Funds, Assets, Etc. to Corporation.
Section 11-95-18 - Earnings of Corporation.
Section 11-95-19 - Dissolution of Corporation; Passage of Title to Property of Corporation.