All warrants issued hereunder may be made payable as to principal and interest at such banks within or without the State of Alabama as the issuing board of education may designate. The county or city superintendent of education and the custodian or treasurer of school funds, as the case may be, shall deposit sufficient funds in such bank designated by the issuing board, as the bank at which its warrants are payable to meet all maturing installments of principal of and interest on its warrants promptly as the same shall fall due. The amounts due on principal and interest of school warrants issued heretofore and hereunder shall be remitted by said banks at par, including any premium due on called warrants, and without the deduction of exchange, handling, or collection costs from the amount due the holders of said warrants. Each issuing board of education shall be authorized to compensate any paying agent bank in an amount deemed reasonable by the board of education for the services to be rendered and the expenses to be incurred by the paying agent bank.
Structure Code of Alabama
Chapter 13 - School Finances Generally.
Article 5 - Warrants for Special County and District Taxes.
Section 16-13-90 - Purposes for Which Warrants Issued.
Section 16-13-91 - Approval of Issuance.
Section 16-13-94 - Maturity; Payment Generally.
Section 16-13-95 - Interest Rate.
Section 16-13-96 - Sale - Generally.
Section 16-13-97 - Sale - Price.
Section 16-13-98 - Preference and Payment of Warrants and Care of Fund.
Section 16-13-99 - Place and Method of Payment.
Section 16-13-100 - Payment of Incidental Costs.
Section 16-13-101 - Redemption of Warrants Prior to Maturity.
Section 16-13-102 - Exchange and Delivery of Refunding Warrants.
Section 16-13-103 - Validity of Warrants.
Section 16-13-104 - Exemption From Taxation.
Section 16-13-105 - Warrants May Be Validated.
Section 16-13-107 - Exclusiveness of Article.
Section 16-13-108 - Elections.
Section 16-13-109 - Investment of Unused Proceeds in Government Securities.