All moneys derived from the sale of any bonds issued by the authority 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 the bonds, and any costs and expenses incidental thereto. Such costs and expenses may include but shall not be limited to (i) the fiscal, consulting, legal and other expenses incurred in connection with the issuance of the bonds, and (ii) except in the case of refunding bonds, interest to accrue on such bonds for a period ending not later than two years from their date.
Structure Code of Alabama
Chapter 3A - Alabama Agricultural Development Authority.
Article 1 - General Provisons.
Section 2-3A-1 - Declaration of Purpose and Legislative Findings.
Section 2-3A-3 - Incorporation of Authority; Procedure.
Section 2-3A-5 - Officers of the Authority.
Section 2-3A-6 - Legislative Oversight Committee; Members; Expenses.
Section 2-3A-7 - Powers of Authority; Open Meetings.
Section 2-3A-8 - Bonds of the Authority.
Section 2-3A-9 - Proceeds From Sale of Bonds.
Section 2-3A-10 - Refunding Bonds.
Section 2-3A-11 - Exemption From Taxation.
Section 2-3A-12 - Exemption From Usury and Interest Laws.
Section 2-3A-14 - Dissolution of Authority and Vesting of Title to Its Property.