The authority shall pay out of the proceeds from the sale of any of the bonds all expenses which the board of directors may deem necessary or advantageous in connection with the sale and issuance of the bonds. The proceeds from the sale of all bonds, other than refunding bonds, remaining after paying the expenses of their sale and issuance shall be turned in to the state treasury, shall be carried in a special fund to be designated the Tombigbee Valley Development Authority Fund, and shall be subject to be drawn on by the authority, upon approval by the Governor, but solely for the purpose of discharging the duties and obligations undertaken by the authority in connection with the waterway and the flood control project. The proceeds from the sale of any refunding bonds remaining after the expense of their issuance shall be used only for the purpose of refunding the principal of outstanding bonds issued hereunder and of paying any premium that may be necessary to be paid in order to redeem or retire the bonds to be refunded.
Any portion of the proceeds derived from the sale of any of the bonds which the board of directors of the authority may determine is not then needed for any of the purposes for which the bonds are authorized to be issued shall, on order of the authority, be invested by the State Treasurer in any securities that are direct general obligations of the United States or the principal of and interest on which are unconditionally and irrevocably guaranteed by the United States. Any such securities may, at any time and from time to time, on order of the authority, be sold or otherwise converted by the state treasurer into cash. The income derived from any such investments shall be added to and treated as a part of the Tombigbee Valley Development Authority Fund.
Structure Code of Alabama
Title 33 - Navigation and Watercourses.
Chapter 17 - Tombigbee Valley Development Authority.
Section 33-17-1 - Definitions.
Section 33-17-2 - Legislative Intent; Construction of Chapter.
Section 33-17-3 - Authorization to Form Public Corporation.
Section 33-17-4 - Procedure for Incorporation.
Section 33-17-5 - Certificate of Incorporation; No Fees to Be Paid to Secretary of State.
Section 33-17-6 - Members, Officers and Directors; Records of Proceedings.
Section 33-17-7 - Duties and Obligations Which May Be Undertaken.
Section 33-17-8 - Powers Enumerated.
Section 33-17-11 - Authority of State Docks Department.
Section 33-17-12 - Bonds - Generally.
Section 33-17-13 - Bonds - Disposition of Proceeds; Investments.
Section 33-17-14 - Bonds - State Treasurer to Pay Principal and Interest of Bonds; Records.