The proceeds from the sale of any of the bonds (other than refunding bonds) shall be paid into the State Treasury and kept by the State Treasurer in a separate account and paid over to the secretary-treasurer of the department from time to time in such amounts as shall be directed by the Governor and the money so paid over to the secretary-treasurer of the department shall be held and used only for the accomplishment of the purposes of this article, and specifically for payment of the cost of acquiring, by construction or otherwise, maintaining and operating, or any of them, in promoting and aiding in the commercial flow of agricultural products within the state or in aid of commerce and use of the waterways of the state, all manner of elevators, facilities, warehouses, docks, water and rail terminals and other structures and facilities and improvements needful for the convenient use of the same. The cost of acquiring any facilities that may be acquired with the proceeds of bonds issued under this article shall be deemed to include, inter alia, (1) fees of engineers and attorneys and other expenses incidental to such acquisition; and (2) the cost of issuing those of the bonds that may be issued to provide funds for such acquisition. The proceeds derived from the sale of any refunding bonds issued hereunder shall be used only as provided in Section 33-2-131.
Structure Code of Alabama
Title 33 - Navigation and Watercourses.
Chapter 2 - Development of Docks and Other Facilities Along Inland Waterways.
Article 5 - 1967 Provisions for Facilities Along Inland Waterways.
Section 33-2-120 - Definitions.
Section 33-2-121 - Facilities at Additional Cost of $2,000,000.00 Authorized.
Section 33-2-123 - Authority, etc., of Department Under Article Cumulative.
Section 33-2-124 - How Property and Rights-of-Way May Be Acquired; Eminent Domain Proceedings.
Section 33-2-125 - Department May Contract Current Indebtedness.
Section 33-2-126 - General Provisions Relative to Inland Facilities Bonds.
Section 33-2-127 - Requirements for Sale of Bonds.
Section 33-2-128 - Disposition of Proceeds From Sale of Bonds.
Section 33-2-129 - Appropriation for Payment of Principal and Interest on Bonds.
Section 33-2-130 - Application of Revenues From Inland Facilities.
Section 33-2-131 - Refunding Bonds and Investments.
Section 33-2-132 - Separate Records as to Each Unit of Development.
Section 33-2-133 - Use of Surplus Revenues of Port of Mobile Facilities to Pay Operating Deficit.
Section 33-2-134 - Rates and Charges for Use of Facilities.
Section 33-2-135 - Revocation of Licenses to Occupy State Property.