Code of Alabama
Chapter 7 - Improvement Authorities.
Section 39-7-27 - Disposition of Moneys of Authority.

All moneys of an authority incorporated under this chapter from whatever source derived shall be paid to the treasurer of such authority and deposited by said treasurer in a depository designated by the board of trustees of such authority. The treasurer shall not commingle said moneys with any other moneys. Said moneys shall be deposited in a separate bank account or accounts. The moneys in said accounts shall be paid out on check or warrant of the treasurer of said authority on requisition of the board of trustees or of such other person or persons as the authority may authorize to make such requisitions. All deposits of such money shall, if required by such treasurer or by the board of trustees of the authority, be secured by obligations of the United States or of the State of Alabama of a market value equal at all times to the amount of the deposit and all banks and trust companies are authorized to give such security for such deposits. The treasurer of such authority shall be liable for a proper accounting of the moneys of the authority. This section shall not be construed as limiting the power of the authority to agree as to the custody and disposition of moneys or revenues for the security of its bonds; provided, that the moneys of the authority shall not be entrusted to any person, firm or corporation unless adequate security for its protection shall be given.

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Structure Code of Alabama

Code of Alabama

Title 39 - Public Works.

Chapter 7 - Improvement Authorities.

Section 39-7-1 - Definitions.

Section 39-7-2 - Authorization for Incorporation Generally.

Section 39-7-3 - Filing of Petition for Election as to Incorporation.

Section 39-7-4 - Form and Verification of Petition.

Section 39-7-5 - Summary Proceedings for Review, etc., of Sufficiency of Petition.

Section 39-7-6 - Publication of Notice of Filing of Petition and of Question to Be Submitted to Voters at Election.

Section 39-7-7 - Submission of Question Proposed by Petition to Voters at General Election.

Section 39-7-8 - Holding of Special Election for Submission of Question to Voters; Provisions of Law Governing Conduct of Such Elections; Payment of Expenses of Elections.

Section 39-7-9 - Contents and Form of Election Ballot.

Section 39-7-10 - Adoption of Resolution Setting Forth Question Submitted and Votes Cast; Declaration of Incorporation of Improvement Authority.

Section 39-7-11 - When Authority Deemed Incorporated; Transmission of Certified Copy of Resolution, etc., to Secretary of State; Secretary of State to Furnish Statement of Names, etc., of Authorities Incorporated to Department of Finance; Publication...

Section 39-7-12 - Authority to Be Public Corporation; Exercise of Powers of Authority.

Section 39-7-13 - Purpose and Powers of Authority Generally; Sale, Transfer and Conveyance of Entire Water System to Public Corporation Authorized to Conduct Business of Water Distribution System.

Section 39-7-14 - Board of Trustees of Authority - Composition; Appointment, Removal and Terms of Office of Members; Vacancies.

Section 39-7-15 - Board of Trustees of Authority - Members Not to Hold Public Office Under Municipality.

Section 39-7-16 - Board of Trustees of Authority - Organization Meeting; Selection of Officers.

Section 39-7-17 - Board of Trustees of Authority - Compensation; Delegation of Powers and Duties to Employees, Etc.

Section 39-7-18 - Board of Trustees of Authority - Powers Generally.

Section 39-7-19 - Transfer of Supervision, Possession, Control, etc., of Property, Rights, Books, Papers, etc., of Plant or System Owned by Municipality to Authority Generally; Continuation in Effect of Provisions of Law as to Powers and Duties of Mu...

Section 39-7-20 - Transfer of Municipal Officers and Employees to Authority.

Section 39-7-21 - Obligations of Contracts of Municipality Not to Be Impaired; Payment of Notes, Bonds or Other Obligations Issued by Municipality; Assumption of Municipal Contracts as to Plant or System by Authority.

Section 39-7-22 - Powers Generally; Consent of Department of Finance Required for Issuance or Sale of Bonds or Other Evidence of Indebtedness by Authority.

Section 39-7-23 - Authorization for Issuance of Bonds by Authority; Terms, Denominations, Sale, Redemption, etc., of Bonds; Issuance of Interim Receipts, Certificates, Etc.

Section 39-7-24 - Liability on Bonds and Other Obligations of Authority.

Section 39-7-25 - Rights and Remedies of Bondholders.

Section 39-7-26 - Pledge as to Alteration, Impairment, etc., of Certain Rights and Powers of Authorities and Rights and Remedies of Bondholders by State.

Section 39-7-27 - Disposition of Moneys of Authority.

Section 39-7-28 - Examinations of Accounts and Books of Authority; Copy of Examination to Be Furnished to Board of Trustees; Publication of Statement and Analysis of Financial Standing of Authority; Special Audit and Examination of Books and Accounts...

Section 39-7-29 - Authorization and Procedure for Enlarging of Services Furnished by Authority.

Section 39-7-30 - Authorization and Procedure for Diminishing of Services Furnished by Authority.

Section 39-7-31 - Limitation as to Number of Special Elections for Incorporating Authority or Enlarging or Diminishing Services Furnished by Authority.

Section 39-7-32 - Furnishing of Services Outside Boundaries of Municipality by Authority.

Section 39-7-33 - Purpose of Chapter; Chapter Exclusive as to Franchises, Licenses, Permits, etc., for Authorities.

Section 39-7-34 - Provisions of Chapter Exclusive as to Matters Covered by Chapter.