All moneys derived from the sale of any bonds issued by an authority shall be used solely for the purpose or purposes for which the same are authorized and any costs and expenses incidental thereto. Such costs and expenses may include, but shall not be limited to:
(1) The fiscal, engineering, architectural, legal and other expenses incurred in connection with the issuance and sale of the bonds;
(2) In the case of bonds issued to pay costs of construction, building, acquisition, restoration, renovation or improvement of property of the authority, interest on such bonds (or, if a part only of bonds of any series is issued for such purposes, interest on that portion of the bonds of that series that is issued to pay such costs) prior to and during such construction, building, acquisition, restoration, renovation or improvement of property of the authority; and
(3) In the case of bonds issued for the purpose of refunding principal and interest or either with respect to bonds issued or obligations assumed by the authority, any premium that it may be necessary to pay in order to redeem or retire the bonds or other obligations to be refunded.
Structure Code of Alabama
Article 5 - Historical Preservation Authorities.
Section 41-10-135 - Short Title.
Section 41-10-136 - Definitions.
Section 41-10-137 - Purposes for Which Authorities May Be Formed.
Section 41-10-141 - Powers and Duties of Authority Generally.
Section 41-10-143 - Bonds - Contracts to Secure Payment of Principal and Interest.
Section 41-10-145 - Bonds - Use of Proceeds From Sale.
Section 41-10-147 - Exemption From Taxation, Fees and Costs.
Section 41-10-148 - Reports by Authority to Governor.
Section 41-10-149 - Construction of Article Generally; Certain Provisions Exclusive.
Section 41-10-150 - Dissolution of Authority; Title to Property Vests in State.
Section 41-10-151 - Authority Organized Under Former Law Valid; Reincorporation Under This Article.