All proceeds derived from the sale of any bonds (except refunding bonds) by the authority remaining after payment of the expenses of issuance thereof shall be turned over to the State Treasurer, shall be carried in a special account of the State Treasury to the credit of the authority, and shall be subject to be drawn on by the authority solely for the purposes of funding any required reserve fund, acquiring, constructing, installing and equipping judicial facilities and paying all reasonable and necessary expenses incidental thereto, including interest which shall accrue on said bonds during the construction of said judicial facilities. Any balance of said proceeds thereafter remaining shall, upon completion of said judicial facilities and the payment of all costs in connection therewith, be used for the redemption of bonds of the authority at the earliest permissible date.
Structure Code of Alabama
Article 9 - Alabama Judicial Building Authority.
Section 41-10-260 - Definitions.
Section 41-10-261 - Legislative Intent; Liberal Construction.
Section 41-10-262 - Authority to Incorporate.
Section 41-10-263 - Procedure for Incorporation.
Section 41-10-264 - Certificate of Incorporation; No Fees for Incorporation or Dissolution.
Section 41-10-266 - Meetings of Board of Directors.
Section 41-10-267 - Powers of Authority.
Section 41-10-268 - Authorization, Issuance and Sale of Bonds.
Section 41-10-268.1 - Issuance of Bonds - 2007 Authorization.
Section 41-10-269 - Execution of Bonds.
Section 41-10-270 - Use of Proceeds From Sale of Bonds.
Section 41-10-272 - Creation of Fund for Payment of Bonds.
Section 41-10-274 - State Treasurer to Disburse Funds for Payment of Bonds.
Section 41-10-275 - Terms and Conditions of Leasing by Authority.
Section 41-10-276 - Investment of Proceeds From Sale of Bonds; Disposition of Investment Income.
Section 41-10-277 - Refunding Bonds.
Section 41-10-279 - Exemption From Taxation.
Section 41-10-280 - Bonds Constitute Negotiable Instruments; Registration of Transfers.
Section 41-10-281 - Obligations Not Debt of State.