For the purpose of providing funds to enable the authority to pay, at their respective maturities, the principal of and interest on any bonds issued by it under the provisions of this article and to accomplish the objects of this article, there is hereby irrevocably pledged to such purpose and there is hereby appropriated so much as may be necessary for such purpose of the receipts from the tax levied by Sections 40-25-2 and 40-25-41 and distributed in accordance with subparagraph (1) b. 1. i. of Section 40-25-23. All moneys hereby appropriated and pledged shall constitute a sinking fund for the purpose of paying the principal of and the interest on the bonds authorized by this article.
Structure Code of Alabama
Article 2 - Industrial Development Authority.
Division 1 - General Provisions.
Section 41-10-20 - Definitions.
Section 41-10-21 - Legislative Findings of Fact and Declaration of Intent; Construction of Article.
Section 41-10-22 - Authorization and Procedure for Incorporation.
Section 41-10-25 - Composition; Recordkeeping; Admissibility in Evidence.
Section 41-10-26 - Powers of Authority Generally.
Section 41-10-26.1 - Exercise of Powers Granted to Airport Authorities.
Section 41-10-27.1 - State Preparation Grant Money for Raw or Completely Undeveloped Sites.
Section 41-10-27.2 - Appropriation of Funds for Payment of Industrial Development Site Grants.
Section 41-10-29 - Disposition of Proceeds From Sale of Bonds and Refunding Bonds.