Instead of, or in lieu of, using sinking funds, as is provided for in this article, the Director of Finance, by and with the advice and consent of the Governor, may purchase, upon the best terms obtainable, state bonds or obligations for the payment of which the sinking fund was created, and when such bonds or obligations are so purchased they may be cancelled and retired by the Treasurer, with the advice and consent of the Governor, but no bond or obligation so purchased shall be cancelled or destroyed unless it was purchased by and with the sinking funds which were created for the ultimate payment of such bond or obligation so purchased and cancelled. Such bonds or obligations, when so cancelled and retired, shall be cancelled and destroyed by the Treasurer in the presence of the Governor and the Attorney General, and entry thereof shall be made on the books of the Treasurer as to the number, amount, character and denomination of the bonds or obligations so cancelled and destroyed, and the Treasurer, Governor and Attorney General shall certify to the correctness of the entries so made upon the books of the Treasurer.
Structure Code of Alabama
Chapter 4 - Department of Finance.
Article 1 - General Provisions.
Section 41-4-2 - General Purpose of Department; Seal.
Section 41-4-3 - Duties of Department Generally.
Section 41-4-3.1 - Monthly Reports on Condition of General Fund and Education Trust Fund.
Section 41-4-4 - Certain Appropriations to Be Expended by Department.
Section 41-4-5 - Appointment of Employees; Officers and Employees Subject to Merit System.
Section 41-4-6 - Oath of Office and Full-Time Service of Officers and Chiefs of Divisions.
Section 41-4-7 - Bonds of Comptroller, Purchasing Agent, Chiefs of Divisions of Department, Etc.
Section 41-4-9 - Grants Received From the Federal Government.
Section 41-4-8 - Powers and Duties of Department as to Educational and Eleemosynary Institutions.
Section 41-4-10 - Use of Funds in Sinking Fund - Purchase and Holding in Trust of State Bonds.
Section 41-4-13 - Use of Funds in Sinking Fund - Deposit of Funds in Savings Banks.
Section 41-4-15 - Use of Funds in Sinking Fund - Sinking Fund Not to Be Diverted From Its Object.