The board of water management commissioners may sell the bonds for cash at not less than 95 percent of the par value plus accrued interest and devote the proceeds to the payment of the work as it progresses and to the payment of other expenses of the district provided for in this article and for no other purpose or purposes. The funds of the district derived from the sale of bonds, collection of taxes or any other source shall be placed in any such depositories as may be designated by the board of water management commissioners, and the depositories shall pay into the treasury of the district such rate of interest as may be mutually agreed upon between the depository and the board of water management commissioners; provided, that the rate of interest shall not be less than two percent per annum and that the funds shall be subject to withdrawal at any time by the commissioners for the payment of the obligations of the district.
Structure Code of Alabama
Title 9 - Conservation and Natural Resources.
Chapter 9 - Water Management and Drainage.
Article 1 - Water Management Districts.
Section 9-9-4 - Who May Sign Petitions.
Section 9-9-5 - Establishment of District - Jurisdiction Generally; Purposes.
Section 9-9-8 - Establishment of District - Jurisdiction of Probate Court in Which Petition Filed.
Section 9-9-9 - Establishment of District - Notice of Filing of Petition and of Hearing.
Section 9-9-13 - Establishment of District - Effect of Order Establishing District.
Section 9-9-15 - Board of Water Management Commissioners - Powers and Duties Generally.
Section 9-9-16 - Board of Water Management Commissioners - Election of District Treasurer.
Section 9-9-17 - Board of Water Management Commissioners - Appointment, etc., of Fiscal Agent.
Section 9-9-19 - Compensation of District Officers and Employees.
Section 9-9-20 - Removal of Commissioners, Viewers or Other District Officers.
Section 9-9-21 - Right of Condemnation.
Section 9-9-24 - Procedure as to Proposed Improvement Crossing Railroad Right-of-Way.
Section 9-9-25 - Correction of Errors in or Amendments to Water Management Plan.
Section 9-9-27 - Viewing and Assessment of Lands by Board of Viewers; Report of Findings.
Section 9-9-28 - Notice of Hearing on Report of Board of Viewers.
Section 9-9-30 - Appeal From Confirmation of Board of Viewers' Report.
Section 9-9-33 - Collection of Taxes on Property Divided, Sold or Transferred.
Section 9-9-35 - Payment of Tax to District Treasurer - Required; Records.
Section 9-9-37 - Bonds - Issuance.
Section 9-9-38 - Bonds - Sale; Disposition of Proceeds, Etc.
Section 9-9-39 - Bonds - Payment of Principal and Interest.
Section 9-9-40 - Bonds - Remedies and Proceedings Upon Default.
Section 9-9-41 - Bonds of District Employees, Etc.
Section 9-9-44 - Construction of Improvements Under Water Management Plan - Default of Contractor.
Section 9-9-47 - Construction of Improvements Crossing Railroad Right-of-Way.
Section 9-9-50 - Annexation of Land to District.
Section 9-9-51 - Organization of District Over Lands of Watershed Conservancy District.
Section 9-9-53 - Joint Works of Improvement With Adjoining States.
Section 9-9-54 - Procedure as to Warrants Not Paid Because of Lack of Funds.
Section 9-9-55 - Correction of Errors in Court Proceedings, Etc.