 |
Alabama Code (Last Updated: November 28, 2014) |
 |
Title11 COUNTIES AND MUNICIPAL CORPORATIONS. |
|
Title3 PROVISIONS APPLICABLE TO COUNTIES AND MUNICIPAL CORPORATIONS. |
|
Chapter81. MUNICIPAL AND COUNTY BONDS. |
|
Article4. Public Improvement Bonds. |
|
Division1. Bonds for Street and Sidewalk Improvements, Sewer Systems or Other Improvements Generally. |
§11-81-111. Maturity and payment; sale or delivery in payment for work.
Latest version.
-
Such bonds shall be subject to the provisions of Sections 11-81-5 through 11-81-20 and 11-81-22 through 11-81-33 except that they shall be payable in annual installments beginning one year and ending 10 years from the date of the bonds, the amount of no installments to exceed the amount of any other installment by more than $1,000.00 and except that they may either be sold according to Sections 11-81-5 through 11-81-20 and 11-81-22 through 11-81-33 or be delivered at not less than par and accrued interest to the contractor in payment or part payment for the work.