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. |
§11-81-122. Maintenance and disposition of sinking fund accounts for refunding bond issues.
Latest version.
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A separate sinking fund account shall be provided and kept for each refunding bond issue authorized under the provisions of Sections 11-81-119 through 11-81-121 to which shall be credited all collections made on assessments levied with respect to the improvements financed by the original issues of bonds or the proper proportionate part thereof, and such sinking fund shall be used only for the purpose of paying interest and principal on such bonds in that particular group or series as they mature.