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Alabama Code (Last Updated: November 28, 2014) |
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Title11 COUNTIES AND MUNICIPAL CORPORATIONS. |
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Title3 PROVISIONS APPLICABLE TO COUNTIES AND MUNICIPAL CORPORATIONS. |
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Chapter81. MUNICIPAL AND COUNTY BONDS. |
| Article 1. General Provisions. |
| § 11-81-1. Execution of mortgages to secure bonds and indebtedness incurred in purchase, construction, extension, etc., of school buildings or waterworks, gas, light, etc., plants. |
| § 11-81-2. Execution of mortgages or deeds of trust upon property acquired, etc., with proceeds of bond issues; recordation of same. |
| § 11-81-3. Issuance of refunding or funding bonds as to adjustment, etc., of indebtedness. |
| § 11-81-4. Issuance of refunding interest-bearing certificates of indebtedness, warrants or notes by municipalities; pledge of tax, revenues, etc., for payment of principal and interest on same. |
| § 11-81-5. Places of payment. |
| § 11-81-6. Maturity and payment - Generally. |
| § 11-81-7. Maturity and payment - Bonds issued and sold in series. |
| § 11-81-8. Estimate as to period of usefulness of improvement or property for which bonds issued. |
| § 11-81-9. Form; appointment of registrar and provision for registration and transfer. |
| § 11-81-10. Sale price. |
| § 11-81-11. Sale. |
| § 11-81-12. Determination of highest bidder. |
| § 11-81-13. Disposition of proceeds from sale. |
| § 11-81-14. Presumption as to validity of issuance, sale, etc.; limitation period for actions to contest validity thereof. |
| § 11-81-15. Levy, collection and disposition of special tax for payment of principal and interest on bonds and sinking fund payments. |
| § 11-81-16. Pledge of revenues from certain taxes, utilities, etc., for payment of principal and interest on bonds. |
| § 11-81-17. Pledge of revenues from waterworks system to secure payment of bonds. |
| § 11-81-18. Pledge of revenues from license, privilege, or excise taxes for payment of principal and interest on bonds. |
| § 11-81-19. Investment of sinking funds generally; reports as to investment or deposit of sinking funds; contracts for purchase of savings certificates. |
| § 11-81-20. Investment of funds received to credit of sinking fund. |
| § 11-81-21. Investment of funds obligation in which sinking funds may be invested. |
| § 11-81-22. Sinking fund bonds - Issuance, etc. |
| § 11-81-23. Sinking fund bonds - Designation; maturity and interest; disposition. |
| § 11-81-24. Sinking fund bonds - Creation of sinking fund; employment and duties of trustee of sinking fund. |
| § 11-81-25. Sinking fund bonds - Powers of trustee of sinking fund. |
| § 11-81-26. Mandamus proceedings. |
| § 11-81-27. Mortgages of public property for payment of debts. |
| § 11-81-28. Issuance, sale, etc., of negotiable notes in anticipation of sale of bonds. |
| § 11-81-29. Bonds and interest coupons exempt from taxation. |
| § 11-81-30. Irregularities in proceedings for issuance, etc., not to affect validity of bonds; properties, etc., of bonds. |
| § 11-81-31. Ratification of certain irregular elections for issuance of bonds. |
| § 11-81-32. Issuance of duplicates for lost, mutilated or destroyed bonds. |
| § 11-81-33. Execution of bonds, etc., with engraved or otherwise reproduced facsimile of signature, seal or other means of authentication, etc. |
| Article 2. Municipal Bonds Generally. |
| § 11-81-50. Municipality defined. |
| § 11-81-51. Purposes for which bonds may be issued. |
| § 11-81-52. Ordering of election for determination as to issuance of bonds. |
| § 11-81-53. Notice of election. |
| § 11-81-54. Ballots. |
| § 11-81-55. Conduct of election generally. |
| § 11-81-56. Expenses of election; compensation of managers, clerks, and returning officers. |
| § 11-81-57. Board of canvassers. |
| § 11-81-58. Recordation of election results. |
| § 11-81-59. Election contest - Authorized; bond required. |
| § 11-81-60. Election contest - Notice and hearing. |
| § 11-81-61. Election contest - Limitation of action. |
| § 11-81-62. Issuance of bonds. |
| § 11-81-63. Execution and delivery of bonds. |
| § 11-81-64. Bonds for refunding or funding of bonds outstanding - Authority for issuance; sale or exchange; rights, etc., of holders thereof. |
| § 11-81-65. Bonds for refunding or funding of bonds outstanding - Security. |
| § 11-81-66. Bonds and coupons receivable for payment of taxes and dues. |
| § 11-81-67. Applicability of provisions of general election laws; mandatory and directory provisions of article. |
| § 11-81-68. Audits. |
| Article 3. County Bonds Generally. |
| § 11-81-80. Purposes for which bonds may be issued. |
| § 11-81-81. Ordering of election for determination as to issuance of bonds. |
| § 11-81-82. Notice of election. |
| § 11-81-83. Ballots. |
| § 11-81-84. Conduct of election generally. |
| § 11-81-85. Expenses of election; compensation of managers, clerks, and returning officers. |
| § 11-81-86. Board of canvassers. |
| § 11-81-87. Recordation of election results. |
| § 11-81-88. Election contest - Authorized; bond required. |
| § 11-81-89. Election contest - Notice and hearing; representation of county. |
| § 11-81-90. Election contest - Limitation of action. |
| § 11-81-91. Issuance of bonds. |
| § 11-81-92. Execution and delivery of bonds. |
| § 11-81-93. Bonds for refunding of bonds outstanding or installments on serial bonds outstanding - Authority for issuance. |
| § 11-81-94. Bonds for refunding of bonds outstanding or installments on serial bonds outstanding - Security. |
| § 11-81-95. Bonds for refunding of bonds outstanding or installments on serial bonds outstanding - Special tax levy for payment of principal and interest. |
| § 11-81-96. Applicability of provisions of general election laws; mandatory and directory provisions of article. |
| § 11-81-97. Applicability of provisions pertaining to municipal bonds. |
| Article 4. Public Improvement Bonds. |
| Division 1. Bonds for Street and Sidewalk Improvements, Sewer Systems or Other Improvements Generally. |
| § 11-81-110. Issuance generally; pledge of proceeds of assessments, etc., as security for payment. |
| § 11-81-111. Maturity and payment; sale or delivery in payment for work. |
| § 11-81-112. Disposition of proceeds from sale. |
| § 11-81-113. Grouping of improvements for issuance of bonds. |
| § 11-81-115. Bond of officer charged with collection of assessments; liability of officer and members of governing body for diversion, misappropriation, etc., of funds. |
| § 11-81-116. Redemption of bonds. |
| § 11-81-117. Refunding of excess assessments - Authority and procedure generally. |
| § 11-81-118. Refunding of excess assessments - Limitation period for presentation of claims; disposition of amounts not refunded. |
| § 11-81-119. Settlement, adjustment or refunding of bonds. |
| § 11-81-120. Sale or issuance to custodian of special fund, etc., of refunding bonds. |
| § 11-81-121. Consolidation of separate outstanding issues for issuance of refunding bonds. |
| § 11-81-122. Maintenance and disposition of sinking fund accounts for refunding bond issues. |
| § 11-81-123. Liability, etc., upon bonds, etc., when municipalities consolidated. |
| Division 2. Bonds for Certain Revenue-Producing Undertakings. |
| § 11-81-140. Definitions. |
| § 11-81-142. Authorization of acquisition, construction, etc., of undertaking taking and issuance of bonds in anticipation of revenues. |
| § 11-81-143. Covenants in bond authorization resolutions; enforcement of provisions of division and bond resolutions. |
| § 11-81-144. Form, terms, denominations, etc., of bonds; maturity and sale; execution and delivery; issuance of revenue refunding bonds. |
| § 11-81-145. Evidence of validity of bonds. |
| § 11-81-146. Lien of bonds. |
| § 11-81-147. Liability of municipalities or counties on bonds. |
| § 11-81-148. Exercise of municipal or county taxing power, etc., for payment of bonds. |
| § 11-81-149. Exemption from taxation of undertakings, bonds, etc. |
| § 11-81-150. Establishment, collection, etc., of rates, fees, tolls, etc., for services, facilities, etc., of undertakings. |
| Article 5. Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems. |
| § 11-81-160. Definitions. |
| § 11-81-161. Acquisition, extension, repair, consolidation, etc., of waterworks, sewer, gas or electric systems by counties or municipalities authorized. |
| § 11-81-162. Estimate of cost of acquisition, extension, repair, consolidation, etc. |
| § 11-81-163. Adoption, amendment, recordation, etc., of ordinances or resolutions for issuance of bonds, segregation of revenues, etc. |
| § 11-81-164. Notice of adoption of authorization proceedings for issuance of bonds; limitation period for actions to set aside authorization proceedings, restrain issuance of bonds, etc. |
| § 11-81-165. Borrowing in anticipation of sale and issuance of bonds authorized; procedure therefor. |
| § 11-81-167. Revenue bonds - Execution and delivery. |
| § 11-81-168. Revenue bonds - Negotiability. |
| § 11-81-169. Revenue bonds - Disposition of proceeds from sale - Generally. |
| § 11-81-170. Revenue bonds - Disposition of proceeds from sale - Proceeds to be used only for purposes for which bonds authorized; excess proceeds. |
| § 11-81-171. Revenue bonds - Redemption. |
| § 11-81-172. Revenue bonds - Exemption from taxation. |
| § 11-81-172.1. Revenue bonds - Issuance of bonds for refunding of principal of general or limited obligation warrants, etc. |
| § 11-81-173. Issuance of additional bonds; payment of same. |
| § 11-81-174. Refunding bonds. |
| § 11-81-175. Applicability of limitations, etc., in certain other provisions of chapter as to bonds generally. |
| § 11-81-176. Elections and publication of ordinances, resolutions, etc., not required for issuance and sale of bonds. |
| § 11-81-177. Investment in bonds by executors, trustees, savings banks, etc. |
| § 11-81-178. Statutory mortgage lien of bondholders - Creation generally; filing, recordation, etc., of notice thereof. |
| § 11-81-179. Statutory mortgage lien of bondholders - Duration; enforcement. |
| § 11-81-180. Appointment of receiver upon default in payment of principal and interest on bonds; powers of receiver. |
| § 11-81-181. Pledge of revenues from systems for payment of principal and interest on bonds; disposition of gross revenues from operation of system generally. |
| § 11-81-182. Payment of expenses of operation or maintenance of system out of general funds. |
| § 11-81-183. Designation of depository; disposition and disbursement of gross revenue account and special funds by depository. |
| § 11-81-184. Establishment, etc., of rates for services furnished by system. |
| § 11-81-185. Rates not subject to state supervision or regulation; supervision, etc., of operation, etc., of sewer systems by State Board of Health. |
| § 11-81-186. Payment by counties, municipalities, etc., for services furnished by system. |
| § 11-81-187. Determination as to operation of system upon calendar, operating or fiscal year basis, etc. |
| § 11-81-188. Maintenance of books of record and accounts, balance sheets, etc., as to properties, financial condition, etc., of system; inspection and examination of same. |
| § 11-81-189. Impairment, etc., of valid liens or contracts not authorized by article. |
| § 11-81-190. Construction of article. |
| Article 6. Alternate Borrowing for Electric Systems. |
| § 11-81-200. Acquisition, extension, operation, etc., of power plants, power lines, electric systems, etc., by counties or municipalities authorized; acquisition of rights-of-way. |
| § 11-81-201. Election as to proposed undertaking. |
| § 11-81-202. Borrowing of money for acquisition, extension, etc., of plants, etc., by counties or municipalities authorized; limitations. |
| § 11-81-203. Pledges, etc., of plants, etc., as security for repayment of money borrowed with interest. |
| § 11-81-204. Contracts for security of lender; limitation as to charges for electric energy and service by counties or municipalities. |
| § 11-81-205. Form, terms, etc., of instrument evidencing loan. |
| § 11-81-206. Construction of article. |
| Article 7. Validation of Bonds Prior to Issuance. |
| § 11-81-220. Definitions. |
| § 11-81-221. Filing of complaint for determination as to legality of proposed issuance of obligations. |
| § 11-81-222. Contents of complaint; order and notice of hearing to show cause why obligations not valid. |
| § 11-81-223. Hearing and entry of judgment; appeals from judgment of circuit court. |
| § 11-81-224. When judgment of circuit court final and conclusive as to validity of obligations, etc. |
| § 11-81-225. Legend to appear on validated obligations. |
| § 11-81-226. Costs of proceedings. |
| § 11-81-227. Article not applicable where validity of obligations in controversy in pending actions or proceedings. |