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Ala. Code § 11-100-6

Termination of State Assistance Payments; Return of Moneys Held.

Known as the Alabama Convention Facilities Act

The act spans §§ 11-100-1 to 11-100-8 (8 sections).

(Acts 1989, No. 89-651, p. 1287, §6.)

State assistance payments to cities, counties, and entities or authorities thereof, authorized by this chapter, shall be terminated when the bonds issued to finance said city, county, or entity’s or authority’s eligible facilities are fully retired or when, in the instance the bonds are refinanced, at the date the original issue of such bonds would have reached its final maturity. Any moneys then held by the cities or counties or entities or authorities thereof, derived from state assistance payments, shall be returned to the state and deposited into the account in the State Treasury to which such funds would have otherwise originally been deposited.

Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.