If bonds are issued with respect to all or part of an assessment, all proceeds of the assessment allocable to the payment of such bonds shall be pledged to secure payment of the bonds and shall be paid directly by the property owners to the board or to a trustee or other holder of funds as may be appointed by the board for the benefit of the holders of the bonds.
Ala. Code § 11-99A-17
Pledge of Assessments.
Known as the Alabama Improvement District Act
The act spans §§ 11-99A-1 to 11-99A-9 (52 sections).
(Act 99-446, p. 1013, §1; Act 2013-373, p. 1364, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.