The proceeds of all bonds, other than refunding bonds, issued by the authority remaining after paying expenses of their issuance shall be deposited in the State Treasury and shall be carried in the State Treasury in a special or separate account. Such funds shall be subject to be drawn upon by the authority and shall be used solely for the purposes for which the bonds were issued as authorized in this article.
Ala. Code § 16-60-93
Deposit of and Disbursements from Proceeds of Bonds.
Known as the Alabama Trade School and Junior College Authority Act
The act spans §§ 16-60-80 to 16-60-96 (17 sections).
(Acts 1963, 2nd Ex
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.