There is hereby irrevocably pledged and appropriated such amounts of tobacco revenues retained in the special fund, and earnings thereon, as shall be necessary to pay and to redeem prior to their respective maturities the principal, interest, and premium, if any, on the authority’s bonds and to pay the principal of and the interest on any refunding bonds issued to refund such bonds.
Ala. Code § 41-10-630
Pledge and Appropriation of Tobacco Revenues to Redeem Bonds.
Known as the Alabama 21st Century Fund Act
The act spans §§ 41-10-620 to 41-10-644 (25 sections).
(Act 99-353, p. 538, §11.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.