With the consent of the Governor, the funds in the sinking fund for retiring old bonded debt may be used from time to time by the Department of Finance for the purpose of purchasing and holding in trust in said fund bonds of the State of Alabama. It shall be the duty of the Department of Finance to see that the funds coming into any sinking fund are applied in satisfaction of the bonds against which said sinking fund was created.
Ala. Code § 41-4-10
Use of Funds in Sinking Fund - Purchase and Holding in Trust of State Bonds.
(Acts 1935, No. 311, p. 743; Acts 1939, No. 112, p. 144; Code 1940, T. 55, §75.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.