Section 11-99A-17 Pledge of assessments. - Alabama Statutes

Section 11-99A-17

Pledge of assessments.

If bonds are issued with respect to an assessment, all proceeds of the assessment 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.

(Act 99-446, p. 1013, §1.)