Section 16-60-93 Deposit of and disbursements from proceeds of bonds. - Alabama Statutes

Section 16-60-93

Deposit of and disbursements from proceeds of bonds.

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.

(Acts 1963, 2nd Ex. Sess., No. 93, p. 259, §13.)