Section 25-4-56 Payment of interest on moneys advanced by federal government - Creation of special interest payment fund; deposits; administration; disposition. - Alabama Statutes

Section 25-4-56

Payment of interest on moneys advanced by federal government - Creation of special interest payment fund; deposits; administration; disposition.

There is hereby created a special fund, to be known as the "special interest payment fund," into which shall be deposited all moneys collected under the provisions of Section 25-4-55. All moneys in the special interest payment fund shall be deposited, administered and disbursed in the same manner and under the same conditions and requirements as is provided by law in Section 25-4-31.

Moneys in this fund shall be used by the director for the payment of interest on moneys advanced by the federal government, shall be continuously available to the director for expenditures in accordance with the provisions of Sections 25-4-55 through 25-4-58 and appropriate federal laws and shall not lapse at any time. Any interest earned on moneys in this special fund shall accrue to the special fund.

(Acts 1983, 2nd Ex. Sess., No. 83-178, p. 347, §2; Acts 1984, No. 84-73, p. 94, §2.)