Section 41-4-10 Use of funds in sinking fund - Purchase and holding in trust of state bonds. - Alabama Statutes

Section 41-4-10

Use of funds in sinking fund - Purchase and holding in trust of state bonds.

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.

(Acts 1935, No. 311, p. 743; Acts 1939, No. 112, p. 144; Code 1940, T. 55, §75.)