Section 45-46-90.11 - Proceeds from the sale of bonds.

AL Code § 45-46-90.11 (2019) (N/A)

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All moneys derived from the sale of any bonds issued by the authority shall be used solely for the purpose or purposes for which the same are authorized and any costs and expenses incidental thereto; provided, however, site preparation grants for industrial development shall not be included as a part of such costs and expenses. Such costs and expenses may include, but shall not be limited to, all of the following:

(1) The fiscal, engineering, legal, and other expenses incurred in connection with the issuance of the bonds.

(2) In the case of bonds issued to pay costs of acquiring or constructing all or any part of any facility, interest on such bonds (or if a part only of any series of bonds is issued for acquisition or construction purposes, interest on that portion of the bonds of the series that is issued to pay such acquisition or construction costs) prior to and during such acquisition or construction and for not exceeding one year after completion of such acquisition or construction.

(3) In the case of bonds issued for the purpose of refunding principal and interest, or either, with respect to bonds issued or obligations assumed by the authority, any premium that it may be necessary to pay in order to redeem or retire the bonds or other obligations to be refunded.

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Section 45-46-90.10 - Lien on pledge of revenues.

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Section 45-46-90.12 - Loans, sales, grants, etc., of money, property, etc., to the authority by counties, municipalities, etc.