(a) 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 or accounts. Such funds shall be subject to be drawn upon by the authority, but any funds so withdrawn shall be used solely for the purposes for which the bonds were issued as authorized in this article.

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Terms Used In Alabama Code 41-29-505

  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
  • United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1
(b) The state treasurer, with the approval of the secretary of the authority, shall invest funds not needed by the authority within the ensuing thirty days for any purpose for which they are held, which investments shall be made in the manner authorized and provided for in Section United States and State of Israel” class=”unlinked-ref” datatype=”S” sessionyear=”2021″ statecd=”AL” title=”36″>36-17-18. The state treasurer and the authority may apply so much as may be necessary from the earnings on said investments toward satisfaction of the arbitrage rebate requirements under the Internal Revenue Code of 1986, as amended.
(c) The proceeds from the sale of any refunding bonds issued hereunder remaining after paying the expenses of their issuance shall be used only for the purpose of refunding the principal of outstanding bonds of the authority and of paying any premium that may be necessary to be paid in order to redeem or retire the bonds to be refunded.