reglab/housing_qa huggingface dataset:
AL Code § 11-81-11 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-11 - Sale.

Section 11-81-11Sale. All bonds issued under the authority of this chapter shall be sold at public or private sale as the governing body of the municipality or county may determine. If the bonds are sold at public sale, the public sale shall be either on sealed bids or at auction. The notice of public sale shall state whether the sale is to be on sealed bids or at auction and shall also briefly recite the amount of the bonds to be sold, the maturities thereof, the amount payable at each maturity, any redemption or prepayment privileges, the frequency with which interest will be payable, either the rate of interest which the bonds are to bear or that the bidders are invited to name the rate of interest in their bids and the time and place of sale or for submitting sealed bids. Such notice shall be published once in each of two consecutive weeks in a newspaper published in the municipality proposing to issue the bonds, or, if there is no such newspaper published in such municipality or if the sale is of county bonds, then in a newspaper published in the county proposing to issue the bonds or in which such municipality is situated. The first of such two publications shall be not less than 10 days before the last date for submitting bids if the sale is on sealed bids or the date of sale if the sale is at auction. If there is no newspaper meeting the foregoing requirements, the notice shall be posted in three public places in the county or municipality issuing the bonds for at least a period of 10 days. The governing body shall have the right to reject any or all bids. (Acts 1927, No. 478, p. 534; Acts 1932, Ex. Sess., No. 153, p. 172; Acts 1933, Ex. Sess., No. 70, p. 60; Acts 1935, No. 195, p. 575; Code 1940, T. 37, §259; Acts 1945, No. 397, p. 615; Acts 1987, No. 87-600, p. 1044.)
AL Code § 11-81-12 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-12 - Determination of Highest Bidder.

Section 11-81-12Determination of highest bidder. In determining the highest bidder for bonds offered for sale at any public sale held pursuant to this chapter, the lowest net interest cost to the county or municipality as determined by the governing body of such county or municipality shall govern. The determination of such governing body as to what constitutes such lowest net interest cost shall be final and conclusive. (Acts 1927, No. 478, p. 534; Code 1940, T. 37, §260; Acts 1945, No. 397, p. 615.)
AL Code § 11-81-13 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-13 - Disposition of Proceeds From Sale.

Section 11-81-13Disposition of proceeds from sale. The principal proceeds received in the sale of any bonds hereafter issued under the authority of this chapter shall be used for the purposes for which the bonds are issued; provided, however, that if for any reason any part of such proceeds shall not be necessary for such purposes then such unexpended part of such proceeds shall be applied to the payment of the principal of or interest on said bonds. All accrued interest and premium received in any such sale shall be applied to the payment of interest or principal on the bonds sold. (Acts 1927, No. 478, p. 534; Code 1940, T. 37, §261; Acts 1945, No. 394, p. 612.)
AL Code § 11-81-14 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-14 - Presumption as to Validity of Issuance, Sale, etc.; Limitation Period for Actions to Contest Validity Thereof.

Section 11-81-14Presumption as to validity of issuance, sale, etc.; limitation period for actions to contest validity thereof. Any bonds reciting that they are issued pursuant to this chapter shall in any action or proceeding involving their validity be conclusively deemed to be fully authorized by this chapter and to have been issued, sold, executed, and delivered in conformity herewith and with all other provisions of statutes applicable thereto and shall be incontestable, anything in this chapter or in other statutes to the contrary notwithstanding, unless such action or proceeding is begun before or within 30 days after the day upon which the bonds are delivered and paid for. (Acts 1927, No. 478, p. 534; Code 1940, T. 37, §262.)
AL Code § 11-81-15 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-15 - Levy, Collection and Disposition of Special Tax for Payment of Principal and Interest on Bonds and Sinking Fund Payments.

Section 11-81-15Levy, collection and disposition of special tax for payment of principal and interest on bonds and sinking fund payments. In every county and municipality the officers charged by law with the duty of levying taxes shall annually, without further authority, levy a tax, insofar as such a tax is or may be permitted by the present or any future provisions of the Constitution, sufficient to pay: (1) Bond interest falling due in that year of all bonds issued after March 15, 1933; (2) The principal of all serial bonds issued after March 15, 1933 falling due during the current fiscal year; (3) The sinking fund appropriation for the current fiscal year, if any, required by any agreement heretofore made or by any proceedings heretofore taken to establish a sinking fund for the payment of bonds now outstanding, or required by any agreement which may be made or proceedings taken after February 15, 1933, to establish a sinking fund for the payment of funding or refunding bonds issued after the last named date, except funding or refunding bonds maturing in annual series; and (4) Such arrears of interest, principal or sinking fund payments as should have been made under this section in any prior years, but which were not so made; provided, that the amount of such annual tax shall be decreased by the amount of special assessments or other funds on hand and appropriated to the said purpose; provided further, that such county or municipality shall not be required to divert to the purposes set out in subdivisions (3) and (4) of this section the proceeds of any tax now authorized to be levied to pay for the expenses of the city government or general purposes of said county or municipality. Such tax shall be collected like other taxes and shall be applied solely to the said purposes. Nothing contained in this section shall prevent any county or municipality from applying funds derived from other taxes or from any other source to the payment of bonds heretofore or hereafter issued or interest thereon or from establishing a sinking fund for the payment of principal of bonds heretofore issued. This section shall not apply to revenue bonds issued under this chapter. (Acts 1927, No. 478, p. 534; Acts 1932, Ex. Sess., No. 153, p. 172; Acts 1933, Ex. Sess., No. 70, p. 60; Code 1940, T. 37, §263.)
AL Code § 11-81-17 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-17 - Pledge of Revenues From Waterworks System to Secure Payment of Bonds.

Section 11-81-17Pledge of revenues from waterworks system to secure payment of bonds. Any municipality or county may pledge the net revenues of any waterworks system maintained and operated by such municipality for the purpose of supplying such municipality or county and its inhabitants with water to secure the payment of any bonds issued by such municipality or county, whether such bonds shall have been issued for such waterworks system or for any other purpose. The term "net revenues," as used in this section, shall include the entire revenues derived from such waterworks system after deducting therefrom the cost of operation and administration and such portion of such revenues as shall be required to satisfy any pledge of such revenues theretofore lawfully made. (Acts 1932, Ex. Sess., No. 214, p. 215; Code 1940, T. 37, §270.)
AL Code § 11-81-18 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-18 - Pledge of Revenues From License, Privilege, or Excise Taxes for Payment of Principal and Interest on Bonds.

Section 11-81-18Pledge of revenues from license, privilege, or excise taxes for payment of principal and interest on bonds. In any case in which a municipality or county may hereafter issue any securities, including bonds, warrants, notes and certificates of indebtedness, whether such securities are general obligations of the municipality or county or are payable solely from a special source, there may be pledged to the payment of the principal of and the interest on such securities all or any part of that portion of the proceeds from any license or privilege tax or excise tax levied by any act of the Legislature which may be apportioned and paid to such municipality or county; provided, however, that such pledge may be made only for the benefit of securities issued for a purpose or purposes for which the tax proceeds so apportioned to any such municipality or county are permitted by any such act to be used. In any case in which a pledge is made under the provisions of this section, the securities for the benefit of which such pledge shall be made shall have preference over claims for salaries or other operating expenses or claims for any other purpose, and if more than one such pledge shall be made with respect to the same portion of any such tax proceeds so apportioned then such pledges shall take precedence in the order in which they are made; provided, that if in the proceedings authorizing any such securities and making any such pledge therefor the municipality or county reserves the privilege of issuing additional securities secured on a parity of pledge with the securities authorized by the said proceedings, then such additional securities subsequently issued may be secured by such parity pledge in accordance with the provisions of the said proceedings in which the said privilege is reserved. Each pledge of the character authorized by this section that may have been heretofore made by any municipality or county for the benefit of any such securities heretofore issued by it is hereby ratified and confirmed. (Acts 1953, No. 531, p. 739; Acts 1969, No. 803, p. 1447, §1.)
AL Code § 11-81-19 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-19 - Investment of Sinking Funds Generally; Reports as to Investment or Deposit of Sinking Funds; Contracts for Purchase of Savings Certificates.

Section 11-81-19Investment of sinking funds generally; reports as to investment or deposit of sinking funds; contracts for purchase of savings certificates. All sinking funds provided for the retirement of bonds shall be invested in bonds of such subdivision or in bonds of the United States or in bonds of the State of Alabama or in bonds of any county in the State of Alabama or any municipal corporation of the State of Alabama, or deposited in a bank on interest; provided, however, that the proceedings authorizing any funding or refunding bonds may prohibit the investment of the sinking fund for such bonds and require that such sinking fund shall be used exclusively in the purchase for retirement or in the redemption of such funding or refunding bonds. All sinking funds created by resolutions or ordinance heretofore adopted must be properly set aside each year in accordance with the resolution or ordinance providing for the same and a report made thereof and filed with the clerk of the municipality or with the probate judge of the county, as the case may be, showing in detail how said sinking fund is invested or deposited. All contracts now in effect for purchasing savings certificates under the law as it heretofore existed shall continue as legal investments. (Acts 1927, No. 478, p. 534; Acts 1935, No. 195, p. 575; Code 1940, T. 37, §265.)
AL Code § 11-81-20 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-20 - Investment of Funds Received to Credit of Sinking Fund.

Section 11-81-20Investment of funds received to credit of sinking fund. Any funds of any municipality or county which may come into the hands of such county or municipality to the credit of any sinking fund may be by such county or municipality invested in bonds of the United States, bonds of the State of Alabama or of any county or municipality thereof or in any public improvement bonds issued by any municipality in the State of Alabama which are general obligations of such municipality. (Acts 1927, No. 478, p. 534; Code 1940, T. 37, §273.)
AL Code § 11-81-22 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-22 - Sinking Fund Bonds - Issuance, Etc.

Section 11-81-22Sinking fund bonds - Issuance, etc. Any city which has power to issue bonds to refund the principal of its unmatured bonds under this chapter, may, in the discretion of the city council or board of commissioners or other governing body of such city, cause such bonds to be executed and issued to and placed in a sinking fund established pursuant to Sections 11-81-22 through 11-81-25. (Acts 1949, No. 437, p. 633, §1.)
AL Code § 11-81-23 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-23 - Sinking Fund Bonds - Designation; Maturity and Interest; Disposition.

Section 11-81-23Sinking fund bonds - Designation; maturity and interest; disposition. Bonds issued to and placed in such a sinking fund pursuant to Sections 11-81-22 through 11-81-25 shall be designated "sinking fund bonds." Notwithstanding anything contained in said sections or any acts amendatory thereof, such bonds may be made payable at such time or times, not more than 20 years after their respective dates, as may be determined by the city council or board of commissioners or other governing body of the city and may bear interest at any rate or rates not in excess of two percent per annum, payable semiannually. Bonds so issued and placed in a sinking fund shall be valid obligations of the city issuing the bonds and shall be held in such sinking fund until they are paid and may not be sold, transferred or negotiated. (Acts 1949, No. 437, p. 633, §2.)
AL Code § 11-81-24 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-24 - Sinking Fund Bonds - Creation of Sinking Fund; Employment and Duties of Trustee of Sinking Fund.

Section 11-81-24Sinking fund bonds - Creation of sinking fund; employment and duties of trustee of sinking fund. Any city which desires to issue bonds as provided by Sections 11-81-22 through 11-81-24 to refund the principal of any of its unmatured bonds may establish a sinking fund which shall be used solely for the purposes of paying the principal of such unmatured bonds and may, by resolution adopted by its city council or board of commissioners or other governing body, employ any bank or trust company authorized to do business in the State of Alabama or any savings and loan association organized either under the laws of the State of Alabama or of the United States to act as trustee of such sinking fund and to hold in trust the bonds of such city issued to refund the principal of such unmatured bonds and placed in such sinking fund and to apply the income therefrom and the money received in payment therefor or any other income which shall accrue to such sinking fund to the payment of the principal of such unmatured bonds. (Acts 1949, No. 437, p. 633, §3; Acts 1973, No. 1256, p. 2102.)
AL Code § 11-81-25 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-25 - Sinking Fund Bonds - Powers of Trustee of Sinking Fund.

Section 11-81-25Sinking fund bonds - Powers of trustee of sinking fund. Any trustee of a sinking fund established under Sections 11-81-22 through 11-81-24 shall have power to invest in such manner and subject to such restrictions as may be prescribed in the ordinance or resolution establishing such sinking fund any moneys which it may receive as such trustee, pending the application of such moneys to the payment of such unmatured bonds, in any bonds of such city which are general obligations or in any direct general obligations of the United States. Any such trustee shall have power and authority to proceed by civil action, mandamus or other appropriate proceeding to enforce and compel payment of any bonds issued to and placed with the sinking fund of which it shall be trustee. (Acts 1949, No. 437, p. 633, §4.)
AL Code § 11-81-26 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-26 - Mandamus Proceedings.

Section 11-81-26Mandamus proceedings. Any court having jurisdiction shall issue mandamus for the levy and collection and proper application of the tax required by Section 11-81-15 or for the setting aside and proper application of sinking fund payment as required by law upon proper proof of noncompliance with the provisions of law being furnished by any taxpayer or bondholder. (Acts 1927, No. 478, p. 534; Code 1940, T. 37, §266.)
AL Code § 11-81-27 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-27 - Mortgages of Public Property for Payment of Debts.

Section 11-81-27Mortgages of public property for payment of debts. Any county or municipality of this state may mortgage any public property for the payment of any debt contracted in connection with such mortgaged property either originally or as a renewal, and such mortgage shall be admitted to record in the office of the probate judge of any county of this state without the payment of any tax upon the debt secured thereby or any other fee or charge except the costs of recording the instrument at the rate fixed by law. (Acts 1927, No. 478, p. 534; Code 1940, T. 37, §267.)
AL Code § 11-81-28 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-28 - Issuance, Sale, etc., of Negotiable Notes in Anticipation of Sale of Bonds.

Section 11-81-28Issuance, sale, etc., of negotiable notes in anticipation of sale of bonds. Whenever bonds of any county or municipality shall have been authorized under this chapter at any election or by the governing body thereof in cases where an election is not required, such governing body may from time to time in anticipation of the sale of such bonds issue negotiable notes of such county or municipality for the purpose for which such bonds shall have been authorized and to an amount at any time outstanding not exceeding the maximum authorized amount of such bonds. Such notes shall be general obligations of the issuing county or municipality, shall be signed as the governing body may prescribe, shall be made payable as the governing body may determine, not later than 12 months from their respective dates, and may be refunded from time to time by the issue of new negotiable notes under this section; provided, that no such refunding shall be effected which shall extend the final date for the payment of such notes to more than three years from the date of the original borrowing. All notes issued under this section may be sold by the governing body at public sale after advertisement given in the manner provided in subsection (a) of Section 11-81-11, or they may be sold at private sale at not less than their par value plus accrued interest from the date thereof to the date upon which they are delivered and paid for. Any bonds in anticipation of the sale of which such notes may be so issued shall be dated not later than the date of the original borrowing, and such notes and interest thereon shall be paid out of the proceeds derived from the sale of such bonds when sold. This section shall not apply to revenue bonds authorized to be issued under this chapter. (Acts 1927, No. 478, p. 534; Code 1940, T. 37, §268; Acts 1945, No. 471, p. 705.)
AL Code § 11-81-29 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-29 - Bonds and Interest Coupons Exempt From Taxation.

Section 11-81-29Bonds and interest coupons exempt from taxation. All bonds and interest coupons attached to the same issued under the authority of this chapter shall be exempt from state, county and municipal taxation. (Acts 1927, No. 478, p. 534; Code 1940, T. 37, §269.)
AL Code § 11-81-30 (2021)
2021 Code of Alabama|Title 11 - Counties and Municipal Corporations.|Title 3 - Provisions Applicable to Counties and Municipal Corporations.|Chapter 81 - Municipal and County Bonds.|Article 1 - General Provisions.|Section 11-81-30 - Irregularities in Proceedings for Issuance, etc., Not to Affect Validity of Bonds; Properties, etc., of Bonds.

Section 11-81-30Irregularities in proceedings for issuance, etc., not to affect validity of bonds; properties, etc., of bonds. No irregularity in the proceedings to authorize the issue of bonds under this chapter nor the omission or neglect of any officer charged with the execution of any duties imposed by this chapter shall affect the validity of any bonds issued under this chapter. Such bonds shall have all the properties and protection of commercial paper. (Acts 1927, No. 478, p. 534; Code 1940, T. 37, §271.)