Alabama § 11-32-12 - Use of Bond Proceeds.
Full text of Alabama Code of Alabama § 11-32-12 — Use of Bond Proceeds., with citation guidance and answers to common questions.
§ 11-32-12. Use of Bond Proceeds.
All moneys derived from the sale of any bonds issued by the authority shall be used solely for the purposes for which the moneys are authorized and any costs and expenses incidental thereto. The costs and expenses may include, but shall not be limited to, 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 a transit system interest on the 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 that series that is issued to pay the acquisition or construction costs prior to and during the acquisition or construction and not exceeding one year after completion of the acquisition or construction.
(3) In the case of refunding bonds, any premium that it may be necessary to pay in order to redeem or retire the bonds to be refunded.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 11-32-12
What does Code of Alabama § 11-32-12 cover?
Section 11-32-12 ("Use of Bond Proceeds.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 11-32-12?
A common citation format is "Code of Alabama § 11-32-12" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 11-32-12 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.