Alabama § 11-54-26 - Bonds - Disposition of Proceeds from Sale.
Full text of Alabama Code of Alabama § 11-54-26 — Bonds - Disposition of Proceeds from Sale., with citation guidance and answers to common questions.
§ 11-54-26. Bonds - Disposition of Proceeds from Sale.
(a) The proceeds from the sale of any bonds issued under authority of this article shall be applied only for the purpose for which the bonds were issued; provided, however, that any accrued interest and premium received in any such sale shall be applied to the payment of the principal of or the interest on the bonds sold; provided further, that if for any reason any portion of such proceeds shall not be needed for the purpose for which the bonds were issued, then such unneeded portion of said proceeds shall be applied to the payment of the principal of or the interest on said bonds.
(b) The cost of acquiring any project, which shall be paid from the proceeds derived from the sale of bonds, shall be deemed to include the following:
(1) The actual cost of the construction of any part of a project which may be constructed, including architect’s and engineer’s fees;
(2) The purchase price of any part of a project that may be acquired by purchase;
(3) All expenses in connection with the authorization, sale, and issuance of the bonds to finance such acquisition; and
(4) The interest on such bonds for a reasonable time prior to construction, during construction, and for a period not exceeding six months after completion of construction.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 11-54-26
What does Code of Alabama § 11-54-26 cover?
Section 11-54-26 ("Bonds - Disposition of Proceeds from Sale.") 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 § 11-54-26?
A common citation format is "Code of Alabama § 11-54-26" (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 § 11-54-26 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.