Alabama § 11-61A-16 - Proceeds from Sale of Bonds.
Full text of Alabama Code of Alabama § 11-61A-16 — Proceeds from Sale of Bonds., with citation guidance and answers to common questions.
§ 11-61A-16. Proceeds from Sale of Bonds.
(a) The proceeds derived from the sale of any bonds, other than refunding bonds, may be used exclusively to pay the cost of acquiring, constructing, improving, enlarging, and equipping the parking facilities or property with respect to which they were issued, as may be specified in the proceedings in which the bonds are authorized to be issued. The cost includes any of the following:
(1) The cost of any land forming a part of the facilities.
(2) The cost of labor, materials, and supplies used in any construction, improvement, or enlargement, including architects’ and engineers’ fees and the cost of preparing contract documents and advertising for bids.
(3) The purchase price of and the cost of installing equipment for the facilities.
(4) The cost of landscaping the lands forming a part of the facilities and of constructing and installing roads, sidewalks, curbs, gutters, and utilities in connection with the facilities.
(5) Legal, fiscal, and recording fees and expenses incurred in connection with the facilities.
(6) Interest on the bonds for a reasonable period before and during the time required for the construction and equipment and for not exceeding 18 months after completion of the construction and equipment.
(b) If any of the proceeds derived from the sale of the bonds remains undisbursed after completion of the work and payment of all of the costs and expenses, the balance shall be used for retirement of the principal of the bonds of the same issue.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 11-61A-16
What does Code of Alabama § 11-61A-16 cover?
Section 11-61A-16 ("Proceeds from Sale of Bonds.") 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 § 11-61A-16?
A common citation format is "Code of Alabama § 11-61A-16" (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 § 11-61A-16 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.