Alabama § 11-81-23 - Sinking Fund Bonds - Designation; Maturity and Interest; Disposition.
Full text of Alabama Code of Alabama § 11-81-23 — Sinking Fund Bonds - Designation; Maturity and Interest; Disposition., with citation guidance and answers to common questions.
§ 11-81-23. Sinking 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.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 11-81-23
What does Code of Alabama § 11-81-23 cover?
Section 11-81-23 ("Sinking Fund Bonds - Designation; Maturity and Interest; Disposition.") 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 § 11-81-23?
A common citation format is "Code of Alabama § 11-81-23" (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 § 11-81-23 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.