Alabama § 16-16B-9 - (Implementation Conditioned on Separate Legislative Enactment.) Use of Bond Proceeds.
Full text of Alabama Code of Alabama § 16-16B-9 — (Implementation Conditioned on Separate Legislative Enactment.) Use of Bond Proceeds., with citation guidance and answers to common questions.
§ 16-16B-9. (Implementation Conditioned on Separate Legislative Enactment.) Use of Bond Proceeds.
(a) The proceeds derived from each sale of the Bonds issued pursuant to this chapter shall be deposited in the State Treasury and shall be carried in a separate fund therein for the account of the Authority, which shall pay the expenses of issuance therefrom. The expenses of issuance of the Bonds shall be prorated among the recipients of the proceeds from the sale of the Bonds in proportions they receive allocations of the proceeds thereunder. The proceeds from the sale of the Bonds remaining after payment of the expenses of issuance thereof shall be retained in said fund and, until they are paid out, shall be invested by the State Treasurer at the direction of the Authority in Permitted Investments maturing at such time or times as the Authority shall direct.
(b) Proceeds from the sale of the Bonds and the earnings thereon shall be paid out from time to time on orders or warrants issued by or at the direction of the Authority to the State Department of Education to be expended for the acquisition and maintenance of the computer equipment, software, and digital textbooks authorized in Section 16-16B-1.
Frequently Asked Questions About Alabama § 16-16B-9
What does Code of Alabama § 16-16B-9 cover?
Section 16-16B-9 ("(Implementation Conditioned on Separate Legislative Enactment.) 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 § 16-16B-9?
A common citation format is "Code of Alabama § 16-16B-9" (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 § 16-16B-9 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.