Alabama § 23-1-314 - Bonds and Notes - Payment Generally.
Full text of Alabama Code of Alabama § 23-1-314 — Bonds and Notes - Payment Generally., with citation guidance and answers to common questions.
§ 23-1-314. Bonds and Notes - Payment Generally.
(a) For the purpose of providing funds to enable the authority to pay at their respective maturities and due dates the principal of and interest on the obligations that may be issued by it under this article at any time after March 1, 2014, there hereby is irrevocably pledged and appropriated so much as shall be necessary for the purpose of the state’s share of net gasoline tax proceeds.
(b) In addition, for the purpose of providing funds to enable the authority to pay at their respective maturities and due dates the principal of and interest on the obligations that may be issued by it under this article, there hereby is irrevocably pledged and appropriated each year all federal aid funds for federal aid projects to be received by the State Department of Transportation from the United States government to the extent that such funds may be required to pay the principal of and interest on such obligations. All federal aid funds for federal aid projects received by the State Department of Transportation from the United States government during each such federal fiscal year shall be held in trust by the state and applied to the extent required to the payment of the principal of and interest on the obligations authorized to be issued under this article.
(c) No later than the date for payment of the principal of and interest on the obligations issued by the authority during each fiscal year, all monies hereby appropriated and pledged shall be paid into the State Treasury and shall constitute a sinking fund which shall be held in trust to be used to pay the principal of and interest on the obligations; provided, however, that the pledge of the state’s share of net gasoline tax proceeds shall be on parity with the pledge contained in Section 23-1-181 to secure obligations issued by the Alabama Highway Finance Corporation. As security for the payment of the principal of and interest on the obligations issued under this article, the authority is authorized to pledge the proceeds of the appropriation and pledge provided for in this section. All pledges made by the authority shall take precedence among themselves in the order of the adoption of the resolutions making such pledges, except as may be otherwise provided in such resolutions.
Frequently Asked Questions About Alabama § 23-1-314
What does Code of Alabama § 23-1-314 cover?
Section 23-1-314 ("Bonds and Notes - Payment Generally.") 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 § 23-1-314?
A common citation format is "Code of Alabama § 23-1-314" (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 § 23-1-314 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.