Alabama § 40-21-123 - (Effective Upon Ratification of Proposed Constitutional Amendment) Dispositions of Proceeds of Tax.
Full text of Alabama Code of Alabama § 40-21-123 — (Effective Upon Ratification of Proposed Constitutional Amendment) Dispositions of Proceeds of Tax., with citation guidance and answers to common questions.
§ 40-21-123. (Effective Upon Ratification of Proposed Constitutional Amendment) Dispositions of Proceeds of Tax.
The tax herein levied shall be collected and administered in accordance with the procedure set forth in Section 40-21-85, and for those purposes the provisions of Section 40-21-85 are hereby incorporated into this section by reference. All tax revenue and other funds received or collected under subsection (a) of Section 40-21-121 shall be deposited into the State Treasury and used for the following purposes:
(1) So much thereof as necessary is hereby appropriated to be used by the State Treasurer to pay at their respective maturities the principal and interest due in the fiscal year on the outstanding bonds issued by the Alabama Revolving Loan Fund Authority.
(2) The residual balance thereof remaining shall be credited to the State General Fund.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 40-21-123
What does Code of Alabama § 40-21-123 cover?
Section 40-21-123 ("(Effective Upon Ratification of Proposed Constitutional Amendment) Dispositions of Proceeds of Tax.") 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 § 40-21-123?
A common citation format is "Code of Alabama § 40-21-123" (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 § 40-21-123 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.