Alabama § 41-23-66 - Disbursed Grant Funds Not Utilized to Revert to Loans; Repayment.
Full text of Alabama Code of Alabama § 41-23-66 — Disbursed Grant Funds Not Utilized to Revert to Loans; Repayment., with citation guidance and answers to common questions.
§ 41-23-66. Disbursed Grant Funds Not Utilized to Revert to Loans; Repayment.
If state grant funds are not utilized for the purposes stated in the approved grant application within two years of the date of the grant award, then the disbursed grant funds shall revert to loans. Repayment of these funds shall be made in yearly principal and interest installments for five years at the New York prime rate at the time of notification by the department that the two year limit has expired. These loans may be repaid on a shorter schedule if the grantee so desires. Loan funds recouped by the department and grant funds obligated, but not disbursed, shall become available for other purposes pursuant to this article.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 41-23-66
What does Code of Alabama § 41-23-66 cover?
Section 41-23-66 ("Disbursed Grant Funds Not Utilized to Revert to Loans; Repayment.") 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 § 41-23-66?
A common citation format is "Code of Alabama § 41-23-66" (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 § 41-23-66 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.