Alabama § 45-49-71.03 - Borrowing Money for General County Purposes; Repayment.
Full text of Alabama Code of Alabama § 45-49-71.03 — Borrowing Money for General County Purposes; Repayment., with citation guidance and answers to common questions.
§ 45-49-71.03. Borrowing Money for General County Purposes; Repayment.
(a) The Mobile County Commission is authorized and empowered to borrow money in anticipation of the collection of taxes for the fiscal year subsequent to the fiscal year in which the money is borrowed, and may issue certificates covering such borrowed money and may pledge a sufficient amount of uncollected taxes and additional revenues of the subsequent fiscal year to secure the repayment of such borrowed money, provided, that the sum or sums of money borrowed during any fiscal year shall not exceed two million five hundred thousand dollars ($2,500,000).
(b) Any loan by which money is borrowed under this section shall be repaid by the Mobile County Commission by February 1 of the subsequent fiscal year.
(c) No money borrowed under this section shall be used for any purpose other than that for which the general funds of the county may now be used.
(d) All certificates evidencing loans made under the authority of this section shall be registered by the county treasurer in the order of their issue. All certificates when paid by the treasurer shall be canceled and such cancellation and payment shall be noted on the register. All certificates issued under the authority of this section shall be exempt from taxation.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 45-49-71.03
What does Code of Alabama § 45-49-71.03 cover?
Section 45-49-71.03 ("Borrowing Money for General County Purposes; 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 § 45-49-71.03?
A common citation format is "Code of Alabama § 45-49-71.03" (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 § 45-49-71.03 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.