Alabama § 9-9-38 - Bonds - Sale; Disposition of Proceeds, Etc.
Full text of Alabama Code of Alabama § 9-9-38 — Bonds - Sale; Disposition of Proceeds, Etc., with citation guidance and answers to common questions.
§ 9-9-38. Bonds - Sale; Disposition of Proceeds, Etc.
The board of water management commissioners may sell the bonds for cash at not less than 95 percent of the par value plus accrued interest and devote the proceeds to the payment of the work as it progresses and to the payment of other expenses of the district provided for in this article and for no other purpose or purposes. The funds of the district derived from the sale of bonds, collection of taxes or any other source shall be placed in any such depositories as may be designated by the board of water management commissioners, and the depositories shall pay into the treasury of the district such rate of interest as may be mutually agreed upon between the depository and the board of water management commissioners; provided, that the rate of interest shall not be less than two percent per annum and that the funds shall be subject to withdrawal at any time by the commissioners for the payment of the obligations of the district.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 9-9-38
What does Code of Alabama § 9-9-38 cover?
Section 9-9-38 ("Bonds - Sale; Disposition of Proceeds, Etc.") 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 § 9-9-38?
A common citation format is "Code of Alabama § 9-9-38" (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 § 9-9-38 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.