Alabama Code 23-1-106. Effect of article upon outstanding financial obligations incurred by counties; disposition of funds received by state from counties for road and bridge work therein
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Terms Used In Alabama Code 23-1-106
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
All outstanding financial obligations which were incurred prior to the adoption of this article for the construction, repair, or maintenance of county roads and bridges in each of the captive counties shall, upon adoption of this article, become outstanding financial obligations of the respective captive county and shall be retired or paid in accordance with the terms under which such indebtedness was incurred.
All funds, including escrow funds, received by the state from the respective captive counties to be used for road and bridge work in the respective counties, after payment of current obligations of said counties, respectively, shall be returned to each of said counties, respectively.