Alabama Code 45-39-92.52. Disposition of funds
Terms Used In Alabama Code 45-39-92.52
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Trustee: A person or institution holding and administering property in trust.
Expenditures from the special fund provided for in Section 45-39-92.51 shall be made exclusively for the purposes of paying principal of and interest on securities evidencing obligations incurred for payment for the Shoals Economic Development Project. All of the proceeds of the taxes herein authorized shall be specifically pledged by the Lauderdale County Commission to the payment of principal of and interest on the securities, whether such securities are issued by the county or by a local public corporation. The pledge of the taxes herein authorized for the payment of the principal of and interest on securities issued by Lauderdale County or a local public corporation, together with any applicable covenants of the county and the local public corporation relating to such pledge, shall have the force of contract between the county, the local public corporation, and the holders of the securities. The proceeds of the taxes may be deposited by the county or the State Department of Revenue, if the department is the collector of the taxes, directly with the paying agent or the trustee of the securities. Notwithstanding the foregoing provisions of this section, no monies from the special fund provided for in Section 45-39-92.51 and no proceeds of any securities shall be expended for any purpose on the Florence River Heritage Trail.