Section 22-29-11 Temporary Financing.
The authority may borrow up to $500,000 outstanding at one time before bonds are issued, and may issue certificates or promissory notes that the authority sets the interest rate for and that mature within 18 months. Local public bodies may be required, with the authority’s approval, to provide local funds if state gran
- Jurisdiction
- United States — Alabama
- Instrument
- Act or statute
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- Undated source snapshot
- Language
- en
- Official source
- View official record ↗
Statute overview
About this statute
The authority may borrow up to $500,000 outstanding at one time before bonds are issued, and may issue certificates or promissory notes that the authority sets the interest rate for and that mature within 18 months. Local public bodies may be required, with the authority’s approval, to provide local funds if state grant funds are unavailable when the application is made, and the state must refund the amount spent on its behalf.
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Section 22-29-11 Temporary Financing.
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