State Codes and Statutes
Statutes > Alabama > Title2 > Chapter6 > 2-6-33Section 2-6-33
Refunding bonds.
All or any bonds issued by the corporation may from time to time thereafter be refunded by the issuance of refunding revenue bonds of the corporation, but the amount of any refunding bonds so issued shall not exceed the principal of the bonds refunded thereby together with any unpaid interest thereon and any premiums and commissions necessary to be paid in connection with such refunding. Any such refunding may be done regardless of whether the bonds to be refunded shall have then matured or shall thereafter mature and may be effected either by sale of the refunding bonds and the application of the proceeds thereof or by exchange of the refunding bonds for the bonds to be refunded thereby; provided, that the holders of any bonds so to be refunded shall not be compelled without their consent to surrender their bonds for payment or exchange prior to the date on which they are payable or, if they are called for redemption, prior to the date on which they may be redeemed by the corporation under their provisions. Any refunding bonds of the corporation shall be payable solely from the revenues out of which the bonds to be refunded thereby were payable. The proceeds derived from any sale of refunding bonds shall be deposited in the State Treasury and carried in a special account to the credit of the corporation and may be withdrawn solely to refund the bonds for the refunding of which they were authorized to be issued, and any balance shall be used to retire the refunding bonds so issued. Such withdrawal shall be upon requisition by or pursuant to authority of the corporation upon the State Comptroller and paid out by warrant of the Comptroller upon the State Treasurer.
(Acts 1951, No. 532, p. 934, §15.)