Alabama Statutes
§ 11-101A-16 — Obligations Rest with Authority
Alabama·Title 11 Counties and Municipal Corporations·Ch. 101A Acquisition of Real and Personal Property for Lease to United States
All agreements and obligations undertaken, and all securities issued, by an authority shall be solely and exclusively an obligation of the authority and shall not create an obligation or debt of the state, any authorizing subdivision, or any other county or municipality within the meaning of any constitutional or statutory provision. The faith and credit of the state, any authorizing subdivision, or any other county or municipality shall never be pledged for the payment of any securities issued by an authority. The state, any authorizing subdivision, or any other county or municipality shall not be liable in any manner for the payment of the principal of, or interest on, any securities of an authority or for the performance of any pledge, mortgage, obligation, or agreement of any kind what
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Legislative History
(Act 2001-642, p. 1317, §1.)
Nearby Sections
15
§ 11-1-1
Number and Names of Counties§ 11-1-2
County Declared a Body Corporate