Alabama § 11-11-4 Assignment and Pledge of Proceeds of Share of Highway Gasoline Tax for Payment of Principal and Interest

Alabama Statutes

§ 11-11-4 — Assignment and Pledge of Proceeds of Share of Highway Gasoline Tax for Payment of Principal and Interest

Alabama § 11-11-4

Title 11Counties and Municipal Corporations

Ch. 11Issuing of Warrants in Anticipation of Gasoline Taxes

This text of Alabama § 11-11-4 (Assignment and Pledge of Proceeds of Share of Highway Gasoline Tax for Payment of Principal and Interest) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 11-11-4 (2026).

Text

As security for the payment of the principal of and interest on warrants issued under the provisions of this chapter, the issuing county is authorized to assign and pledge for the benefit of the holders of the said warrants so much as may be necessary for such purpose (which may be all) of the proceeds of the county’s share of the highway gasoline tax. All such pledges shall take precedence in the order in which they are made.

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As security for the payment of the principal of and interest on warrants issued under the provisions of this chapter, the issuing county is authorized to assign and pledge for the benefit of the holders of the said warrants so much as may be necessary for such purpose (which may be all) of the proceeds of the county’s share of the highway gasoline tax. All such pledges shall take precedence in the order in which they are made.