Alabama § 11-11A-2 Assignment and Pledge of Tax Proceeds for Payment of Principal and Interest

Alabama Statutes

§ 11-11A-2 — Assignment and Pledge of Tax Proceeds for Payment of Principal and Interest

Alabama § 11-11A-2

Title 11Counties and Municipal Corporations

Ch. 11AWarrants Issued in Anticipation of Ad Valorem Taxes

This text of Alabama § 11-11A-2 (Assignment and Pledge of Tax Proceeds 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 § 11-11A-2 (2026).

Text

As security for payment of the principal of and the interest on any warrants issued under the provisions of this chapter, the issuing county is authorized to assign and pledge so much as may be necessary for such purpose of the proceeds of the tax out of which such warrants are required to be payable. All such pledges shall take precedence in the order in which they are made unless in the proceedings authorizing such warrants the right is reserved to issue other bonds, warrants or securities on a parity therewith as respects such pledge.

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As security for payment of the principal of and the interest on any warrants issued under the provisions of this chapter, the issuing county is authorized to assign and pledge so much as may be necessary for such purpose of the proceeds of the tax out of which such warrants are required to be payable. All such pledges shall take precedence in the order in which they are made unless in the proceedings authorizing such warrants the right is reserved to issue other bonds, warrants or securities on a parity therewith as respects such pledge.