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·Title 11 Counties and Municipal Corporations·Ch. 11A Warrants Issued in Anticipation of Ad Valorem Taxes

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.

Alabama § 11-11A-2 (Assignment and Pledge of Tax Proceeds for Payment of Principal and Interest) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.