Alabama § 11-47-2 Borrowing of Money Authorized - Thirty-Year Loans

Alabama Statutes

§ 11-47-2 — Borrowing of Money Authorized - Thirty-Year Loans

Alabama·Title 11 Counties and Municipal Corporations·Ch. 47 Powers, Duties and Liabilities Generally·Art. 1 General Provisions

Any incorporated city or town in this state may borrow money for temporary or any other lawful purpose or use to the extent of its constitutional debt limit and pay all costs, fees, and commissions agreed upon in connection with any such loans, and the governing body thereof may, without an election, issue evidences of indebtedness in the form of interest-bearing warrants, notes, or bills payable, maturing at such times as such governing body may determine, not exceeding 30 years from the date of issue, and any such city or town may as security for any such evidences of indebtedness and, as a part of the contract whereunder any money is borrowed, pledge to the payment thereof so much as may be necessary therefor of any tax or license or revenues that such city or town may then be authorize

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Any incorporated city or town in this state may borrow money for temporary or any other lawful purpose or use to the extent of its constitutional debt limit and pay all costs, fees, and commissions agreed upon in connection with any such loans, and the governing body thereof may, without an election, issue evidences of indebtedness in the form of interest-bearing warrants, notes, or bills payable, maturing at such times as such governing body may determine, not exceeding 30 years from the date of issue, and any such city or town may as security for any such evidences of indebtedness and, as a part of the contract whereunder any money is borrowed, pledge to the payment thereof so much as may be necessary therefor of any tax or license or revenues that such city or town may then be authorized to pledge to the payment of bonded or other indebtedness.

Alabama § 11-47-2 (Borrowing of Money Authorized - Thirty-Year Loans) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

(Acts 1921, Ex. Sess., No. 8, p. 6; Code 1923, §2011; Acts 1927, No. 472, p. 515; Acts 1932, Ex. Sess., No. 188, p. 203; Code 1940, T. 37, §466; Acts 1986, Ex. Sess., No. 86-712, p. 126.)