Alabama § 11-50-317 Pledge of Revenues from and Mortgaging of Systems for Payment of Bonds

Alabama Statutes

§ 11-50-317 — Pledge of Revenues from and Mortgaging of Systems for Payment of Bonds

Alabama·Title 11 Counties and Municipal Corporations·Ch. 50 Public Utilities·Art. 9 Boards for Operation of Water, Sewer, Gas and Electric Systems

Any bonds issued by a corporation organized under this article for any purpose for which it is authorized by law to borrow money and issue its bonds, without regard to the system for the benefit of or with respect to which such bonds may be issued, may be made payable out of the revenues from all systems owned by the corporation or out of the revenues from any one or more systems owned by the corporation, and any such corporation may pledge for the payment of any of its bonds the revenues from which such bonds are payable and may mortgage, pledge, or otherwise convey as security for such bonds the system or systems the revenues from which are so pledged.

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Any bonds issued by a corporation organized under this article for any purpose for which it is authorized by law to borrow money and issue its bonds, without regard to the system for the benefit of or with respect to which such bonds may be issued, may be made payable out of the revenues from all systems owned by the corporation or out of the revenues from any one or more systems owned by the corporation, and any such corporation may pledge for the payment of any of its bonds the revenues from which such bonds are payable and may mortgage, pledge, or otherwise convey as security for such bonds the system or systems the revenues from which are so pledged.

Alabama § 11-50-317 (Pledge of Revenues from and Mortgaging of Systems for Payment of Bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.