Alabama § 11-54-184 Nonliability of Authorizing Municipality

Alabama Statutes

§ 11-54-184 — Nonliability of Authorizing Municipality

Alabama·Title 11 Counties and Municipal Corporations·Ch. 54 Promotion of Industry, Trade, Commerce and Pollution Control·Art. 6 Commercial Development Authorities

The authorizing municipality shall not in any event be liable for the payment of the principal of or interest on any bonds of an authority or for the performance of any pledge, mortgage, obligation, or agreement of any kind whatsoever which may be undertaken by an authority, and none of the bonds of an authority or any of its agreements or obligations shall be construed to constitute an indebtedness of the authorizing municipality within the meaning of any constitutional or statutory provision whatsoever.

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The authorizing municipality shall not in any event be liable for the payment of the principal of or interest on any bonds of an authority or for the performance of any pledge, mortgage, obligation, or agreement of any kind whatsoever which may be undertaken by an authority, and none of the bonds of an authority or any of its agreements or obligations shall be construed to constitute an indebtedness of the authorizing municipality within the meaning of any constitutional or statutory provision whatsoever.

Alabama § 11-54-184 (Nonliability of Authorizing Municipality) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.