Alabama § 11-81-146 Lien of Bonds

Alabama Statutes

§ 11-81-146 — Lien of Bonds

Alabama·Title 11 Counties and Municipal Corporations·Ch. 81 Municipal and County Bonds·Art. 4 Public Improvement Bonds·Div. 2 Bonds for Certain Revenue-Producing Undertakings

All revenue anticipation bonds of the same series issued under this division shall, subject to prior and superior rights, have a prior and paramount lien on the revenue of the undertaking in anticipation of which said bonds have been issued over and ahead of all bonds payable from said revenue which may be subsequently issued and over and ahead of any claims of obligations against said revenue subsequently incurred. All bonds of the same series shall be equally and ratably secured without priority or preference by reason of number or date of the bonds, of sale, of execution or of delivery by a lien on said revenue in accordance with the provisions of this division, and the resolution or resolutions authorizing said bonds.

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All revenue anticipation bonds of the same series issued under this division shall, subject to prior and superior rights, have a prior and paramount lien on the revenue of the undertaking in anticipation of which said bonds have been issued over and ahead of all bonds payable from said revenue which may be subsequently issued and over and ahead of any claims of obligations against said revenue subsequently incurred. All bonds of the same series shall be equally and ratably secured without priority or preference by reason of number or date of the bonds, of sale, of execution or of delivery by a lien on said revenue in accordance with the provisions of this division, and the resolution or resolutions authorizing said bonds.

Alabama § 11-81-146 (Lien of Bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.