Alabama § 11-81-174 Refunding Bonds

Alabama Statutes

§ 11-81-174 — Refunding Bonds

Alabama § 11-81-174

Title 11Counties and Municipal Corporations

Ch. 81Municipal and County Bonds

Art. 5Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems

This text of Alabama § 11-81-174 (Refunding Bonds) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 11-81-174 (2026).

Text

Any bonds issued under this article solely for refunding purposes shall, unless it shall be otherwise provided in the authorizing proceedings providing for the issuance thereof, be secured to the same extent and have the same sources of payment as the bonds refunded thereby. Unless otherwise provided in the authorizing proceedings providing for the issuance of any such bonds issued solely for refunding purposes, the holders of such bonds shall be subrogated to all the rights and powers of the holders of the bonds refunded thereby.

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Any bonds issued under this article solely for refunding purposes shall, unless it shall be otherwise provided in the authorizing proceedings providing for the issuance thereof, be secured to the same extent and have the same sources of payment as the bonds refunded thereby. Unless otherwise provided in the authorizing proceedings providing for the issuance of any such bonds issued solely for refunding purposes, the holders of such bonds shall be subrogated to all the rights and powers of the holders of the bonds refunded thereby.

Legislative History

(Acts 1933, Ex. Sess., No. 102, p. 88; Acts 1936-37, Ex. Sess., No. 203, p. 236; Code 1940, T. 37, §325; Acts 1945, No. 390, p. 607; Acts 1955, No. 494, p. 1127, §9.)