Alabama § 11-81-203 Pledges, Etc., of Plants, Etc., as Security for Repayment of Money Borrowed with Interest

Alabama Statutes

§ 11-81-203 — Pledges, Etc., of Plants, Etc., as Security for Repayment of Money Borrowed with Interest

Alabama·Title 11 Counties and Municipal Corporations·Ch. 81 Municipal and County Bonds·Art. 6 Alternate Borrowing for Electric Systems

Any such county or municipal corporation which borrows money under the authority of this article may pledge, create a lien upon and mortgage any such plants, or any one or more of them or any part or parts thereof, together with the extensions, improvements and appurtenances thereto and all other property, tangible or intangible and of like or different kind, including franchises, acquired, constructed or installed by means of money borrowed under the authority of this article and also all or any part of the revenues derived from the operation of such plants, or any one or more of them or any part or parts thereof, as security for the repayment of such borrowed money with interest.

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Any such county or municipal corporation which borrows money under the authority of this article may pledge, create a lien upon and mortgage any such plants, or any one or more of them or any part or parts thereof, together with the extensions, improvements and appurtenances thereto and all other property, tangible or intangible and of like or different kind, including franchises, acquired, constructed or installed by means of money borrowed under the authority of this article and also all or any part of the revenues derived from the operation of such plants, or any one or more of them or any part or parts thereof, as security for the repayment of such borrowed money with interest.

Alabama § 11-81-203 (Pledges, Etc., of Plants, Etc., as Security for Repayment of Money Borrowed with Interest) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.