Alabama § 11-81-205 Form, Terms, Etc., of Instrument Evidencing Loan

Alabama Statutes

§ 11-81-205 — Form, Terms, Etc., of Instrument Evidencing Loan

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 evidence the loan by an instrument or instruments in such form and of such tenor and maturity as may be agreed upon between lender and borrower, but no such instrument shall purport or be effective to impose upon the borrower or the borrower’s funds or property any liability in excess of or inconsistent with the liability, the assumption of which is authorized by this article.

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Any such county or municipal corporation which borrows money under the authority of this article may evidence the loan by an instrument or instruments in such form and of such tenor and maturity as may be agreed upon between lender and borrower, but no such instrument shall purport or be effective to impose upon the borrower or the borrower’s funds or property any liability in excess of or inconsistent with the liability, the assumption of which is authorized by this article.

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