§ 11-88-10 — Bonds of Authority - Statutory Mortgage Lien to Secure Payment of Principal and Interest

Alabama § 11-88-10

• Jurisdiction: Alabama
• Title 11: Counties and Municipal Corporations
• Ch. 88: Water, Sewer and Fire Protection Authorities
• Art. 1: General Provisions

Text

Any resolution of the board or trust indenture under which bonds may be issued pursuant to the provisions of this article may contain provisions creating a statutory mortgage lien, in favor of the holders of such bonds and of the interest coupons applicable thereto, on the water systems, sewer systems and fire protection facilities or any thereof (including any after-acquired property) out of the revenues from which such bonds are made payable. The said resolution of the board or the said trust indenture may provide for the filing for record in the office of the judge of probate of each county in which any part of such water systems, sewer systems and fire protection facilities or any thereof may be located of a notice containing a brief description of such systems and facilities or either, a brief description of such bonds and a declaration that said statutory mortgage lien has been created for the benefit of the holders of such bonds and the interest coupons applicable thereto upon such systems and facilities or either, including any additions thereto and extensions thereof. Each judge of probate shall receive, record and index any such notice filed for record in his office. The recording of such notice, as provided in this section, shall operate as constructive notice of the contents thereof.

Legislative History

(Acts 1965, 1st Ex. Sess., No. 107, p. 132, §11; Acts 1966, Ex. Sess., No. 436, p. 581; Acts 1967, No. 410, p. 1049, §9.)