Alabama § 22-21-325 Obligations Not Debt of State, County or Municipality

Alabama Statutes

§ 22-21-325 — Obligations Not Debt of State, County or Municipality

Alabama·Title 22 Health, Mental Health, and Environmental Control·Ch. 21 Hospitals and Other Health Care Facilities Generally·Art. 11 Health Care Authorities

All agreements and obligations undertaken, and all securities issued, by an authority shall be solely and exclusively an obligation of the authority and shall not create an obligation or debt of the state, any authorizing subdivision or any other county or municipality within the meaning of any constitutional or statutory provision. The faith and credit of the state, any authorizing subdivision or any other county or municipality shall never be pledged for the payment of any securities issued by an authority; nor shall the state, any authorizing subdivision or any other county or municipality be liable in any manner for the payment of the principal of or interest on any securities of an authority or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever

Free access — add to your briefcase to read the full text and ask questions with AI

All agreements and obligations undertaken, and all securities issued, by an authority shall be solely and exclusively an obligation of the authority and shall not create an obligation or debt of the state, any authorizing subdivision or any other county or municipality within the meaning of any constitutional or statutory provision. The faith and credit of the state, any authorizing subdivision or any other county or municipality shall never be pledged for the payment of any securities issued by an authority; nor shall the state, any authorizing subdivision or any other county or municipality be liable in any manner for the payment of the principal of or interest on any securities of an authority or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever that may be undertaken by an authority.

Alabama § 22-21-325 (Obligations Not Debt of State, County or Municipality) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.