This text of Alabama § 24-1-70 (Issuance of Bonds by Authority; Types of and Security for Bonds Generally; Liability on 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.
An authority shall have power to issue bonds from time to time, in its discretion, for any of its corporate purposes. An authority shall also have power to issue or exchange refunding bonds for the purpose of paying, retiring, extending, or renewing bonds previously issued by it. An authority may issue such types of bonds as it may determine, including, without limiting the generality of the foregoing, bonds on which the principal and interest are payable from income and revenues of the authority and from grants or contributions from the federal government or some other source. Such income and revenues securing the bonds may be:
(1)Exclusively the income and revenues of the housing project financed in whole or in part with the proceeds of such bonds;
(2)Exclusively the income and revenue
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An authority shall have power to issue bonds from time to time, in its discretion, for any of its corporate purposes. An authority shall also have power to issue or exchange refunding bonds for the purpose of paying, retiring, extending, or renewing bonds previously issued by it. An authority may issue such types of bonds as it may determine, including, without limiting the generality of the foregoing, bonds on which the principal and interest are payable from income and revenues of the authority and from grants or contributions from the federal government or some other source. Such income and revenues securing the bonds may be:
(1) Exclusively the income and revenues of the housing project financed in whole or in part with the proceeds of such bonds;
(2) Exclusively the income and revenues of certain designated housing projects, whether or not they are financed in whole or in part with the proceeds of such bonds; or
(3) The income and revenues of the authority generally.
Any such bonds may be additionally secured by a pledge of any income or revenues of the authority, or a mortgage of any housing project, projects, or other property of the authority. Neither the housing commissioners of an authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. The bonds and other obligations of an authority (and such bonds and obligations shall so state on their face) shall not be a debt of the state or any political subdivision thereof, and neither the county, nor the state, or any political subdivision thereof, shall be liable thereon, nor in any event shall such bonds or obligations be payable out of any funds or properties other than those of said authority. The bonds shall not constitute an indebtedness within the meaning of any constitutional, statutory, or charter debt limitation or restriction.