Alabama § 41-10-361 Liability Upon Bonds of Authority; Authorization of Authority to Pledge for Payment of Principal and Interest of Bonds; Bonds Deemed Negotiable Instruments

Alabama Statutes

§ 41-10-361 — Liability Upon Bonds of Authority; Authorization of Authority to Pledge for Payment of Principal and Interest of Bonds; Bonds Deemed Negotiable Instruments

Alabama § 41-10-361

Title 41State Government

Ch. 10Authorities

Art. 11Alabama Mental Health Finance Authority

This text of Alabama § 41-10-361 (Liability Upon Bonds of Authority; Authorization of Authority to Pledge for Payment of Principal and Interest of Bonds; Bonds Deemed Negotiable Instruments) 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.

Bluebook

Ala. Code § 41-10-361 (2026).

Text

The bonds shall not be general obligations of the authority but shall be payable solely out of the funds appropriated and pledged therefor in Section 41-10-365 of this article. As security for the payment of the principal of and interest on the bonds issued by it under this article, the authority is hereby authorized and empowered to pledge for payment of the said principal and interest the funds that are appropriated and pledged in Section 41-10-365 of this article for payment of the said principal and interest. All such pledges made by the authority shall take precedence in the order of the adoption of the resolutions containing such pledges. All bonds issued by the authority pursuant to the provisions of this article shall be solely and exclusively obligations of the authority and shall

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The bonds shall not be general obligations of the authority but shall be payable solely out of the funds appropriated and pledged therefor in Section 41-10-365 of this article. As security for the payment of the principal of and interest on the bonds issued by it under this article, the authority is hereby authorized and empowered to pledge for payment of the said principal and interest the funds that are appropriated and pledged in Section 41-10-365 of this article for payment of the said principal and interest. All such pledges made by the authority shall take precedence in the order of the adoption of the resolutions containing such pledges. All bonds issued by the authority pursuant to the provisions of this article shall be solely and exclusively obligations of the authority and shall not be an obligation or debt of the state. The bonds shall be construed to be negotiable instruments although payable solely from a specified source as herein provided.