Alabama § 41-10-48.10 Liability on Bonds and Other Obligations of Authority

Alabama Statutes

§ 41-10-48.10 — Liability on Bonds and Other Obligations of Authority

Alabama § 41-10-48.10

Title 41State Government

Ch. 10Authorities

Art. 2EPowering Growth Act

This text of Alabama § 41-10-48.10 (Liability on Bonds and Other Obligations of Authority) 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 § 41-10-48.10 (2026).

Text

Bonds or other financial assistance issued by the authority shall not constitute an obligation or debt of this state, or any of its political subdivisions, but shall be limited obligations of the authority payable solely from the revenue, money, or property of the authority pledged for such purpose as provided in this article. Any bonds issued or other financial assistance of the authority do not constitute an indebtedness of the state or any of its political subdivisions within the meaning of any constitutional or statutory limitation, and neither the full faith and credit nor the taxing power of the state, or any of its political subdivisions, is pledged to the payment thereof. No member of the authority or any person executing bonds, other financial assistance, or other obligations of t

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Bonds or other financial assistance issued by the authority shall not constitute an obligation or debt of this state, or any of its political subdivisions, but shall be limited obligations of the authority payable solely from the revenue, money, or property of the authority pledged for such purpose as provided in this article. Any bonds issued or other financial assistance of the authority do not constitute an indebtedness of the state or any of its political subdivisions within the meaning of any constitutional or statutory limitation, and neither the full faith and credit nor the taxing power of the state, or any of its political subdivisions, is pledged to the payment thereof. No member of the authority or any person executing bonds, other financial assistance, or other obligations of the authority is liable personally thereon by reason of their issuance or execution. Each bond, other financial assistance, and other obligation issued under this article shall contain on its face a statement to the effect of the following:
(1) The instrument is not a general obligation of the authority but is a limited obligation of the authority payable solely from the revenue, money, or property of the authority pledged.
(2) The instrument is not an obligation or debt of the state, or any of its political subdivisions, and neither the full faith and credit nor the taxing power of the state, or any of its political subdivisions, is pledged to the payment of the instrument.
(3) The authority does not have taxing power.