Alabama § 41-10-675 Pledge and Appropriation of Pledged Revenues

Alabama Statutes

§ 41-10-675 — Pledge and Appropriation of Pledged Revenues

Alabama·Title 41 State Government·Ch. 10 Authorities·Art. 17 Alabama 21st Century Authority·Div. 3 Job Development Act of 2001

There is hereby irrevocably pledged and appropriated such amount of pledged revenues deposited in the special fund, and earnings thereon, as may be necessary to pay and to redeem prior to their respective maturities the principal, interest, and premium, if any, on the bonds; provided, however that the bonds may not be issued in principal amounts and maturities such that the debt service payable on such bonds may ever be greater than the amounts permitted by the Enabling Act.

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There is hereby irrevocably pledged and appropriated such amount of pledged revenues deposited in the special fund, and earnings thereon, as may be necessary to pay and to redeem prior to their respective maturities the principal, interest, and premium, if any, on the bonds; provided, however that the bonds may not be issued in principal amounts and maturities such that the debt service payable on such bonds may ever be greater than the amounts permitted by the Enabling Act.

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