§ 45-29-90.09 — Bonds Authorized

Alabama § 45-29-90.09

• Jurisdiction: Alabama
• Title 45: Local Laws
• Ch. 29: Fayette County
• Art. 9: Economic and Industrial Development and Tourism

Text

The authority may:
(1) Sell and issue its bonds from time to time in order to provide funds for any corporate function, use, or purpose, all such bonds to be payable solely out of the revenues derived from the facilities and other property of the authority or out of the revenues of any particular facilities and other property of the authority; and
(2) Secure such bonds by a pledge of all or any of the revenues which may now or hereafter come to the authority from any source, by a mortgage or deed of trust covering the authority’s land or any part thereof, or under the provisions of a trust indenture, or by a combination of one or more thereof; provided, that all obligations created or assumed and all bonds issued by the authority shall be solely and exclusively obligations of the authority and shall not create an obligation or debt of the state or of any county or municipality.

Legislative History

(Act 91-277, p. 517, §10.)