Alabama § 45-52-161.11 Contract with Owners of Obligations Issued Under General Law

Alabama Statutes

§ 45-52-161.11 — Contract with Owners of Obligations Issued Under General Law

Alabama § 45-52-161.11

JurisdictionAlabama

Title 45Local Laws

Ch. 52Morgan County

Art. 16Government Finance and Operations

Part 2Tennessee Valley Authority in Lieu of Taxes

Subpart 1Distribution of Tva Payments

This text of Alabama § 45-52-161.11 (Contract with Owners of Obligations Issued Under General Law) 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 § 45-52-161.11 (2026).

Text

The allocations, distributions, and payments to be made under Section 45-52-161.05 for the payment of the principal of, premium, if any, and interest on the obligations shall constitute a contract with the owners of the obligations and shall remain in effect, and no amendment, repeal, or termination (in whole or in part) thereof shall be made, until all of the principal of, premium, if any, and interest on the obligations shall have been paid in full. No provision of this part shall operate or be construed to authorize the district to issue the obligations or any other bonds or securities, which provision is declarative of existing law and shall have a retrospective and prospective operation.

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The allocations, distributions, and payments to be made under Section 45-52-161.05 for the payment of the principal of, premium, if any, and interest on the obligations shall constitute a contract with the owners of the obligations and shall remain in effect, and no amendment, repeal, or termination (in whole or in part) thereof shall be made, until all of the principal of, premium, if any, and interest on the obligations shall have been paid in full. No provision of this part shall operate or be construed to authorize the district to issue the obligations or any other bonds or securities, which provision is declarative of existing law and shall have a retrospective and prospective operation.