Ala. Code § 22-21-353

Current through the 2024 Regular Session.

Section 22-21-353 - Further provisions respecting issuance of securities

Any authority shall have, in addition to the power to sell and issue interest-bearing securities that are limited as to source of payment, the power to sell and issue interest-bearing securities that are not limited as to source of payment and that are general obligations of the authority. The principal of and interest on (and premium, if any) any securities issued by the authority pursuant to the provisions of this section may be secured by:

(1) A pledge of the general credit of the authority; or

(2) Both such a pledge of the general credit of the authority and a special pledge of specific revenues or taxes (or both) identified in the proceedings authorizing the sale and issuance of such securities;

and may also be secured by a trust indenture evidencing such pledge or by a foreclosable mortgage, mortgage indenture or mortgage and trust indenture conveying as security for such securities all or any part of its property. Except to the extent hereinabove provided, all securities issued pursuant hereto shall be considered as securities issued under the enabling statute and shall be subject to all the provisions thereof respecting securities issued thereunder.

Ala. Code § 22-21-353 (1975)

Acts 1987, No. 87-745, p. 1458, §4.