Section 11-11A-2 Assignment and pledge of tax proceeds for payment of principal and interest. - Alabama Statutes

Section 11-11A-2

Assignment and pledge of tax proceeds for payment of principal and interest.

As security for payment of the principal of and the interest on any warrants issued under the provisions of this chapter, the issuing county is authorized to assign and pledge so much as may be necessary for such purpose of the proceeds of the tax out of which such warrants are required to be payable. All such pledges shall take precedence in the order in which they are made unless in the proceedings authorizing such warrants the right is reserved to issue other bonds, warrants or securities on a parity therewith as respects such pledge.

(Acts 1979, No. 79-671, p. 1180, §2.)