Section 11-81-147 Liability of municipalities or counties on bonds. - Alabama Statutes

Section 11-81-147

Liability of municipalities or counties on bonds.

Revenue anticipation bonds issued under this division shall not be a debt of the municipality or county within the meaning of the Constitution, and the municipality or county shall not be liable thereon nor shall they be payable out of any funds other than the revenue obtained therefrom, anything contained in this division to the contrary notwithstanding, and every bond issued under this division shall contain a recital to that effect.

(Acts 1935, No. 154, p. 195; Code 1940, T. 37, §348.)