Section 2-5-34 Security for the bonds. - Alabama Statutes

Section 2-5-34

Security for the bonds.

The bonds shall not be general obligations of the authority but shall be limited obligations payable solely from one or more specified sources, including, but not limited to, revenues derived from market charges, authorized under Section 2-5-8, lease revenues, authorized under Section 2-5-16, and appropriations made under Section 2-5-17. The authority shall be authorized to pledge all or any portion of such revenues as security for the payment of the bonds. All such pledges made by the authority shall take precedence in the order of the adoption of the resolutions containing the pledges. The authority is further authorized to obtain credit enhancement for its bonds, including, but not limited to, bond insurance and letters of credit, and to pledge all or a portion of its revenues as security for its reimbursement obligations with respect thereto. All bonds issued by the authority pursuant to the provisions hereof shall be solely and exclusively obligations of the authority and shall not be an obligation or debt of the State of Alabama, any county or any municipality within the State of Alabama.

(Act 98-243, p. 396, §6.)