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2017 Code of Alabama
Title 23 - HIGHWAYS, ROADS, BRIDGES AND FERRIES.
Chapter 7 - ALABAMA TRANSPORTATION INFRASTRUCTURE BANK ACT.
Section 23-7-17 - Bonds authorized.
Universal Citation: AL Code § 23-7-17 (2017)
Section 23-7-17Bonds authorized.
(a) Whenever it shall become necessary that monies be raised for qualified projects, including monies to be used to refund any bonds then outstanding, the bank may issue bonds as provided in this chapter.
(b) The bank may pledge any of its revenue or funds to the payment of its bonds, subject only to any prior agreements with the holders of particular bonds which may have pledged specific money or revenue. Bonds may be secured by a pledge of any loan obligation owned by the bank, any grant, contribution, or guaranty from the United States, the state, or any corporation, association, institution, or person, any other property or assets of the bank, or a pledge of any money, income, or revenue of the bank from any source.
(Act 2015-50, §17.)
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