2017 Code of Alabama
Title 23 - HIGHWAYS, ROADS, BRIDGES AND FERRIES.
Chapter 7 - ALABAMA TRANSPORTATION INFRASTRUCTURE BANK ACT.
Section 23-7-18 - Liability for bonds.
Bonds issued by the bank shall not constitute a debt or a pledge of the full faith and credit of this state, or any of its political subdivisions other than the bank, but are payable solely from the revenue, money, or property of the bank as provided in this chapter. The bonds issued do not constitute an indebtedness of the state within the meaning of any constitutional or statutory limitation. No member of the bank or any person executing bonds of the bank is liable personally on the bonds by reason of their issuance or execution. Each bond issued under this chapter shall contain on its face a statement to the effect of the following:
(1) Neither the state, any of its political subdivisions, nor the bank is obligated to pay the principal of or interest on the bond or other costs incident to the bond except from the revenue, money, or property of the bank pledged.
(2) Neither the full faith and credit nor the taxing power of the state, or any of its political subdivisions, is pledged to the payment of the principal of or interest on the bond.
(3) The bank does not have taxing power.
(Act 2015-50, §18.)
