As security for the payment of the principal of and interest on warrants issued under the provisions of this chapter, the issuing county is authorized to assign and pledge for the benefit of the holders of the said warrants so much as may be necessary for such purpose (which may be all) of the proceeds of the county's share of the highway gasoline tax. All such pledges shall take precedence in the order in which they are made.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 1 - Provisions Applicable to Counties Only.
Chapter 11 - Issuing of Warrants in Anticipation of Gasoline Taxes.
Section 11-11-1 - Definitions.
Section 11-11-2 - Counties to Which Chapter Applicable.
Section 11-11-5 - Disposition of Proceeds From Sale of Warrants.
Section 11-11-6 - Issuance of Refunding Warrants.
Section 11-11-8 - Exemption From Usury and Interest Statutes.