Code of Alabama
Article 9 - Parks, Playgrounds, and Other Recreational and Athletic Areas and Facilities.
Section 11-47-227 - Construction of Bonds as Negotiable Instruments.

Bonds issued by an authority shall be construed to be negotiable instruments although payable solely from a specified or limited source.

Structure Code of Alabama

Code of Alabama

Title 11 - Counties and Municipal Corporations.

Title 2 - Provisions Applicable to Municipal Corporations Only.

Chapter 47 - Powers, Duties and Liabilities Generally.

Article 9 - Parks, Playgrounds, and Other Recreational and Athletic Areas and Facilities.

Section 11-47-210 - Definitions.

Section 11-47-210.1 - Legislative Findings and Declarations.

Section 11-47-211 - Powers of Subdivisions as to Acquisition or Leasing of Lands, Buildings, etc., for Projects, Generally.

Section 11-47-212 - Exercise by Subdivision With Respect to Projects Outside Corporate Limits or Boundaries of Powers Granted With Respect to Projects Within Corporate Limits or Boundaries.

Section 11-47-213 - Cooperation by Subdivisions in Acquisition, Establishment, Operation, etc., of Projects; Powers of Cooperating Subdivisions.

Section 11-47-214 - Authorization by Subdivisions of Organization and Incorporation of Authorities for Acquisition, Establishment, Operation, etc., of Projects Generally; Application for Authority to Form Corporation; Review of Application; Publicati...

Section 11-47-215 - Certificate of Incorporation of Authorities - Contents.

Section 11-47-216 - Certificate of Incorporation of Authorities - Form; Execution and Acknowledgment; Filing With Probate Judge; Recordation by Probate Judge; Amendment.

Section 11-47-217 - Boards of Directors of Authorities.

Section 11-47-218 - Powers of Authorities Generally; Location of Projects; Exercise of Power of Eminent Domain.

Section 11-47-219 - Authority and Procedure for Dissolution of Authorities; Vesting of Title, etc., to Properties Thereof Upon Dissolution.

Section 11-47-220 - Construction of Article.

Section 11-47-221 - Bonds of an Authority - Execution and Delivery; Form and Denominations; Rate of Interest; Redemption; Issuance and Sale.

Section 11-47-222 - Bonds of an Authority - Sale and Issuance of Refunding Bonds; Maturity; Limitation on Principal Amount; Use of Proceeds; Effectuation of Refunding by Sale or Exchange of Bonds.

Section 11-47-223 - Bonds of an Authority - Signature and Seal.

Section 11-47-224 - Bonds of an Authority - Payment Out of Revenues; Security for Payment; Mortgages, Security Interests, or Assignments as Security for Payment.

Section 11-47-225 - Use of Proceeds of Borrowing; Application of Any Portion of Proceeds Not Needed for Original Purposes.

Section 11-47-226 - Loans, Donations, Performance of Services, etc., by County, Municipality, or Other Political Subdivision, etc., to Achieve Objectives of Article; Funding Agreements; Amount of Indebtedness Under Funding Agreements.

Section 11-47-227 - Construction of Bonds as Negotiable Instruments.

Section 11-47-228 - Exemption From Taxation.

Section 11-47-229 - Exemption From State Laws Governing Usury or Prescribing or Limiting Interest Rates.

Section 11-47-230 - Compliance With State Laws Governing Competitive Bidding.

Section 11-47-231 - Bonds as Legal Investments.

Section 11-47-232 - Authority as Nonprofit Corporation.

Section 11-47-233 - Notice Respecting Issuance of Bonds; Limitation of Actions Contesting Validity of Bonds.

Section 11-47-234 - Eminent Domain.

Section 11-47-235 - Effect of Revenue Obligations on State of Alabama; Prohibition Against Use of State Funds to Retire Indebtedness.

Section 11-47-236 - Application of Alabama Administrative Procedure Act to Rules Adopted by Authorities.

Section 11-47-237 - Application of State Ethics Act to Members of Authorities.

Section 11-47-238 - Relationship of Article to Other Laws.

Section 11-47-239 - Construction of Article to Effect Its Purpose.