Code of Alabama
Article 9 - Boards for Operation of Water, Sewer, Gas and Electric Systems.
Section 11-50-319 - Exemption From Usury and Interest Statutes.

Each waterworks board now or hereafter organized under the provisions of this article is hereby exempted from the laws of the State of Alabama governing usury or prescribing or limiting interest rates, including, without limitation, the provisions of Chapter 8 of Title 8 of this Code.

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Structure Code of Alabama

Code of Alabama

Title 11 - Counties and Municipal Corporations.

Title 2 - Provisions Applicable to Municipal Corporations Only.

Chapter 50 - Public Utilities.

Article 9 - Boards for Operation of Water, Sewer, Gas and Electric Systems.

Section 11-50-310 - Definitions.

Section 11-50-311 - Application for Authority to Incorporate; Adoption of Resolution by Municipal Governing Body Authorizing Incorporation.

Section 11-50-312 - Acknowledgment, Filing and Recordation of Certificate of Incorporation; Amendment of Certificate of Corporation Formed Under This Article or Under Division 1 of Article 8 of This Chapter.

Section 11-50-313 - Board of Directors.

Section 11-50-314 - Powers of Corporation Generally; Provisions in Mortgages, Deeds of Trust, or Pledge Agreements Executed by Corporation as to Rights of Parties Thereto, Etc.

Section 11-50-315 - Execution, etc., of Contracts as Security for Repayment of Moneys Borrowed.

Section 11-50-316 - Execution, Sale, etc., of Bonds and Refunding Bonds of Corporation; Terms, Denominations, etc., Thereof; Charge, Application, etc., of Revenues From Systems for Payment of Bonds, etc., Generally; Vesting of Title to Systems in Mun...

Section 11-50-317 - Pledge of Revenues From and Mortgaging of Systems for Payment of Bonds.

Section 11-50-318 - Disposition of Proceeds From Sale of Bonds.

Section 11-50-319 - Exemption From Usury and Interest Statutes.

Section 11-50-320 - Acquisition, Operation, etc., of Systems Located in Another Municipality; Execution of Contract for Conveyance of System in Other Municipality Thereto Upon Payment in Full of Indebtedness of Corporation as to Such Systems.

Section 11-50-321 - Consolidation of Systems.

Section 11-50-322 - Exemption From Taxation of Bonds, Property, and Income of Corporation; Other Exemptions.

Section 11-50-323 - Construction of Article; Jurisdiction, etc., of State Board of Health and State Public Service Commission.

Section 11-50-324 - Applicability of Provisions of Sections 11-50-230 Through 11-50-273 and Sections 37-4-60 Through 37-4-65.