The bonds and other obligations of any district incorporated under this article shall not be a debt or obligation of the State of Alabama nor a debt or obligation of any municipality which is a member of the district; and neither the state nor any such municipality shall be liable in any way whatsoever thereon, nor may the holder of any such bonds or obligations compel the levy of any taxes for the payment thereof.
Said bonds shall not be payable out of any funds other than the revenues of the gas system or systems of the district issuing the same, and each bond shall contain a recital to that effect. Neither the members of the board of directors nor any person executing said bonds shall be liable personally on said bonds by reason of the issuance thereof.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 50 - Public Utilities.
Section 11-50-390 - Definitions.
Section 11-50-393 - Board of Directors - Composition; Compensation; Removal Actions.
Section 11-50-394 - Board of Directors - Organization; Officers.
Section 11-50-395 - Board of Directors - Powers Generally; Resolutions.
Section 11-50-396 - Powers Generally.
Section 11-50-397 - Exercise of Powers of Eminent Domain Generally.
Section 11-50-399 - Acquisition of Competing Gas Systems, Etc.
Section 11-50-400 - Use of Public Highway Rights-of-Way.
Section 11-50-404 - Transfer of Systems to District by Municipalities.
Section 11-50-406 - Bonds - Disposition of Proceeds From Sale.
Section 11-50-409 - Liability Upon Bonds, etc.; Payment of Bonds.
Section 11-50-410 - Rights and Remedies of Bondholders and Trustees.
Section 11-50-412 - Taxation - Exemption of Property, Income, Bonds, etc., of District Generally.
Section 11-50-414 - Validation of Proceedings to Incorporate Gas Districts.
Section 11-50-415 - Exemption From Usury and Interest Statutes.