All bonds issued by the corporation and all interest coupons appertaining thereto shall possess all the qualities of negotiable instruments. All bonds issued by the corporation shall be issued in anticipation of its revenues and shall be payable solely out of such of its revenues as may be designated by the board and shall not create a debt of the corporation. None of the municipalities located in the power district shall at any time or in any manner be liable for any obligations or bonds of the corporation, nor shall the same be construed to be an indebtedness of or against any such municipality.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 50 - Public Utilities.
Article 16 - District Electric Corporations.
Section 11-50-520 - Definitions.
Section 11-50-521 - Authority to Incorporate.
Section 11-50-522 - Procedure for Incorporation.
Section 11-50-523 - Amendment of Certificate of Incorporation.
Section 11-50-524 - Corporate Powers.
Section 11-50-525 - Board of Directors.
Section 11-50-526 - Bonds - Sale or Issuance Generally.
Section 11-50-527 - Bonds - Consent of Department of Finance.
Section 11-50-528 - Bonds - Nature of Obligations.
Section 11-50-529 - Bonds - Rights and Remedies of Bondholders.
Section 11-50-530 - Rates and Charges for Services Rendered.
Section 11-50-531 - Exemption From Taxation.