The municipality shall not in any event be liable for the payment of the principal of or interest on any bonds of the corporation or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever which may be undertaken by the corporation, and none of the bonds of the corporation or any of its agreements or obligations shall be construed to constitute an indebtedness of the municipality within the meaning of any constitutional or statutory provision whatsoever.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 60 - Public Park and Recreation Boards.
Section 11-60-1 - Definitions.
Section 11-60-2 - Legislative Intent; Construction of Chapter Generally.
Section 11-60-4 - Certificate of Incorporation - Contents; Execution and Acknowledgment.
Section 11-60-6 - Certificate of Incorporation - Amendment.
Section 11-60-7 - Board of Directors.
Section 11-60-8 - Powers of Corporations Generally; Location of Projects of Corporations.
Section 11-60-11 - Bonds - Security for Payment of Principal or Interest; Remedies Upon Default.
Section 11-60-14 - Disposition of Net Earnings of Corporations.
Section 11-60-17 - Exemptions of Corporations - Taxation.
Section 11-60-18 - Exemptions of Corporations - Usury and Interest Laws.
Section 11-60-19 - Exemptions of Corporations - Competitive Bid Laws.