All revenue anticipation bonds of the same series issued under this division shall, subject to prior and superior rights, have a prior and paramount lien on the revenue of the undertaking in anticipation of which said bonds have been issued over and ahead of all bonds payable from said revenue which may be subsequently issued and over and ahead of any claims of obligations against said revenue subsequently incurred. All bonds of the same series shall be equally and ratably secured without priority or preference by reason of number or date of the bonds, of sale, of execution or of delivery by a lien on said revenue in accordance with the provisions of this division, and the resolution or resolutions authorizing said bonds.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 81 - Municipal and County Bonds.
Article 4 - Public Improvement Bonds.
Division 2 - Bonds for Certain Revenue-Producing Undertakings.
Section 11-81-140 - Definitions.
Section 11-81-145 - Evidence of Validity of Bonds.
Section 11-81-146 - Lien of Bonds.
Section 11-81-147 - Liability of Municipalities or Counties on Bonds.
Section 11-81-148 - Exercise of Municipal or County Taxing Power, etc., for Payment of Bonds.
Section 11-81-149 - Exemption From Taxation of Undertakings, Bonds, Etc.