Any bonds issued under this article solely for refunding purposes shall, unless it shall be otherwise provided in the authorizing proceedings providing for the issuance thereof, be secured to the same extent and have the same sources of payment as the bonds refunded thereby. Unless otherwise provided in the authorizing proceedings providing for the issuance of any such bonds issued solely for refunding purposes, the holders of such bonds shall be subrogated to all the rights and powers of the holders of the bonds refunded thereby.
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 5 - Revenue Bonds for Waterworks, Gas, Sewer or Electric Systems.
Section 11-81-160 - Definitions.
Section 11-81-162 - Estimate of Cost of Acquisition, Extension, Repair, Consolidation, Etc.
Section 11-81-167 - Revenue Bonds - Execution and Delivery.
Section 11-81-168 - Revenue Bonds - Negotiability.
Section 11-81-169 - Revenue Bonds - Disposition of Proceeds From Sale - Generally.
Section 11-81-171 - Revenue Bonds - Redemption.
Section 11-81-172 - Revenue Bonds - Exemption From Taxation.
Section 11-81-173 - Issuance of Additional Bonds; Payment of Same.
Section 11-81-174 - Refunding Bonds.
Section 11-81-177 - Investment in Bonds by Executors, Trustees, Savings Banks, Etc.
Section 11-81-179 - Statutory Mortgage Lien of Bondholders - Duration; Enforcement.
Section 11-81-182 - Payment of Expenses of Operation or Maintenance of System Out of General Funds.
Section 11-81-184 - Establishment, etc., of Rates for Services Furnished by System.
Section 11-81-186 - Payment by Counties, Municipalities, etc., for Services Furnished by System.
Section 11-81-189 - Impairment, etc., of Valid Liens or Contracts Not Authorized by Article.