While any of the revenue bonds issued by the authority remain outstanding, the powers, duties or existence of the authority or of any of its officers shall not be diminished or impaired in any manner that will affect adversely the interest and rights of the holders of such revenue bonds. The provisions of this chapter shall be for the benefit of the state, the authority and the holders of any such revenue bonds, and, upon the issuance of the revenue bonds as herein provided, such provisions shall constitute a contract with the holders of such revenue bonds. The provisions of any bond resolution, indenture or trust agreement shall be a contract with every holder of such revenue bonds and the duties of the authority under any such bond resolution, indenture or trust agreement shall be enforceable by any bondholder by mandamus or other appropriate suit, action or proceeding at law or in equity.
Structure Code of Alabama
Chapter 18A - Private Colleges and Universities Facilities Authority.
Section 16-18A-1 - Short Title.
Section 16-18A-2 - Definitions.
Section 16-18A-3 - Creation of Authority; Members, Organization, Etc.
Section 16-18A-4 - Powers and Duties.
Section 16-18A-6 - Revenue Bonds - Contracts to Secure Payment.
Section 16-18A-7 - Revenue Bonds - Creation of Statutory Mortgage Lien; Recording.
Section 16-18A-8 - Use of Proceeds From Sale.
Section 16-18A-9 - Exemptions From Taxation, Fees and Costs.
Section 16-18A-10 - Venue and Jurisdiction.
Section 16-18A-11 - Interest of Bondholders Protected; Enforceability.