While any of the 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 bonds. The provisions of this chapter shall be for the benefit of the state, the authority, and the holders of any such bonds, and upon the issuance of the bonds as herein provided, such provisions shall constitute a contract with the holders of such bonds. The provisions of any bond resolution, indenture, or trust agreement shall be a contract with every holder of such 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 65 - Alabama Higher Education Equipment Loan Authority.
Section 16-65-1 - Short Title.
Section 16-65-2 - Legislative Intent.
Section 16-65-3 - Definitions.
Section 16-65-4 - Creation of Authority; Members, Organization, Etc.
Section 16-65-5 - Powers of Authority.
Section 16-65-6 - Bonds Generally.
Section 16-65-7 - Proceeds From the Sale of Bonds, Revenues, and Other Funds.
Section 16-65-8 - Dedicated Source of Revenue as Security for the Repayment of Equipment Loans.
Section 16-65-9 - Refunding Bonds.
Section 16-65-10 - Investment in Bonds.
Section 16-65-11 - Exemptions From Taxation, Fees, and Costs.
Section 16-65-12 - Venue and Jurisdiction.
Section 16-65-13 - Interest of Bondholders Protected; Enforceability.