The principal of, and the interest on, the bonds shall be secured by a pledge of the revenues out of which the bonds shall be made payable, may be secured by a pledge of the lease agreement (if any) covering the project from which revenues so pledged shall be derived and by a pledge of the rental from such project and may be secured by a nonforeclosable indenture covering the project or projects out of the revenues from which the bonds are made payable. The trustee, under any indenture, may be a trust company or bank having trust powers, whether located within or without the state, and may be selected by the board without regard to the provisions of Chapter 25 of Title 36 of this code or other similar law. The indenture may contain any agreements and provisions customarily contained in instruments securing evidences of indebtedness including, without limiting the generality of the foregoing, provisions respecting the collection, segregation and application of the revenues and rental from any project or projects covered by such indenture, the terms to be incorporated in any lease agreement respecting any project, the maintenance and insurance on any project, the creation and maintenance of special funds from the revenues and rental of any project and the rights and remedies available in the event of default to the holders of the bonds or the trustee under the indenture, all as the board shall deem advisable and as shall not be in conflict with the provisions of this article; provided, that in making any such agreements or provisions, the authority shall not have the power to obligate itself except with respect to the project or projects out of the revenues from which the bonds are made payable and the application of the revenues therefrom. The indenture may contain provisions regarding the rights of any trustee thereunder and the holders of the bonds and coupons and may contain provisions restricting the individual rights of action of the holders of the bonds and coupons.
Structure Code of Alabama
Title 22 - Health, Mental Health, and Environmental Control.
Title 1 - Health and Environmental Control Generally.
Chapter 21 - Hospitals and Other Health Care Facilities Generally.
Article 5 - Municipal Hospital Building Authorities.
Section 22-21-130 - Definitions.
Section 22-21-131 - Purpose and Construction of Article.
Section 22-21-132 - Incorporation - Application; Resolution.
Section 22-21-133 - Incorporation - Certificate of Incorporation - Contents; Amendments.
Section 22-21-134 - Incorporation - Certificate of Incorporation - Filing.
Section 22-21-135 - Board of Directors.
Section 22-21-137 - Powers - Generally.
Section 22-21-138 - Powers - Eminent Domain.
Section 22-21-139 - Conveyance of Property by Municipalities.
Section 22-21-140 - Lease Agreements With Municipality.
Section 22-21-141 - Bonds - Revenue.
Section 22-21-142 - Bonds - Refunding.
Section 22-21-143 - Bonds - Execution.
Section 22-21-144 - Bonds - Security.
Section 22-21-145 - Bonds - Recital and Notice of Issuance; Limitation on Actions to Contest.
Section 22-21-146 - Bonds - Legal Investment - Banks, Insurers and Fiduciaries.
Section 22-21-147 - Bonds - Legal Investment - Municipal Funds.
Section 22-21-148 - Bonds - Negotiable Instruments.
Section 22-21-149 - Bonds - Use of Proceeds.
Section 22-21-150 - Bonds - Default.
Section 22-21-151 - Obligations Not Debt of State or Municipality.
Section 22-21-152 - Investment of Funds.
Section 22-21-153 - Taxation Exemption.
Section 22-21-154 - Dissolution.
Section 22-21-155 - Article Cumulative.
Section 22-21-156 - Lease of Hospitals, Buildings or Facilities to Public or Nonprofit Corporations.