The authority may, from time to time, issue and sell its refunding bonds for the purpose of refunding any matured or unmatured bonds of the authority at the time outstanding and any premiums necessary to be paid to redeem any bonds so to be refunded. The holders of such refunding bonds shall be subrogated and entitled to all priorities, rights and pledges to which the bonds refunded thereby were entitled.
Structure Code of Alabama
Title 22 - Health, Mental Health, and Environmental Control.
Title 1 - Health and Environmental Control Generally.
Chapter 23A - Alabama Water System Assistance Authority.
Section 22-23A-1 - Definitions.
Section 22-23A-2 - Legislative Intent.
Section 22-23A-3 - Alabama Water System Assistance Authority; Created; Members.
Section 22-23A-4 - Water Supply Assistance Fund Established; Deposits; Expenditures; Investments.
Section 22-23A-6 - Powers of Authority.
Section 22-23A-7 - Bonds - Authorization to Issue and Sell; Security for Payment.
Section 22-23A-8 - Bonds - Procedure for Sale.
Section 22-23A-10 - Refunding Bonds.
Section 22-23A-12 - Investment in Bonds of Authority.
Section 22-23A-13 - Taxation Exemption.
Section 22-23A-14 - Interest Exemption.
Section 22-23A-15 - Purpose of Chapter.
Section 22-23A-16 - Bonds and Coupons Deemed Negotiable Instruments.
Section 22-23A-17 - Bonds, Notes and Certificates Not Debt of State.