All bonds issued by the authority, while registered, shall be construed to be negotiable instruments even though they are payable from a limited source. All coupons applicable to any bonds issued by the authority, while the applicable bonds are registered as to both principal and interest, shall likewise be construed to be negotiable instruments although payable from a limited source.
Structure Code of Alabama
Title 22 - Health, Mental Health, and Environmental Control.
Title 1 - Health and Environmental Control Generally.
Chapter 34 - Water Pollution Control Authority.
Section 22-34-1 - Definitions.
Section 22-34-2 - Legislative Intent.
Section 22-34-3 - Revolving Fund Established; Use of Funds; Administration of Fund; Annual Report.
Section 22-34-4 - Water Pollution Control Authority Established; Membership.
Section 22-34-6 - General Powers.
Section 22-34-7 - Authority Authorized to Issue Bonds.
Section 22-34-8 - Sale of Bonds.
Section 22-34-9 - Certificates or Notes in Anticipation of Bonds.
Section 22-34-10 - Refunding Bonds.
Section 22-34-11 - Dedicated Source of Revenue to Repay Moneys; Default; Accounting Standards.
Section 22-34-12 - Investment in Authority Bonds.
Section 22-34-13 - Tax Exempt.
Section 22-34-14 - Exempt From Usury Laws.
Section 22-34-15 - No Proceeding, Notice or Approval Required.