The bonds shall not be general obligations of the authority but shall be limited obligations payable solely from one or more specified sources, including, but not limited to, the revenues and funds appropriated and pledged therefor or authorized to be pledged therefor in Section 22-3A-16 as security for the payment of the principal of and the interest and premium (if any) on the bonds issued by it under this chapter. All series of bonds issued pursuant to this chapter, including refunding bonds, shall be issued on a parity, without preference or priority between the bonds of any series, with respect to the security for the payment of the principal of and the interest on such bonds. All bonds issued by the authority pursuant to the provisions of this chapter shall be solely and exclusively obligations of the authority and shall not be an obligation or debt of the state. The bonds shall be construed to be negotiable instruments although payable solely from one or more specified sources as herein provided.
Structure Code of Alabama
Title 22 - Health, Mental Health, and Environmental Control.
Title 1 - Health and Environmental Control Generally.
Chapter 3A - Alabama Public Health Finance Authority.
Section 22-3A-1 - Legislative Findings and Declarations.
Section 22-3A-2 - Definitions.
Section 22-3A-3 - Creation of Corporation; Members.
Section 22-3A-4 - Application.
Section 22-3A-5 - Certificate of Incorporation.
Section 22-3A-6 - Members; Officers; Terms; Records; Meetings; Appointment of Governor's Designee.
Section 22-3A-7 - Powers of Authority.
Section 22-3A-8 - Issuance of Bonds.
Section 22-3A-9 - Form of Bonds; Redemption Option.
Section 22-3A-10 - Authentication of Bonds.
Section 22-3A-11 - Sale of Bonds.
Section 22-3A-12 - Nature of Bonds.
Section 22-3A-13 - Tax Exemption; Use of Bonds as Security; Investment in Bonds.
Section 22-3A-14 - Refunding Bonds.
Section 22-3A-16 - Appropriation Made; Debt Service Reserve Fund Established.
Section 22-3A-17 - Obligations, etc., as Obligations of Authority and Not State.
Section 22-3A-18 - Investment of Proceeds From Bond Sale; When Authorized; Application of Income.
Section 22-3A-20 - Authority as Nonprofit Corporation.
Section 22-3A-21 - Dissolution of Authority.
Section 22-3A-22 - Payment by State Treasurer Authorized; Records.
Section 22-3A-23 - Approval of Allocations Other Than Those in Section 22-3a- 19(a) to Be Unanimous.
Section 22-3A-24 - Payments and Investment Agreements to Ensure Federal Tax Exemption.