Any resolution of the board of directors or trust indenture, under which bonds may be issued pursuant to the provisions of this chapter may contain provisions creating a statutory mortgage lien, in favor of the holders of such bonds and of the interest coupons applicable thereto, on the facilities and other property (including any after-acquired property) out of the revenues from which such bonds are made payable. The said resolution of the board of directors or the said trust indenture may provide for the filing for record in the office of the judge of probate of each county in which any part of such facilities or other property may be located of a notice containing a brief description of such facilities or other property, a brief description of such bonds and a declaration that said statutory mortgage lien has been created for the benefit of the holders of such bonds and the interest coupons applicable thereto upon such facilities and other property, including any additions thereto and extensions thereof. Each judge of probate shall receive, record and index any such notice filed for record in his office. The recording of such notice, as herein provided, shall operate as constructive notice of the contents thereof.
Structure Code of Alabama
Title 33 - Navigation and Watercourses.
Chapter 15 - Bear Creek Development Authority.
Section 33-15-1 - Definitions.
Section 33-15-3 - Procedure for Incorporation.
Section 33-15-6 - Powers, Duties and Functions Generally.
Section 33-15-7 - Rates, Fees and Charges; User Permits.
Section 33-15-8 - Bonds and Other Obligations - Generally.
Section 33-15-9 - Bonds and Other Obligations - Contracts to Secure Bonds and Other Obligations.
Section 33-15-10 - Bonds and Other Obligations - Statutory Mortgage Lien.
Section 33-15-11 - Bonds and Other Obligations - Use of Proceeds From Sale of Bonds.
Section 33-15-12 - Exemption From Taxation, Etc.
Section 33-15-13 - Monetary Contributions by Certain Counties and Municipalities.
Section 33-15-14 - Freedom of Authority From Supervision and Control.
Section 33-15-15 - Annual Reports.
Section 33-15-16 - Use of Public Roads.
Section 33-15-17 - Cooperation of State Agencies.
Section 33-15-18 - Advisory Board.
Section 33-15-19 - Chapter Cumulative; Construction of Chapter.