The department, from time to time, may enter into or execute and deliver short-term obligations. Any short-term obligations shall not be general obligations of the department, but shall be payable solely from docks facilities revenues and shall be subject to repayment in not more than three years; provided, that the department may refinance or renew any short-term obligations from time to time. As security for the payment of any short-term obligations, the department is hereby authorized and empowered to pledge for payment of the short-term obligations, all or any part of its docks facilities revenues; provided, however, that any pledge of its docks facilities revenues, in the discretion of the department, may be on parity with or subordinate to the pledge securing any revenue bonds or other obligations of the department.
Structure Code of Alabama
Title 33 - Navigation and Watercourses.
Chapter 2 - Development of Docks and Other Facilities Along Inland Waterways.
Article 7 - Acquisition, Construction, Financing, and Improvement of State Docks Facilities.
Section 33-2-180 - Definitions.
Section 33-2-181 - Authorization to Issue Docks Facilities Revenue Bonds.
Section 33-2-182 - Authorization to Issue Refunding Bonds.
Section 33-2-183 - Docks Facilities Revenue Bonds and Refunding Bonds - Generally.
Section 33-2-184 - Docks Facilities Revenue Bonds and Refunding Bonds - Execution.
Section 33-2-185 - Docks Facilities Revenue Bonds and Refunding Bonds - Sale.
Section 33-2-190 - Docks Facilities Revenue Bonds and Refunding Bonds - Defeasance.
Section 33-2-192 - Docks Facilities Revenue Bonds and Refunding Bonds - Pledge.
Section 33-2-195 - State Treasurer to Disburse Funds.
Section 33-2-196 - Reserve Funds for Outstanding Bonds.
Section 33-2-200 - Definitions.
Section 33-2-201 - Special Purpose Obligations.