The authority may:
(1) Sell and issue its bonds from time to time in order to provide funds for any corporate function, use, or purpose, all such bonds to be payable solely out of the revenues derived from the facilities and other property of the authority or out of the revenues of any particular facilities and other property of the authority; and
(2) Secure such bonds by a pledge of all or any of the revenues which may now or hereafter come to the authority from any source, by a mortgage or deed of trust covering the authority’s land or any part thereof, or under the provisions of a trust indenture, or by a combination of one or more thereof; provided, that all obligations created or assumed and all bonds issued by the authority shall be solely and exclusively obligations of the authority and shall not create an obligation or debt of the state or of any county or municipality.
Structure Code of Alabama
Article 9 - Economic and Industrial Development and Tourism.
Section 45-29-90 - Definitions.
Section 45-29-90.01 - Tom Bevill Reservoir Management Area.
Section 45-29-90.02 - Board of Directors.
Section 45-29-90.03 - Certificate of Incorporation.
Section 45-29-90.04 - Meetings; Officers.
Section 45-29-90.05 - Powers, Duties, and Functions of Authority.
Section 45-29-90.06 - Developmental Plans.
Section 45-29-90.07 - Acquisition of Property.
Section 45-29-90.08 - Contractual Powers; Additional Powers.
Section 45-29-90.09 - Bonds Authorized.
Section 45-29-90.10 - Levy of Taxes; General Fund.
Section 45-29-90.11 - Regulation of Zoning, Planning, and Construction.
Section 45-29-90.12 - Rates, Fees, and Charges for Services.
Section 45-29-90.13 - Execution of Bonds; Pledge of Revenues, Receipts, and Other Security.
Section 45-29-90.14 - Contracts to Secure Bonds and Assumed Obligations.
Section 45-29-90.15 - Statutory Mortgage Lien.
Section 45-29-90.16 - Disposition of Funds.
Section 45-29-90.17 - Exemption From Taxation.
Section 45-29-90.18 - Monetary Contributions by County and Municipalities.
Section 45-29-90.19 - Freedom of Authority From State Supervision and Control.
Section 45-29-90.20 - Use of Public Roads.
Section 45-29-90.21 - Annual Report.
Section 45-29-90.22 - Cooperation of State Agencies.