The corporation is hereby authorized to provide by resolution for issuance of its bonds from time to time in an amount not to exceed $____ for any of its corporate purposes, including the refunding of its bonds. Such bonds may be used for paying in whole or in part the cost of the acquisition of necessary land or interests therein and the development of the resources of the area for purposes of irrigation and water conservation and expenses incidental thereto. It may secure such bonds by a pledge of all or any of the revenues which may now or hereafter come to the agency from any source, by a mortgage or deed of trust of the agency's land or any part thereof or by a combination of the two, and it may make such contracts in the issuance of its bonds as may seem necessary or desirable to assure their marketability.
No bond or other obligation of the corporation shall be deemed to be the obligation of or claim against the state or any county or municipality therein.
Structure Code of Alabama
Title 9 - Conservation and Natural Resources.
Chapter 10 - Water Conservation and Irrigation.
Article 1 - Water Conservation and Irrigation Agency.
Section 9-10-1 - Establishment of State Agency Authorized and Directed.
Section 9-10-3 - Procedure for Incorporation.
Section 9-10-5 - Powers and Duties Generally.
Section 9-10-7 - Contracts for Construction Work and Purchases of Materials.
Section 9-10-10 - Annual Reports.
Section 9-10-11 - Cooperation and Assistance of Other State Agencies.
Section 9-10-12 - Officers of Corporation Not to Be Interested in Contracts, etc.; Penalty.
Section 9-10-14 - Provisions of Article Supplementary; Construction of Article.