Further Provisions Respecting Issuance of Securities.

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  8. Further Provisions Respecting Issuance of Securities.

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Section 22-21-353

Further provisions respecting issuance of securities.

Any authority shall have, in addition to the power to sell and issue interest-bearing securities that are limited as to source of payment, the power to sell and issue interest-bearing securities that are not limited as to source of payment and that are general obligations of the authority. The principal of and interest on (and premium, if any) any securities issued by the authority pursuant to the provisions of this section may be secured by:

(1) A pledge of the general credit of the authority; or
(2) Both such a pledge of the general credit of the authority and a special pledge of specific revenues or taxes (or both) identified in the proceedings authorizing the sale and issuance of such securities;

(Acts 1987, No. 87-745, p. 1458, §4.)


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