Issuance of Bonds by Authority; Types of and Security for Bonds Generally; Liability on Bonds.

1. Law
2. Code of Alabama
3. Housing.
4. Housing Authorities.
5. Municipal Housing Authorities.
6. Issuance of Bonds by Authority; Types of and Security for Bonds Generally; Liability on Bonds.

Section 24-1-31

Issuance of bonds by authority; types of and security for bonds generally; liability on bonds.

An authority shall have power to issue bonds, from time to time, in its discretion, for any of its corporate purposes. An authority shall also have power to issue or exchange refunding bonds for the purpose of paying, retiring, extending or renewing bonds previously issued by it. An authority may issue such types of bonds as it may determine, including, without limiting the generality of the foregoing, bonds on which the principal and interest are payable from income and revenues of the authority and from grants or contributions from the federal government or some other source. Such income and revenues securing the bonds may be:

(1) Exclusively the income and revenues of the housing project financed in whole or in part with the proceeds of such bonds;

(2) Exclusively the income and revenues of certain designated housing projects, whether or not they are financed in whole or in part with the proceeds of such bonds; or

(3) The income and revenues of the authority generally.

(Acts 1935, No. 56, p. 126; Acts 1939, No. 148, p. 219; Code 1940, T. 25, §18.)

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