Code of Alabama § 17-7-3 - Warrants or Certificates for Purchase - Obligation of County; Disposition of Proceeds

Section 17-7-3

Warrants or certificates for purchase - Obligation of county; disposition of proceeds.

All warrants and certificates issued pursuant to this article shall evidence general obligation indebtedness of the county by which they are issued, and the full faith and credit of the county shall be irrevocably pledged for the payment of the principal thereof and interest thereon. The proceeds derived from the sale of any such warrants and certificates shall be used solely for the purpose for which they are authorized to be issued, including the payment of any expenses incurred in connection with the issuance thereof.

(Acts 1959, No. 603, p. 1492, §2; §17-9-10; amended and renumbered by Act 2006-570, p. 1331, §37.)

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Last modified: November 15, 2016