Alabama Code (Last Updated: November 28, 2014) |
Title11 COUNTIES AND MUNICIPAL CORPORATIONS. |
Title2 PROVISIONS APPLICABLE TO MUNICIPAL CORPORATIONS ONLY. |
Chapter54. PROMOTION OF INDUSTRY, TRADE, COMMERCE AND POLLUTION CONTROL. |
Article6. Commercial Development Authorities. |
§11-54-184. Nonliability of authorizing municipality.
Latest version.
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The authorizing municipality shall not in any event be liable for the payment of the principal of or interest on any bonds of an authority or for the performance of any pledge, mortgage, obligation, or agreement of any kind whatsoever which may be undertaken by an authority, and none of the bonds of an authority or any of its agreements or obligations shall be construed to constitute an indebtedness of the authorizing municipality within the meaning of any constitutional or statutory provision whatsoever.