State Codes and Statutes
Statutes > Alabama > Title11 > Title1 > 11-20-41Section 11-20-41
Borrowing of money for temporary use and issuance of temporary revenue bonds or notes as evidence thereof.
The corporation may, in addition to the other powers granted in this article, borrow money for temporary use for any of its corporate purposes and in evidence of such borrowing issue from time to time revenue bonds or notes maturing not later than three years from the date of issuance.
Any such temporary borrowing may be made in anticipation of the sale and issuance of long term revenue bonds, and in such event the principal proceeds from the sale of such long term revenue bonds shall, to the extent necessary, be used for payment of the principal of and the interest on the temporary revenue bonds or notes issued in anticipation of the sale and issuance of such long term revenue bonds.
(Acts 1977, No. 762, p. 1310, §12.)