Alabama § 11-50A-26 - Provisions of Resolution, Agreement, Chapter, Etc., as Irrevocable Contract with Holders of Bonds, Notes, Etc.
Full text of Alabama Code of Alabama § 11-50A-26 — Provisions of Resolution, Agreement, Chapter, Etc., as Irrevocable Contract with Holders of Bonds, Notes, Etc., with citation guidance and answers to common questions.
§ 11-50A-26. Provisions of Resolution, Agreement, Chapter, Etc., as Irrevocable Contract with Holders of Bonds, Notes, Etc.
The provisions of any bond resolution, trust agreement or indenture authorized in this chapter shall be a contract with every holder of the bonds, bond anticipation notes or notes; and the duties of the authority under this chapter and under any bond resolution, indenture, or trust agreement shall be enforceable by any bondholder or noteholder by mandamus or other appropriate action. While any of the bonds, bond anticipation notes or notes issued by the authority shall remain outstanding, the powers, duties, or existence of the authority or of its officers, employees, or agents shall not be diminished, impaired, or affected in any manner which will affect adversely the interest and rights of the holders of those bonds, bond anticipation notes or notes. Any change in name or composition of the authority shall in no way affect the vested rights of any person under the provisions of this chapter or impair the obligations of any contracts existing under this chapter. The provisions of this chapter shall be for the benefit of the state, the authority and every owner of the authority’s bonds, bond anticipation notes and notes and, upon and after the issuance of bonds, bond anticipation notes or notes under the provisions of this chapter, shall constitute an irrevocable contract by the state with the owners of such bonds, bond anticipation notes and notes.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 11-50A-26
What does Code of Alabama § 11-50A-26 cover?
Section 11-50A-26 ("Provisions of Resolution, Agreement, Chapter, Etc., as Irrevocable Contract with Holders of Bonds, Notes, Etc.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 11-50A-26?
A common citation format is "Code of Alabama § 11-50A-26" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 11-50A-26 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.