Alabama § 11-74-5 - Agreements and Obligations; Exemptions from Taxation and Competitive Bid Requirements.
Full text of Alabama Code of Alabama § 11-74-5 — Agreements and Obligations; Exemptions from Taxation and Competitive Bid Requirements., with citation guidance and answers to common questions.
§ 11-74-5. Agreements and Obligations; Exemptions from Taxation and Competitive Bid Requirements.
(a) The state or any political subdivision shall not in any event be liable for the payment of the principal of or interest on any bonds of the corporation or for the performance of any pledge, mortgage, obligation, or agreement of any kind whatsoever which may be undertaken by the corporation, and none of the bonds of the corporation or any of its agreements or obligations shall be construed to constitute an indebtedness of the state or any political subdivision within the meaning of any constitutional or statutory provision whatsoever.
(b) The corporation and the property and income of the corporation, whether used by it or leased to others; all bonds issued by the corporation, whether used by it or leased to others; all bonds issued by the corporation; the income from those bonds or from any other sources; the interest and other profits from such bonds enuring to and received by the holders thereof; conveyances by and to the corporation; and leases, mortgages, and deeds of trust by and to the corporation shall be exempt from all taxation in the state.
(c) The corporation shall be exempt from all laws of the state requiring competitive bids for contracts to be entered into by municipalities or public corporations.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 11-74-5
What does Code of Alabama § 11-74-5 cover?
Section 11-74-5 ("Agreements and Obligations; Exemptions from Taxation and Competitive Bid Requirements.") 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 § 11-74-5?
A common citation format is "Code of Alabama § 11-74-5" (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 § 11-74-5 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.