Alabama § 23-1-311 - Bonds and Notes - Source of Funds; Pledge of Funds for Payment of Principal and Interest Thereon; Negotiability.
Full text of Alabama Code of Alabama § 23-1-311 — Bonds and Notes - Source of Funds; Pledge of Funds for Payment of Principal and Interest Thereon; Negotiability., with citation guidance and answers to common questions.
§ 23-1-311. Bonds and Notes - Source of Funds; Pledge of Funds for Payment of Principal and Interest Thereon; Negotiability.
(a) The obligations authorized by this article shall not be general obligations of the authority, but shall be payable solely out of the funds appropriated and pledged in or permitted to be pledged pursuant to Sections 23-1-314 and 23-1-315.
(b) As security for the payment of the principal of and interest on the obligations issued by it under this article, the authority is hereby authorized and empowered to pledge for payment of the principal and interest the funds that are appropriated and pledged in or permitted to be pledged pursuant to Sections 23-1-314 and 23-1-315 for payment of principal and interest, and to pledge all of such funds or only certain of such funds for payment of principal and interest, all within the discretion of the authority.
(c) Any notes or temporary bonds issued under this article shall also be payable from the proceeds of any bonds in the anticipation of which such notes or temporary bonds are issued.
(d) All contracts made and all obligations issued by the authority pursuant to the provisions of this article shall be solely and exclusively the obligation of the authority and shall not be an obligation or debt of the state.
(e) Any obligation issued under this article, except bonds or temporary bonds registered as to principal or as to both principal and interest, and any interest coupons applicable thereto, shall be construed to be negotiable instruments although payable solely from a specified source as provided in this article.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 23-1-311
What does Code of Alabama § 23-1-311 cover?
Section 23-1-311 ("Bonds and Notes - Source of Funds; Pledge of Funds for Payment of Principal and Interest Thereon; Negotiability.") 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 § 23-1-311?
A common citation format is "Code of Alabama § 23-1-311" (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 § 23-1-311 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.