Alabama § 41-10-48.09 - Issuance of Bonds.

§ 41-10-48.09. Issuance of Bonds.

(a) Whenever the authority determines that it is necessary that monies be raised for eligible projects, including monies to be used to refund any bonds then outstanding, the authority may issue bonds as provided in this article.

(b) The authority may pledge any of its revenue or funds to the payment of its bonds, subject to any prior pledges for other outstanding bonds or other financial assistance of the energy bank. Bonds may be secured by a pledge of any loan obligation owned by the authority or held by an indenture trustee, any grant, contribution, or guaranty from the United States of America, the state, or any corporation, association, institution, or person, any other financial assistance provided by the authority, any bond insurance, guarantees, letters of credit, or other forms of credit enhancement purchased or otherwise obtained by the authority from any public or private entity, any other property or assets of the authority, or a pledge of or grant of security interest in any money, income, or revenue of the authority from any source.

(c) Notwithstanding any provision of law to the contrary, the total aggregate principal amount of bonds issued by the authority under this article shall not exceed one billion dollars ($1,000,000,000). This debt limitation shall apply solely to bonds issued for eligible project financing purposes under this article and shall not be construed to limit any other bonding authority granted to the authority under separate provisions of law.