So long as the municipality or county shall own or possess any undertaking the property and revenue of such undertaking shall be exempt from all taxation. Bonds issued under this division and the income therefrom shall be exempt from all taxation.
Ala. Code § 11-81-149
Exemption from Taxation of Undertakings, Bonds, Etc.
(Acts 1935, No. 154, p. 195; Code 1940, T. 37, §350.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.