Bonds of a district may be issued in series, and, for example, one series may be issued as tax-exempt under the United States Internal Revenue Code, while another series may be issued as taxable. A separate series may also have different assessments pledged as security or may have its proceeds designated for the acquisition, construction, and installation of different improvements.
Ala. Code § 11-99A-44
Bonds in Series.
Known as the Alabama Improvement District Act
The act spans §§ 11-99A-1 to 11-99A-9 (52 sections).
(Act 99-446, p. 1013, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.