Section 9-14B-8 Funding agreements.
Section 9-14B-8
Funding agreements.
The state and each local governmental entity may enter into a funding agreement with the authority for the purpose of providing for the payment of a portion of the debt service on the authority's bonds. Each local governmental entity's obligation to make payments under the funding agreement may be secured by the local governmental entity's full faith and credit, or may be subject to annual appropriation, or may be secured by a specific tax or taxes or other fees or revenues to be collected by the local governmental entity. The state obligation under any such funding agreement shall be payable solely out of and secured solely by one or more sources of pledged revenues.
(Act 2001-972, 2001 3rd Sp. Sess., p. 884, §8.)