NOTE: §837 eff. until July 1, 2021. See Acts 2018, No. 569.
§837. Corporate existence of political subdivisions to continue until bonds are paid
The corporate existence of any political subdivision issuing bonds, notes or certificates of indebtedness under the provisions of this Part shall continue until all of the bonds issued in accordance with the provisions of this Part have been fully paid and extinguished, and the issuing authority may covenant with the purchasers or holders of the bonds, notes or certificates of indebtedness, that so long as they are outstanding and unpaid, it will not dispose of but will continue to own and operate the facilities acquired, extended, improved, repaired or constructed in whole or in part from funds obtained under this Part, and continue to charge such rates, rentals and charges for the use and enjoyment of the same as will provide funds sufficient to pay and discharge any indebtedness incurred as herein authorized and the interest thereon as they respectively mature, which agreement shall be binding upon the issuing political subdivision.
NOTE: §837 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
§837. Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Acts 2018, No. 569, §2, eff. July 1, 2021.
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