All bonds subscribed because of the subsections 1 to 3, inclusive, should

3. The state may also issue revenue bonds for the purpose of providing part or all of the funds required for any project undertaken under subsection 1, payable solely from sums realized from payments of principal and interest on money loaned for such project, and from other similar projects if so determined by the legislaure legislative system and from the liquidation of security given loans Mount Vernon AL for such payments. Revenue bonds issued for any project shall may not exceed the cost thereof of the project, including all expenses reasonably incurred to complete and finance the project, but shall ount.

Their responsibility with respect to securities issued significantly less than subsection 3 shall

4. need to be pledged for the prompt and full payment of all bonds issued under subsection 2. must be limited to the prompt and full performance of such covenants as the legislature legislative assembly may authorize to be made respecting the enforcing of the provisions of underlying loan agreements and the segregation, accounting, and application of bond proceeds and of loan payments and other security pledged for the payment of the bonds. must mature within forty years from their respective dates of issue, but may be refunded at or before maturity in such manner and for such term and upon such conditions as the legislature legislative assembly may direct. Any such bonds may, but need not be, secured by mortgage upon real or personal property acquired with the proceeds of the same or any other issue of general obligation or revenue bonds, or upon other property mortgaged by the debtor. Pledges of revenues and mortgages of property securing bonds of any issue may be prior or subordinate to or on a parity with pledges and mortgages securing any other issue of general obligation or revenue bonds, as determined by the legislature legislative installation from time to time in conformity with any provisions made for the security of outstanding bonds.

6. If any subsection of this amendment, or any part of a subsection, or any application thereof to particular circumstances should be held invalid for any reason, such invalidity shall may not affect the validity of all remaining provisions of this amendment which may be given effect without that which is declared invalid, as applied to any circumstances and for this purpose all subsections and parts of subsections and applications thereof are declared to be severable.

Section 15. The debt of any county, township, city, town, school district, or any other political subdivision , shall never may exceed five per centum one or two plus one-half of per cent upon the assessed complete and you can real value of the taxable real property therein; provided that any incorporated city may, by a two-thirds vote, may increase such indebtedness three per centum one to and one-half of per cent on such assessed full and you can true value beyond said five per centum the two and one-half per cent restriction, and a school district, by a majority vote may increase such indebtedness five a couple of plus one-half of percent on such assessed full and you can genuine value beyond said five per centum the two and something-half of percent limit; provided also that any county or city by a majority vote may issue bonds upon any revenue-producing utility owned by such county or city, or for the purchasing or acquiring the same or building or establishment thereof, in amounts not exceeding the physical value of such utility, industry or enterprise.

In estimating the indebtedness which a city, county, township, school district, or any other political subdivision ount, exclusive of the bonds upon said revenue-producing utilities, whether contracted prior or subsequent to the adoption of this constitution, shall must be included; provided further that any incorporated city ount not exceeding four per centum a few percent of such assessed full and genuine value without regard to the existing indebtedness of such city for the purpose of constructing or purchasing waterworks for furnishing a supply of water to the inhabitants of such city, or for the purpose of constructing sewers, and for no other purposes whatever. All bonds and obligations in excess of the amount of indebtedness permitted by this constitution, given by any city, county, township, town, school district, or any other political subdivision shall be void.