Ala. Code § 45-52-161.11: Contract with Owners of Obligations Issued Under General Law.

The allocations, distributions, and payments to be made under Section 45-52-161.05 for the payment of the principal of, premium, if any, and interest on the obligations shall constitute a contract with the owners of the obligations and shall remain in effect, and no amendment, repeal, or termination (in whole or in part) thereof shall be made, until all of the principal of, premium, if any, and interest on the obligations shall have been paid in full. No provision of this part shall operate or be construed to authorize the district to issue the obligations or any other bonds or securities, which provision is declarative of existing law and shall have a retrospective and prospective operation.