§ 14-186-308 — Payment of bonds

(a) (1) Revenue bonds issued under this subchapter shall not be general obligations of the municipality but shall be special obligations. In no event shall the revenue bonds constitute an indebtedness of the municipality within the meaning of any constitutional or statutory limitation. (2) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter and that it does not constitute an indebtedness of the municipality within any constitutional or statutory limitation. (b) The principal of, and interest on, the bonds shall be secured by a pledge of, and be payable from, all, or any part, of the revenues derived from the use of port authority facilities including without limitation: (1) Revenues derived from rates and charges imposed and maintained for the use of port authority facilities; and (2) Lease rentals under leases or payments under security agreements or other instruments entered into under this subchapter.

Legislative History

Acts 1937, No. 231, § 3; Pope's Dig., § 9709; Acts 1947, No. 189, § 3; 1967, No. 69, § 1; 1970 (Ex. Sess.), No. 54, § 1; 1973, No. 87, § 2; A.S.A. 1947, § 19-2704.