§ 14-201-117 — Bonds or notes - Nature of indebtedness

(a) The bonds and notes shall not be general obligations of the city, but shall be special obligations payable from and secured by a pledge of revenues derived from the city's waterworks or electric system and otherwise secured as provided in this subchapter. (b) In no event shall the bonds and notes constitute an indebtedness of the city within the meaning of any constitutional or statutory limitation.

Legislative History

Acts 1957, No. 115, § 11; 1981, No. 425, § 48; 1983, No. 442, § 2; 1985, No. 889, § 4; A.S.A. 1947, § 19-4071.