§ 14-269-108 — Bonds - Indebtedness as special obligation - Payment of principal and interest

(a) The 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. (b) 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. (c) The principal of and interest on the revenue bonds and paying agent's fees shall be payable from gross revenues derived from the lands, buildings, or facilities acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds.

Legislative History

Acts 1965, No. 486, § 4; A.S.A. 1947, § 19-3634.