§ 11-56-110 — Sources of payment - limitations

Refunding bonds, other than
special obligation refunding bonds, may be made payable from, and the governing
body may pledge to the payment of such refunding bonds, any tax, or any income or
revenue of the public body from any source, or both such taxes and such income or
revenue, which could have been legally pledged to and used for the payment of the
obligations being refunded at the time such obligations being refunded were issued
or which could legally be pledged to and used for the payment of the obligations
being refunded if the same were to be issued at the time of the refunding, as the
governing body may determine, notwithstanding the pledge of such taxes, income
or revenue for the payment of the outstanding obligations being refunded is
thereby modified. In no event, however, shall any taxes, income, or revenues be
pledged for the payment of any refunding bonds which could not have been
lawfully pledged for the payment of the obligations being refunded because of the
lack of the required approval of such pledge by the electors qualified to vote on the
issuance of the obligations being refunded, or because of limitations in the election
question authorizing their issuance, unless the refunding bonds and such pledge
are similarly authorized by the electors at an election in substantially the manner
required by law for the issuance of the obligations being refunded.

Legislative History

Source: L. 77: Entire article added, p. 591, � 1, effective July 1.