(a) Revenue bonds shall be special obligations of the State orthe municipality issuing them. The principal of and interest on revenue bondsshall not be payable from the general funds of the State or the municipality,as the case may be, nor shall they constitute a legal or equitable pledge,charge, lien, or encumbrance upon any of its property or upon any of itsincome, receipts, or revenues, except the funds which are pledged under thebond order authorizing the bonds. Neither the credit nor the taxing power ofthe State or the municipality, as the case may be, are pledged for the paymentof the principal or interest of revenue bonds, and no holder of revenue bondshas the right to compel the exercise of the taxing power by the State or themunicipality, as the case may be, or the forfeiture of any of its property inconnection with any default thereon. Every revenue bond shall recite insubstance that the principal of and interest on the bond is payable solely fromthe revenues pledged to its payment and that the State or the municipality, asthe case may be, is not obligated to pay the principal or interest except fromsuch revenues.
(b) Repealed by Session Laws 2001‑474, s. 39. (Ex. Sess. 1938, c. 2, s. 7; 1953, c. 922, s. 3; 1971, c. 780, s. 1;1983, c. 554, s. 14; 1989, c. 168, s. 43; 2001‑474, s. 39.)
(a) Revenue bonds shall be special obligations of the State orthe municipality issuing them. The principal of and interest on revenue bondsshall not be payable from the general funds of the State or the municipality,as the case may be, nor shall they constitute a legal or equitable pledge,charge, lien, or encumbrance upon any of its property or upon any of itsincome, receipts, or revenues, except the funds which are pledged under thebond order authorizing the bonds. Neither the credit nor the taxing power ofthe State or the municipality, as the case may be, are pledged for the paymentof the principal or interest of revenue bonds, and no holder of revenue bondshas the right to compel the exercise of the taxing power by the State or themunicipality, as the case may be, or the forfeiture of any of its property inconnection with any default thereon. Every revenue bond shall recite insubstance that the principal of and interest on the bond is payable solely fromthe revenues pledged to its payment and that the State or the municipality, asthe case may be, is not obligated to pay the principal or interest except fromsuch revenues.
(b) Repealed by Session Laws 2001‑474, s. 39. (Ex. Sess. 1938, c. 2, s. 7; 1953, c. 922, s. 3; 1971, c. 780, s. 1;1983, c. 554, s. 14; 1989, c. 168, s. 43; 2001‑474, s. 39.)
(a) Revenue bonds shall be special obligations of the State orthe municipality issuing them. The principal of and interest on revenue bondsshall not be payable from the general funds of the State or the municipality,as the case may be, nor shall they constitute a legal or equitable pledge,charge, lien, or encumbrance upon any of its property or upon any of itsincome, receipts, or revenues, except the funds which are pledged under thebond order authorizing the bonds. Neither the credit nor the taxing power ofthe State or the municipality, as the case may be, are pledged for the paymentof the principal or interest of revenue bonds, and no holder of revenue bondshas the right to compel the exercise of the taxing power by the State or themunicipality, as the case may be, or the forfeiture of any of its property inconnection with any default thereon. Every revenue bond shall recite insubstance that the principal of and interest on the bond is payable solely fromthe revenues pledged to its payment and that the State or the municipality, asthe case may be, is not obligated to pay the principal or interest except fromsuch revenues.
(b) Repealed by Session Laws 2001‑474, s. 39. (Ex. Sess. 1938, c. 2, s. 7; 1953, c. 922, s. 3; 1971, c. 780, s. 1;1983, c. 554, s. 14; 1989, c. 168, s. 43; 2001‑474, s. 39.)
