§48E-11 - Special purpose revenue bonds not a general obligation of county.
§48E-11 Special purpose revenue bonds not ageneral obligation of county. No holder or holders of any special purposerevenue bonds issued under this chapter shall ever have the right to compel anyexercise of taxing power of the county to pay such bonds or the interestthereon. No special purpose revenue bond shall be secured, directly orindirectly, by the general credit of the county or by any revenues or taxes ofthe county, other than receipts derived from the project agreement with respectto the pollution control project for which such bonds have been issued or fromany security for such project agreement, and no moneys other than such receiptsshall be applied to the payment thereof. Each special purpose revenue bondissued under this chapter shall recite in substance that such bond, includinginterest thereon, is not a general obligation of the county and is payable fromthe receipts pledged to the payment thereof, and that such bond is not secureddirectly or indirectly by the full faith and credit or the general credit ofthe county or by any revenues or taxes of the county other than the revenuesspecifically pledged thereto. [L 1983, c 237, pt of §2]