§49-13 - Revenue bonds not a general or moral obligation of the county.
§49-13 Revenue bonds not a general or moralobligation of the county. Unless otherwise provided in this section,revenue bonds issued under this chapter shall be payable solely from andsecured by the revenue, or the user taxes, or combination of both, pledged tothe payment thereof, of the undertaking or loan program for which the revenuebonds have been issued, or secured solely by and payable from a special fund tobe maintained from the revenue, or user taxes, or combination of both, pledgedto the special fund, and shall not constitute a general or moral obligation ofthe county or a charge upon the general fund of the county, nor shall the fullfaith and credit of the county be pledged to the payment of the principal andinterest thereof. Revenue bonds issued for the purpose of establishing andadministering a loan program authorized by law may also be secured by a pledgeof all or a portion of undertakings, mortgages, and other obligations held bythe county as security for a loan made under the program. Each revenue bondissued under this chapter shall recite in substance that the revenue bonds andthe interest thereon are payable from and secured by the revenue, or the usertaxes, or combination of both, pledged to the payment thereof, of the undertakingor loan program for which the revenue bond is issued, or secured by and payablefrom a special fund to be maintained from the revenue, or user taxes, orcombination of both, pledged to the special fund, and that the revenue bond isnot a general or moral obligation of the county and the full faith and creditof the county are not pledged to the payment of the principal and interest. [L1989, c 80, pt of §3]