§53-84  Incurring of indebtedness by the
county.  For the purpose of carrying out its powers, duties, and functions
under this part, including for the payment of principal and interest upon any
advances for moneys and plans for redevelopment projects, the county may:



(1)  Borrow and apply for and accept advances and
loans; provided that unless the obligation of the county to repay such advances
or satisfy such loans is limited to the revenues derived by the county from an
undertaking as defined in section 53-85, the incurring by the county of any
such indebtedness shall be carried out under and pursuant to chapter 47;



(2)  Issue its bonds under and pursuant to chapter 47,
including, without limiting the foregoing, for the refunding of bonds issued by
an agency of the county abolished as provided in section 53-81 and the
refunding of bonds issued by the county under paragraph (3); and



(3)  Issue its bonds under and pursuant to section
53-16, all of the provisions of which shall be applicable to such bonds and to
the county in the issuance thereof except as follows:



(A)  Such bonds shall be issued only for the
purpose of carrying out the powers, duties, and functions of the county under
this part, including, without limiting the foregoing, the refunding of bonds
issued by the county under this paragraph or paragraphs (1) and (2) or the
refunding of bonds issued by an agency of the county abolished as provided in
section 53-81;



(B)  The principal of and interest on such
bonds shall be payable and secured solely as provided in section 53-16(a)(1)
and (2), and in no event shall be payable from the general fund of the county
or from taxes or from any other funds or properties of the county other than
those referred to in such paragraphs (1) and (2), nor shall such bonds be
secured by the full faith and credit of the county or the general fund or the
taxing power of the county;



(C)  Neither the council nor any officer or
employee of the county nor any person executing the bonds shall be liable
personally on the bonds by reason of the issuance thereof;



(D)  The bonds shall be limited obligations of
the county payable and secured solely as provided in subparagraph (B) and shall
so state on their face;



(E)  The words "members" or
"officers" where used in section 53-16(e) shall mean members of the
council and officers of the county; and



(F)  The words "rents",
"fees", and "revenues" where used in section 53-16(g) shall
mean and include only those rents, fees, and revenues derived by the county
from its activities under this part; the words "real or personal
property" and "property" where used in section 53-16(g) shall
mean only the real or personal property held by the county for the purposes of
this chapter and shall not include real or personal property held for other
public uses and purposes, such as streets, parks, public buildings,
publicly-owned utilities, and the like; and the word "bonds" where
used in section 53-16(g) shall mean bonds of the county issued under section
53-16(g) as incorporated into this part and the bonds of any agency of the
county abolished as provided in section 53-81. [L 1974, c 123, pt of §2; am L
1987, c 283, §6; am L 1988, c 141, §8]