12-1743. Same; obligations payable solely from rentals; bonds, requirements.
12-1743
12-1743. Same; obligations payable solely from rentals; bonds, requirements.
Nothing in this act shall be so construed as to authorize or permit any
city or county to make any contract or to incur any obligation of any kind or
nature except such as shall be evidenced by the issuance of revenue bonds
payable solely out of the rentals received from
such facilities.
Revenue bonds issued under the provisions of this act are declared to be
negotiable instruments, shall be executed by the mayor and clerk of the
city or the chairperson of the board of county commissioners and the clerk
of the county and the corporate seal of the city or county shall be affixed
to or imprinted thereon. The principal of and interest on the revenue bonds
shall be payable solely and only
from the special fund herein authorized for such payments, and the revenue bonds
shall not in any respect be a general obligation of such city or county, nor shall
they be payable in any manner by taxation. All details pertaining to the
issuance of the revenue bonds and the terms and conditions thereof shall be
determined by ordinance of the city or resolution of the county.
History: L. 1961, ch. 81, § 4; L. 1981, ch. 74, § 7; July 1.