12-1743.   Same; obligations payable solely from rentals; bonds, requirements.Nothing in this act shall be so construed as to authorize or permit anycity or county to make any contract or to incur any obligation of any kind ornature except such as shall be evidenced by the issuance of revenue bondspayable solely out of the rentals received fromsuch facilities.

      Revenue bonds issued under the provisions of this act are declared to benegotiable instruments, shall be executed by the mayor and clerk of thecity or the chairperson of the board of county commissioners and the clerkof the county and the corporate seal of the city or county shall be affixedto or imprinted thereon. The principal of and interest on the revenue bondsshall be payable solely and onlyfrom the special fund herein authorized for such payments, and the revenue bondsshall not in any respect be a general obligation of such city or county, nor shallthey be payable in any manner by taxation. All details pertaining to theissuance of the revenue bonds and the terms and conditions thereof shall bedetermined by ordinance of the city or resolution of the county.

      History:   L. 1961, ch. 81, § 4; L. 1981, ch. 74, § 7; July 1.