12-898. No levy of taxes or issuance of general obligation bonds; revenue bonds obligation of agency only.
12-898
12-898. No levy of taxes or issuance of general obligation bonds; revenue
bonds obligation of agency only.
No municipal energy agency created under this act shall be authorized to
levy taxes or to issue bonds which constitute a general obligation of the
member cities or the residents thereof. Revenue bonds issued under the
provisions of this act shall not be deemed to constitute a debt
of the state or of any political subdivision or instrumentality thereof
other than the agency, but shall be obligations of the agency only and shall
be payable from the revenues of the agency as provided in the trust agreement
securing such revenue bonds.
History: L. 1977, ch. 48, § 14; July 1.