12-898.   No levy of taxes or issuance of general obligation bonds; revenuebonds obligation of agency only.No municipal energy agency created under this act shall be authorized tolevy taxes or to issue bonds which constitute a general obligation of themember cities or the residents thereof. Revenue bonds issued under theprovisions of this act shall not be deemed to constitute a debtof the state or of any political subdivision or instrumentality thereofother than the agency, but shall be obligations of the agency only and shallbe payable from the revenues of the agency as provided in the trust agreementsecuring such revenue bonds.

      History:   L. 1977, ch. 48, § 14; July 1.