13-3112.   Same; payment of bonds; pledges.Any such bonds shall be payable solely and only from a pledge of the netincome derived by the municipality from the transit system financed withthe proceeds of such bonds and other transit facilities not so financed,but any such city may also pledge to levy an ad valorem tax of not toexceed two (2) mills and to employ such tax for so long as any such bondsremain outstanding and unpaid. Any such city may also provide thatcontributions, grants, or other financial assistance from the state orfederal governments or any other source shall be employed in the operationof the transit system so long as any such bonds remain outstanding.

      History:   L. 1965, ch. 123, § 12; L. 1975, ch. 111, § 1; L. 1975, ch. 112, §1; July 1.