Section 28-18-9 - Municipal revenue bonds payable solely from revenues--Credit and taxing powernot pledged--Indebtedness not within constitutional limits.
28-18-9. Municipal revenue bonds payable solely from revenues--Credit and taxing power not pledged--Indebtedness not within constitutional limits. Such revenue bonds shall be payable solely from and shall constitute a lien upon the gross revenues derived from and traceable to properties acquired by the expenditure of the proceeds of revenue bonds, or of bonds refunded thereby, as fixed and determined by the governing body in accordance with the provisions of this chapter. The credit and taxing powers of the municipality shall not be pledged for the payment of revenue bonds issued hereunder and the bondholders shall have no right to compel the appropriation of any of the municipality's other funds, money, or property for the payment of the principal thereof or interest thereon. Nothing herein contained shall be deemed to authorize the incurring by any municipality of indebtedness within the meaning of any constitutional or statutory limitation upon municipal indebtedness.
Source: SL 1963, ch 286, §§ 1, 7.