§ 10.8-43. Neither credit nor taxing power pledged.  


Latest version.
  • Bonds issued under the provisions of this article shall not be deemed to constitute general indebtedness of the county or a pledge of the faith and credit of the county, but such bonds shall be payable solely from the Constitutional Fuel Tax Revenues and/or toll revenues, pledged for the payment of such bonds as provided herein and otherwise as provided by subsequent resolution. All such bonds shall contain a statement on their face to the effect that the county is not obligated to pay the same or the interest thereon except from the funds pledged or provided therefor as described in this article and by the proceedings authorizing the issuance of such bonds, and that the faith and credit of the county are not pledged to the payment of the principal of or interest on such bonds.

(Ord. No. 96-39, § 3, 11-12-96)