§ 12-97. Neither credit nor taxing power pledged.

(1)

Bonds issued under the provisions of this article shall not be deemed to constitute a 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 gross revenues of the project, if any, or other non-ad valorem funds, or any one or combination thereof, pledged for the payment of such bonds as provided herein and otherwise as provided below and by subsequent resolution. All such bonds shall contain a statement on their face to the effect that the county is not legally or morally 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.

(2)

If the non-ad valorem funds specifically pledged for the payment of any bonds shall be insufficient for the payment of principal of and the interest and premium, if any, on such bonds, or if the county otherwise deems it advisable, the county may covenant in the resolution or other proceedings authorizing the issuance of such bonds, to the extent permitted by applicable law and budgetary processes, to prepare, approve and adopt within its annual budget for the appropriation, allocation and approval of funds sufficient for the payment of such amounts, to the extent funds are available therefor and may legally be used for such purposes. The county's covenant to budget, allocate and appropriate shall not constitute a lien, either legal or equitable, on any of its non-ad valorem or general revenues not specifically pledged for the payment of such bonds by subsequent resolution and the county shall be free to pledge and create prior liens on those funds for any lawful purpose. Nothing contained herein shall directly, indirectly or contingently obligate the county to impose any form of ad valorem taxation upon real or personal property. No holder of any such bonds shall ever have the right to compel any exercise of the ad valorem taxing power on the part of the county to pay any such bonds or the interest thereon or to enforce payment of such bonds or the interest or any premium thereon against any property of the county, nor shall such bonds constitute a charge, lien or encumbrance, either legal or equitable, upon any property or funds of the county, except the funds expressly pledged for the payment of such bonds as provided by the proceedings authorizing the issuance of such bonds.

(Ord. No. 85-34, § 3, 12-17-84)