Revenue bonds issued under this chapter may not be payable from nor charged upon any
funds other than the revenue pledged to the payment of the bonds, nor is the district
issuing the bonds subject to any pecuniary liability on the bonds. A holder of the bonds does not have the right to compel the levy of special assessments
to pay the bonds or the interest, or to enforce payment of the bonds against any property
of the district other than property pledged as security for the bonds. Each revenue bond issued under this chapter must recite in substance that the bond,
including interest on the bond, is payable solely from the revenue pledged to the
payment of the bond, and that the bond does not constitute a debt of the district
within the meaning of any constitutional or statutory limitation.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.