Any local improvement district bonds, and interest thereon, issued against a bond
redemption fund of a local improvement district pursuant to RCW 87.03.485 shall be a valid claim of the owner thereof only as against the local improvement
guarantee fund, the local improvement district redemption fund, and the assessments
or revenues pledged to such fund or funds and do not constitute a general indebtedness
against the issuing irrigation district unless the board of directors by resolution
expressly provides for a pledge of general indebtedness. Except where the board provides for a pledge of general indebtedness, each such
bond must state upon its face that it is payable from the local improvement district
redemption fund and the local improvement guarantee fund only.
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