§ 18-77. Same—Neither credit nor taxing power pledged.

(a)

Bonds issued under the provisions of this article shall not constitute a debt of the county or a pledge of the faith and credit of the county but shall be payable solely from assessments levied against the property benefitting from the improvement, and from any other revenues described in the authorizing resolution. All bonds shall contain a statement on their face to the effect that the county is not obligated to pay the principal or the interest thereon except from the funds provided for in this article and that the faith and credit of the county are not pledged to the payment of the principal or interest of the bonds.

(b)

The issuance of bonds under the provisions of this article shall not directly or indirectly or contingently obligate the county to levy or to pledge any form of ad valorem taxation upon real property. No holder of any bond shall have the right to compel any exercise by the county of the ad valorem taxing power to pay any bonds or the interest thereon or to enforce payment of the bonds or the interest thereon against any property of the county. The bonds shall not constitute a charge, lien or encumbrances, legal or equitable upon any property of the county except those funds pledged for the payment of the bonds.

(Ord. No. 2015-52, § 2, 12-15-15; Ord. No. 2017-47, § 3, 10-10-17)

Editor's note

Ord. No. 2017-47, § 3, adopted October 10, 2017, renumbered § 18-75 as § 18-77 and amended it to read as set out herein.