Municipal revenue bonds payable solely from revenues--Credit and taxing power
not pledged--Indebtedness not within constitutional limits.
Such revenue bonds shall be payable
solely from and shall constitute a lien upon the gross revenues derived from and traceable to
properties acquired by the expenditure of the proceeds of revenue bonds, or of bonds refunded
thereby, as fixed and determined by the governing body in accordance with the provisions of this
chapter. The credit and taxing powers of the municipality shall not be pledged for the payment of
revenue bonds issued hereunder and the bondholders shall have no right to compel the appropriation
of any of the municipality's other funds, money, or property for the payment of the principal thereof
or interest thereon. Nothing herein contained shall be deemed to authorize the incurring by any
municipality of indebtedness within the meaning of any constitutional or statutory limitation upon
Source: SL 1963, ch 286, §§ 1, 7.