That each of said bonds shall bear on its face the statement that it has been issued under this Act,
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that it does not pledge the full faith and credit of the municipality as a general obligation indebtedness of the municipality, and that it is secured solely by the pledge of the municipality to make and collect annual improvement assessments as provided in this Act; provided, however, that the governing body may modify said statement to additionally pledge the full faith and credit of the municipality to satisfy any deficiency in collections of special assessments. The bonds, and the receipt of interest thereon, shall not be subject to taxation. The bonds shall have all the qualities and incidents of negotiable instruments. If the municipality's full faith and credit is not contingently pledged, the bonds, and the interest thereon, shall be payable exclusively from the annual improvement assessments collected from time to time upon the properties benefited by the improvement identified in the bonds. If the municipality pays any principal or interest on the bonds from its general funds, it shall be subrogated to the rights of the bondholders for the proceeds from the improvement assessments to the extent of such payments and shall reimburse the general fund for such payments from improvement assessments collected after obligations on the bonds have been met. [As added by Priv. Acts 1970, ch. 276, § 9]
1 Priv. Acts 1970, ch. 276.