All bonds issued pursuant to §§ 36.40 through 36.50 shall be limited obligations of the municipality payable solely out of the revenues and receipts derived from the home mortgages or from any notes or other obligations of lending institutions with respect to which such bonds are issued. No holder of any bonds issued under §§ 36.40 through 36.50 has the right to compel any exercise of the taxing power of the municipality to pay the bonds, the interest, or redemption premium, if any, thereon, and the bonds shall not constitute an indebtedness of the municipality or a loan of credit thereof within the meaning of any constitutional or statutory provision, nor shall the bonds be construed to create any moral obligation on the part of the municipality or any political subdivision thereof with respect to the payment of such bonds. It shall be plainly stated on the face of each bond that it has been issued under the provisions of §§ 36.40 through 36.50 and that it does not constitute an indebtedness of the municipality or a loan of credit thereof within the meaning of any constitutional or statutory provisions.
(Ord. 6606, passed 10-17-78)