Sec. 9-35. Liability for bonds.
No bonds issued under and pursuant to this Article shall be general obligations payable out of the Village funds, but rather all such bonds shall be limited obligations payable solely out of the income and revenues derived from the development project with respect to which such bonds are issued. No holder of any bonds issued under this Article shall have the right to compel any exercise of taxing power of the Village to pay the bonds, the interest or premium thereon, if any. The bonds shall not constitute an indebtedness of the Village or a loan of credit thereof within the meaning of any constitutional or statutory provision. It shall be plainly stated on the face of each bond that it has been issued under the provisions of this Article and that it does not constitute an indebtedness of the Village or a loan of credit thereof within the meaning of any constitutional or statutory provisions. (Ord. 0-81-26, 4-6-81)