Obligations issued under the provisions of this chapter shall not be deemed to constitute a general obligation or pledge of the full faith and credit of the city within the meaning of the Constitution of the State of Florida, but such obligations shall be payable only from pledged revenue in the manner provided herein and by the resolution authorizing the obligations. The issuance of obligations under the provisions of this chapter shall not directly or indirectly obligate the city to levy or to pledge any form of ad valorem taxation whatever therefor. No holder of any such obligations shall ever have the right to compel any exercise of the ad valorem taxing power on the part of the city to pay any such obligations or the interest thereon or to enforce payment of such obligations or the interest thereon against any property of the city, nor shall such obligations constitute a charge, lien or encumbrance, legal or equitable, upon any property of the city, except the pledged revenue.
(Ord. 1166, passed 6-2-05)