All general obligation bonds shall be issued in the name of the Lexington-Fayette Urban County Government and shall be an obligation thereof. The full faith and credit of the Merged Government shall be pledged for all general obligation bonds issued under the provisions of this Charter.
The Council of the Merged Government is hereby empowered and authorized to issue revenue bonds for the purpose and manner as now or hereafter may be provided under the general laws of Kentucky governing counties or cities of the second class.
All revenue derived by the Merged Government from the issuance and sale of bonds shall be used exclusively for the purposes for which such bonds were issued, and all taxes or other revenues collected for the purpose of servicing or retiring such bonds shall be used exclusively for the payment of principal and interest thereof.