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(1) The revenue bonds or certificates shall be special obligations of the municipality and shall be payable from and secured by a lien upon the revenue of the enterprise, as more fully described in the ordinance adopted, having due regard for the cost of operation and maintenance of the enterprise, and the amount of proportion, if any, of the revenue of the enterprise previously pledged. The city may by ordinance pledge for the security of the revenue bonds or certificates a fixed amount, without regard to any fixed proportion, of the gross revenue of the enterprise.
(2) The city shall also have the power to pledge as additional security for such revenue bonds or certificates issued under this article any revenues from utilities service taxes, cigarette taxes, franchise taxes, occupational license taxes, or any other excise taxes or funds which the city may have available to pledge to the payment of the principal of or interest on such revenue bonds, and for reserve therefor, except monies derived from ad valorem taxes, or any two or more of such excise taxes or other funds; provided, however, that before any such utilities service taxes, cigarette taxes, franchise taxes, occupational license taxes, or any other excise taxes or other funds are so pledged as additional security the same shall be approved at a referendum election the same as is required for excise tax bonds or certificates by Section 172.1 hereof.
(Special Acts, Ch. 61-2711, § 3; Ch. 63-1826, § 18; Ch. 67-1949, § 17; Ref. of 3-9-76)