(a) Revenue bonds issued pursuant to this Article shall be special obligations of the Port Commission, payable as to principal and interest solely out of revenues of the Port Commission expressly pledged therefor. neither the credit nor taxing power of the City, the State of California or any political subdivision thereof shall be pledged to the payment of the principal of or interest on the revenue bonds. No holder of a revenue bond shall have the right to compel the exercise of the taxing power of the City, the State of California or any political subdivision thereof to pay the revenue bonds or the interest thereon. The Port Commission has no taxing power whatsoever.
(b) Revenue bonds issued pursuant to this Article shall not be included in the bonded debt limit provided for in Section 9.106 of the Charter. Nothing in this Article shall prevent the City from issuing general obligation bonds for the purpose of acquiring, constructing, improving or developing port facilities, subject to the general obligation bond issue procedure provided for in the Charter.
(Added by 258-09, File No. 091272, App. 12/18/2009)