(a) Bonds shall be special limited obligations of the PUC, payable from and secured by Power Enterprise Revenues or any portion thereof and such other funds and accounts of the Power Enterprise as specified in the Trust Indenture. Bonds shall not in any manner, or to any extent, constitute general obligations of the PUC or the City, or of the State or any political subdivision of the State. Bonds shall not be a charge upon the general fund or upon any moneys or other property of the PUC or the City, or of the State or any political subdivision of the State, other than the Power Enterprise Revenues. Neither the full faith and credit nor the taxing power of the City, or of the State or any political subdivision of the State, shall be pledged to the payment of Bonds. Bonds shall not constitute indebtedness of the City within the meaning of any State constitutional or statutory provisions or limitations or under the Charter. No holder of a Bond shall have the right to compel the exercise of the taxing power of the City, the State, or any political subdivision of the State to pay the Bonds or the interest thereon.
(b) Nothing in this Article XIV shall prevent the City at the request of the Commission from issuing or incurring general obligation bonds, notes, lease or installment sale obligations or certificates of participation therein, or other evidences of indebtedness for any purposes related to the Power Enterprise, including, without limitation, financing or refinancing capital additions, improvements, repairs, and replacements to the Power Enterprise.
(Added by Ord. 40-15, File No. 150078, App. 4/2/2015, Eff. 5/2/2015)