(a) Every issue of bonds shall be a limited obligation of the City payable from all or any specified part of the Revenues and the moneys and assets authorized in this Article XV to be pledged or assigned to secure payment of bonds. Such Revenues, moneys, or assets shall be the sole source of repayment of such issue of bonds and shall constitute a special fund for purposes of Section 18 of Article XVI of the California Constitution. Bonds issued under the provisions of this Article XV shall not be deemed to constitute a debt or liability of the City or a pledge of the faith and credit of the City but shall be payable solely from specified Revenues, moneys, and assets. The issuance of bonds shall not directly, indirectly, or contingently obligate the City to levy or pledge any form of taxation or to make any appropriation for their payment.
(b) All bonds shall contain on their face a statement to the following effect: Neither the faith and credit nor the taxing power of the City is pledged to the payment of the principal of or premium or interest on this bond.
(Added by Ord. 211-24, File No. 240726, App. 8/1/2024, Eff. 9/1/2024)