The bonds shall be special obligations of and be issued on behalf of the improvement district, and shall be designated in accordance with the prior proceedings. Each bond shall state, in substance, that the bond is not a general obligation of the City, nor is the credit of the City or the property or revenue of any public utility owned by the City pledged for its payment; and that the bond is a special obligation of and is issued on behalf of the improvement district; and that ad valorem assessments levied for the payment of the interest thereon and principal thereof shall be levied upon the taxable real property or land only, as the case may be, in the improvement district.
(Ord. 3589, 7-06-76)