The Spencer Development Authority may incur any proper indebtedness and issue any obligations and give any security therefor, which it may deem necessary or advisable in connection with carrying out its purposes as hereinbefore mentioned. No statutory limitation with respect to the nature, or amount, interest rate or duration of indebtedness, which may be incurred by municipalities or other public bodies, shall apply to indebtedness of the Authority. No indebtedness of any nature of the Authority shall constitute an indebtedness of the City of Spencer, or a charge against any property of said City of Spencer. The rights of creditors of the Authority shall be solely against the Authority, as a corporate body, and shall be satisfied only out of property held by it in its corporate capacity.
(Passed 4-5-90.)