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A. All of the bonds authorized to be issued shall be limited obligations of the city payable from all or any specified part of the revenues and moneys and assets authorized in this chapter 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. Bonds issued as authorized by this chapter 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 the face thereof a statement to the following effect:
Neither the faith and credit nor the taxing power of the City of Visalia is pledged to the payment of the principal of or premium, if any, or interest on this bond.
(Prior code § 8305)