204.390. Revenue bonds, payable how, not an indebtedness of district--information required on face of bond.
Revenue bonds, payable how, not an indebtedness ofdistrict--information required on face of bond.
204.390. Revenue bonds issued under authority of sections204.250 to 204.470 shall be payable solely from the revenuesderived and to be derived from the operation of the seweragesystem acquired, constructed, improved or extended in whole or inpart from the proceeds of the bonds. No revenue bonds issuedpursuant to sections 204.250 to 204.470 shall constitute anindebtedness of the common sewer district within the meaning ofany constitutional or statutory restriction, limitation orprovision. The face of each bond shall state in substance thatthe bond has been issued under the provisions of sections 204.250to 204.470, that the taxing power of the common sewer districtissuing the bond is not pledged to the payment thereof either asto principal or interest and that the bond and the interestthereon are payable solely from the revenues of the seweragesystem for the benefit of which the bond was issued.
(L. 1967 p. 310 § 20)