247.570. Special revenue obligation bonds--revenues pledged before issue.

Special revenue obligation bonds--revenues pledged before issue.

247.570. Special revenue obligation bonds, within themeaning of sections 247.230 to 247.670, shall be bonds payable,both as to principal and interest, wholly and only out of the netincome and revenues arising from the operation of the watersupply system of the district, after providing for costs ofoperation, maintenance, depreciation and necessary extensions andenlargements, and such bonds shall not be deemed to beindebtedness of the district within the meaning of anyconstitutional or statutory limitation upon the incurring ofindebtedness. Before or at the time of issuing any specialrevenue obligation bonds, the board shall pledge such net incomeand revenues to the payment of such bonds, both principal andinterest, and shall covenant to fix, maintain and collect ratesfor water and water service supplied by such district so as toassure that such net income and revenues will be sufficient forthe purpose herein required. The board may make such othercovenants as may be appropriate for the purpose of protecting andsafeguarding the revenues of the district and the payment of suchspecial revenue obligation bonds.

(L. 1949 p. 350 § 34)