250.090. Revenue bonds--how payable.
Revenue bonds--how payable.
250.090. Revenue bonds issued under authority of thischapter shall be payable solely from the revenues derived and tobe derived from the operation of the sewerage system or combinedwaterworks and sewerage system acquired, constructed, improved orextended in whole or in part from the proceeds of such bonds. Norevenue bonds issued pursuant to this chapter shall constitute anindebtedness of the city, town or village or sewer districtwithin the meaning of any constitutional, statutory or charterrestriction, limitation or provision. The face of each bondshall state in substance that the bond has been issued under theprovisions of this chapter, that the taxing power of the city,town or village or sewer district issuing the bond is not pledgedto the payment thereof either as to principal or interest andthat the bond and the interest thereon are payable solely fromthe revenues of the sewerage system or combined waterworks andsewerage system for the benefit of which the bond was issued.
(L. 1951 p. 638 § 8)