3.24.200 - Revenue bonds—Obligation by city.

A.

None of the revenue bonds issued by the city pursuant to this chapter shall 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 the revenues and other funds, if any, provided therefor in the proceedings.

B.

The issuance of revenue bonds shall not directly or indirectly or contingently obligate the city to levy or to pledge any form of taxation whatsoever therefor or to make any appropriation for their payment.

C.

All revenue 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 Commerce is pledged to the payment of the principal of, premium, if any, or interest on this Bond, nor is the City of Commerce in any manner obligated to make any appropriation for payment."

D.

Neither the members of the city council nor any persons executing the revenue bonds shall, in any event, be subject to any personal liability or accountability by reason of the issuance of such revenue bonds.

E.

The revenue bonds shall be a special obligation of the city, and the city shall, under no circumstances, be obligated to pay revenue bonds or project costs (other than administrative expenses), except from revenues and other funds received for such purposes, nor to pay administrative expenses except from funds received under project agreements for such purposes, or from funds which are made available as otherwise authorized by law. All revenue bonds shall contain on the face thereof a statement of their special obligation nature.

(Ord. 301 §10, 1981).