85-7-1415. Nature of revenue bonds.
102 words·~1 min read·
/mt/title-85/chapter-7/part-14/85-7-1415·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
85-7-1415 . Nature of revenue bonds.
(1)No holder of any bonds issued under this part may compel the levy of any tax or assessment on property within the irrigation district to pay the bonds or interest thereon.
(2)Each bond issued under this part must recite in substance that:
(a)the bond, including interest thereon, is payable from the revenue pledged to the payment thereof or any other security pledged therefor, including a lien on the undertaking; and
(b)the bond does not constitute a debt of the irrigation district within the meaning of any constitutional or statutory limitation or provision.