90-4-1207. Nature of revenue bonds.
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/mt/title-90/chapter-4/part-12/90-4-1207·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
90-4-1207 . Nature of revenue bonds.
(1)A holder of a revenue bond issued pursuant to 90-4-1205 does not have the right to compel the governmental body to exercise its taxing power to pay off the bonds or the interest on those bonds.
(2)Each revenue bond issued pursuant to 90-4-1205 must state that:
(a)the bond, including interest on the bond, is payable from the revenue pledged to the payment of the bond; and
(b)the bond does not constitute a debt of the governmental body within the meaning of any constitutional or statutory limitation or provision.