61-35-39. Liability of district for bonds - Taxing power prohibited - Bond not a lien.
127 words·~1 min read·
/nd/title-61/chapter-61-35-water-districts/61-35-39·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Revenue and refunding bonds issued under this chapter may not be payable from or charged upon any funds other than the revenue pledged to their payment and the district issuing the bonds may not be subject to any pecuniary liability. The holder of any such bonds may not enforce payment of the bonds against any property of the district. Bonds issued under this chapter do not constitute a charge, lien, or encumbrance upon any property of the district. Each bond issued under this chapter must recite in substance that the bond, and interest on the bond,
is payable solely from the revenue pledged to the payment and that the bond does not constitute a debt of the district within the meaning of any constitutional or statutory limitation.