§ 17-264. Taxing power not pledged.

(a)

Bonds issued under the provisions of this division shall not be deemed to constitute a general obligation debt of the county or a pledge of the faith and credit of the county, but such bonds shall be payable solely from the pledged funds and any moneys received from credit enhancers of the bonds, in accordance with the terms of the bond resolution. All bonds shall contain a statement on their face to the effect that the county is not obligated to pay the same or the interest thereon except from the sources described above, and that the full faith and credit of the county are not pledged to the payment of the principal or interest of such bonds.

(b)

The issuance of bonds under the provisions of this division shall not directly or indirectly or contingently obligate the county to levy or to pledge any form of ad valorem taxation whatever therefor. No holder of any such bonds shall ever have the right to compel any exercise of the ad valorem taxing power on the part of the county to pay any such bonds or the interest thereon or to enforce payment of such bonds or the interest thereon against any property of the county, nor shall such bonds constitute a charge, lien or encumbrance, legal or equitable, upon any property of the county, except the pledged funds in accordance with the terms of the bond resolution.

(Ord. No. 92-35, § 4, 11-10-92)