2006 Kentucky Revised Statutes - .867 Credit of city not pledged.

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181.867 Credit of city not pledged. (1) Revenue bonds issued under the provisions of KRS 181.850 to 181.869 shall not be deemed to constitute a debt of the city or a pledge of the faith and credit of the city, but such bonds shall be payable solely from the funds herein provided therefor from revenues. All such revenue bonds shall contain on the face thereof a statement to the effect that neither the city nor the commission shall be obligated to pay the same or the interest thereon except from the bridge revenues which are pledged for that purpose and that neither the faith and credit nor the taxing power of the city is pledged to the payment of the principal of or the interest on such bonds. (2) All expenses incurred in carrying out the provisions of KRS 181.850 to 181.869 shall be payable solely from funds provided under the authority of KRS 181.850 to 181.869 and no liability or obligation shall be incurred by the commission hereunder beyond the extent to which moneys shall have been provided under the provision of KRS 181.850 to 181.869. Effective: June 19, 1952 History: Created 1952 Ky. Acts ch. 189, sec. 14, effective June 19, 1952.
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