2016 Idaho Statutes
Chapter 10 - FINANCES
Section 50-1040 - CITY NOT LIABLE ON BONDS.

ID Code § 50-1040 (2016) What's This?

50-1040. City not liable on bonds. Bonds issued pursuant to sections 50-1027 through 50-1042 shall not be a debt of the city and the city shall not be liable thereon, nor shall they be payable out of any funds other than the revenue pledged to the payment thereof. Each bond issued under the Revenue Bond Act shall recite, in substance, that said bond, including interest thereon, is payable solely from the revenue pledge to the payment thereof. Bonds may be issued under sections 50-1027 through 50-1042 notwithstanding and without regard to any limitation or restriction on the amount or percentage of indebtedness, or of outstanding obligations of a city.

[50-1040, added 1967, ch. 429, sec. 200, p. 1249.]

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