Section 18.55.150. Security for bonds.

   (a) In conjunction with projects authorized by this chapter, the corporation may issue bonds, including bonds on which the principal and interest are payable
        (1) exclusively from the income and revenue of the housing project financed with the proceeds of the bonds;
        (2) exclusively from the income and revenue of designated housing projects whether or not they are financed in whole or in part with the proceeds of the bonds;
        (3) from its revenue generally; or
        (4) exclusively from rents collected on public buildings.
   (b) Bonds authorized by (a) of this section may be additionally secured
        (1) by a pledge of a grant or contribution from the federal government or from another source;
        (2) by a pledge of income or revenue of the corporation; or
        (3) by a mortgage of a housing project or other property of the corporation.

Notes

History

(Sec. 40-7-10 ACLA 1949; am Sec. 5 ch 99 SLA 1965; am Sec. 12 ch 4 FSSLA 1992)