Section 29.47.120. Security.

Latest version.

   (a) Notwithstanding other provisions of this chapter as to payment of notes, notes issued in anticipation of the sale of general obligation bonds and the interest on them are secured by the full faith and credit of the municipality.  The municipality may levy ad valorem taxes for payment without limitation of rate or amount.
   (b) Notes issued in anticipation of the sale of revenue bonds and the interest on them are secured in the same manner as are the revenue bonds in anticipation of which the notes are issued.

Notes

History

(Sec. 14 ch 74 SLA 1985)

                    
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