(1) Revenue bonds issued by the authority shall be issued in the manner provided in part 4 of article 35 of this title for the issuance of revenue bonds by municipalities; except that such revenue bonds may be sold in one or more series at par, or below or above par, at public or private sale, in such manner and for such price as the authority, in its discretion, shall determine.
Revenue bonds issued by the authority and interest coupons, if any, appurtenant thereto shall never constitute the debt or indebtedness of the municipality within the meaning of any provision or limitation of the state constitution, statutes, or home rule charter and shall not constitute nor give rise to a pecuniary liability of the municipality or a charge against its general credit or taxing powers.
Revenue bonds and the income issued by the authority therefrom are exempt fromtaxation, except inheritance, estate, and transfer taxes.
Revenue bonds issued by the authority shall bear interest at a rate such that the neteffective interest rate of the issue of bonds does not exceed the maximum net effective interest rate authorized.
Source: L. 80: Entire part added, p. 661, § 1, effective July 1.