7-7-4423. Nature of revenue bonds. (1) No holder or holders of any bonds issued under this part shall ever have the right to compel any exercise of taxing power of the municipality to pay said bonds or the interest thereon.
(2) Each bond issued under this part shall recite in substance that:
(a) said bond, including interest thereon, is payable from the revenue pledged to the payment thereof; and
(b) said bond does not constitute a debt of the municipality within the meaning of any constitutional or statutory limitation or provision.
History: En. Sec. 8, Ch. 126, L. 1939; R.C.M. 1947, 11-2408.