§ 143-1505. Current bonded indebtedness
Outstanding bonds previously issued by the Village of Richmond shall be obligations of the Town of Richmond on and after the effective date of this charter; provided, however, that until fully paid, said bonds and notes shall constitute a general obligation only with respect to that part of the Town formerly comprising the Village of Richmond and any part of the Town of Richmond presently outside the limits of the Village of Richmond and now receiving Village water and sewer services. Said bonds and notes shall not constitute a debt or obligation of the Town of Richmond except as specifically provided in this section, and shall be paid only by rates, charges, and assessments levied for water and sewer service within the former Village, and shall be secured as general obligations only by the full faith and credit of the Town as it applies within the former Village. Nothing herein shall be construed as abridging the power of the Town or the Town School District to authorize and issue bonds as provided by the general law of this State.
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