Section 41-10-132 - Bonds Not to Be Debt of District; Exception as to General Obligation Bonds; Bonds to Recite That Principal and Interest Payable Solely From Revenues.

WY Stat § 41-10-132 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

41-10-132. Bonds not to be debt of district; exception as to general obligation bonds; bonds to recite that principal and interest payable solely from revenues.

Except for general obligation bonds, bonds issued pursuant to this act shall not be a debt of the district, and the district shall not be liable thereon, nor shall it thereby pledge its full faith and credit for their payments, nor shall the bonds be payable out of any funds other than the revenues, special assessments, or other moneys pledged to the payment thereof. Each such bond issued under this act shall recite in substance that said bond and the interest thereon are payable solely from the revenues, special assessments or other moneys pledged to the payment thereof. The payment of bonds shall not be secured by an encumbrance, mortgage or other pledge of property of the district, except for revenues, income, tax proceeds and other moneys pledged for the payment of bonds. No property of the district, subject to said exceptions, shall be liable to be forfeited or taken in payment of the bonds.

Previous Section

Section 41-10-131 - Principal and Interest to Be Paid Solely From Net Revenues; Pledging Surplus and Unpledged Revenues as Additional Security; Bonds Not Issued Payable From Revenues or Special Assessments to Be General Obligations of District.

Next Section

Section 41-10-133 - Resolution May Provide That Bonds Shall Recite That They Are Issued Under Authority of Act; Effect of Recital.