Revenues, or any portion thereof, as designated in the resolution, agreement or indenture
authorizing the issuance of the Bonds, shall be the sole source of funds pledged by
the City for repayment of Bonds issued hereunder. Bonds issued hereunder shall not
be deemed to constitute a debt or liability of the City or a pledge of the faith and
credit of the City but shall be payable solely from Revenues. All Bonds shall contain
on the face thereof a statement to the following effect:
"Neither the faith and credit nor the taxing power of the City of Modesto is pledged
to the payment of the principal of or interest on this Bond."
The issuance of Bonds shall not directly, indirectly or contingently obligate the
City Council to levy or pledge any form of taxation or to make any appropriation for
their payment.
(Added by Ord. 2290-C.S., § 1, effective 11-1-84)
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