§ 2-2-45. Pledge of non-ad valorem revenues.

(a)

The county may pledge the proceeds of certain non-ad valorem revenues, as determined by subsequent proceedings of the county, as security for the payment of the principal of and interest on the bonds issued hereunder or for reserves or other funds that the county may create and establish under the proceedings authorizing the bonds as shall be necessary to secure their payment.

(b)

If certain non-ad valorem revenues are pledged, as determined by subsequent proceedings of the county, such pledge shall be and constitute a valid and legally binding contract between the county and the owners of the bonds and the county shall be obligated to budget and appropriate and to continue to receive and apply said non-ad valorem revenues in accordance with the proceedings which authorized the issuance of the bonds for which said non-ad valorem revenues are pledged as security as long as the principal of and interest on the bonds are outstanding and unpaid.

(Ord. No. 85-14, § 6, 5-28-85)