For the purpose of financing all or any portion of the project or a group of projects,
the county may borrow money from any person, firm, corporation, financial institution
or entity provided that the only security for such loans shall be all funds paid and
all revenues received in reduction or payment of said special improvement assessments
and the liens of said special improvement assessments, the board may issue bonds pledging
all funds paid and all revenues received on said special improvement assessments and
the liens of said special improvement assessments as security for the payment of the
principal and interest due on said bonds, in which event, all such payments and revenues
shall be placed in a separate account or fund which shall be used for no other purpose
than the payment of such principal and interest until all such bonds have been paid
in full or redeemed. In no event shall any borrowing to finance all or any portion
of a project involve, encumber or pledge any funds or revenues of the county received
from ad valorem taxes and shall not constitute a pledge of the full faith and credit
of the county.
(Ord. No. 81-19, § 12, 9-29-81)
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