Obligations issued under the provisions of this Ordinance shall not be deemed to constitute
a general obligation or pledge of the full faith and credit of the City within the
meaning of the Constitution of the State of Florida, but such Obligations shall be
payable only from Pledged Revenue and, if applicable, proceeds of the Assessments,
in the manner provided herein and by the ordinance or resolution authorizing the Obligations.
The issuance of Obligations under the provisions of this Ordinance shall not directly
or indirectly obligate the City to levy or to pledge any form of ad valorem taxation
whatever therefor. No holder of any such Obligations shall ever have the right to
compel any exercise of the ad valorem taxing power on the part of the City to pay
any such Obligations or the interest thereon or to enforce payment of such Obligations
or the interest thereon against any property of the City, nor shall such Obligations
constitute a charge, lien or encumbrance, legal or equitable, upon any property of
the City, except the Pledged Revenue.
(Ord. of 1-22-1996, Doc. #29102)
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