Article IV — Revenue Bonds

As used in this chapter, "bonds" means revenue bonds issued pursuant to this article or under any applicable general law of the State of California. (Ord. 1887 § 1, 5-24-2011)

The Authority shall have power to borrow money to provide funds for any project, including without limitation funds for the purpose of making grants or loans pursuant to SCCC § 17.25.360 , and to issue in its name revenue bonds to evidence the indebtedness created by such borrowing. The bonds of each issue shall constitute special obligations, and evidence a special indebtedness, of the

Authority, which shall be a charge upon, and payable, both as principal and interest and as to any premiums upon the redemption of any thereof, solely from, such revenues and funds as are specified therein and in the proceedings for their issuance. (Ord. 1887 § 1, 5-24-2011)

Neither the members of the governing board of the Authority nor any persons executing the bonds are liable personally on the bonds by reason of their issuance. The bonds and other obligations of the Authority are not a debt of the City, or any of its enterprises, the State or any of its political subdivisions. The bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.

(Ord. 1887 § 1, 5-24-2011)