NOTE: §832 eff. until July 1, 2021. See Acts 2018, No. 569.

§832. Pledge of gross revenues; special fund

A. The governing authority of any political subdivision may pledge to the payment of bonds, notes or certificates of indebtedness issued hereunder a sufficient amount of the gross revenues derived by it from the ownership and operation of any self-liquidating or revenue-producing public utility, instrumentality or facility.

B. As to other projects the governing authority may pledge to the payment of bonds, notes or certificates of indebtedness issued therefor any revenues of any character accruing to it not otherwise set aside or dedicated by law, including the proceeds of any tax that may be levied by any political subdivision not otherwise pledged or otherwise dedicated by law, and in such event, any tax the proceeds of which have been thus pledged, or a sufficient amount thereof, shall be so levied and collected, appropriated or dedicated, as long as any obligation issued under this Part and secured by any such tax is outstanding and unpaid; provided, that this provision shall not have the effect of creating or imposing any liability upon this state.

C.(1) The governing authority may set aside, into a special fund, the first moneys received from those sources, until the amount so set aside each year is sufficient to pay the principal and interest on bonds, notes and certificates of indebtedness issued hereunder and due in that year, together with such additional sum as the governing authority may deem advisable in order to cover contingencies. In addition the governing authority may pledge its full faith and credit to the payment of all bonds, notes and certificates of indebtedness issued hereunder, and if the revenues are insufficient to meet promptly maturing principal and interest on the bonds or other obligations issued hereunder, as they fall due, the governing authority shall appropriate from other funds of the political subdivision, not otherwise specifically pledged, such amount as may be necessary to pay the principal and interest as they become due.

(2) No bonds, notes, certificates or other evidence of indebtedness issued hereunder shall constitute an indebtedness of this state, and any obligations issued under this Part shall contain a statement to that effect; nor shall the faith and credit of this state be pledged for the payment of any such bonds, notes, certificates or other evidence of indebtedness.

D. The holder or holders of any bonds, notes, certificates or other evidence of indebtedness issued under this Part shall have a first lien and privilege upon any funds or revenues pledged for the payment thereof as herein provided.

NOTE: §832 as repealed by Acts 2018, No. 569, eff. July 1, 2021.

§832. Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.

Acts 2018, No. 569, §2, eff. July 1, 2021.