Section 14-57-607 - Bonds payable from meter revenues

(a) Bonds issued under the provisions of this subchapter shall be payable solely from the net revenues derived by the municipality from the ownership and operation of the parking meters, which net revenues may be pledged for the payment of these bonds.(b)(1) The revenue bonds shall not in any event constitute an indebtedness of the municipality within the meaning of the constitutional provisions or limitations.(2) It shall be plainly stated on the face of each bond that the bond has been issued under the provisions of this subchapter and that it does not constitute an indebtedness of the municipality within any constitutional or statutory limitation.Acts 1951, No. 269, § 5; A.S.A. 1947, § 19-3527.