§ 53.34.130. Bonds, notes, obligations not state or district debt -- No ad valorem taxes
The revenue bonds, revenue notes, and any other obligations of a district issued under the authority of this chapter shall not be a debt of the state of Washington or of any political subdivision of this state, nor shall such obligations be considered indebtedness of the port district issuing same within any constitutional, statutory, or other limitation of indebtedness, and neither the state nor any political subdivision thereof, including the port district issuing such revenue bonds or notes, shall ever become obligated to levy ad valorem taxes on any taxable property within the state for the payment of such revenue bonds and notes, but such revenue bonds and notes shall be payable solely from and shall be a charge only upon the revenues and other funds of the project or projects pledged to the payment thereof by the proceedings authorizing the issuance of such bonds and notes.
[1959 c 236 § 13.]
Sections: Previous 53.34.060 53.34.070 53.34.080 53.34.090 53.34.100 53.34.110 53.34.120 53.34.130 53.34.140 53.34.150 53.34.160 53.34.170 53.34.180 53.34.190 53.34.200 NextLast modified: April 7, 2009