§ 39.50.050. Short-term obligations -- Security
Short-term obligations issued in anticipation of the receipt of taxes or the sale of general obligation bonds and the interest thereon shall be secured by the full faith, credit, taxing power, and resources of the municipal corporation. Short-term obligations issued in anticipation of the sale of revenue or local improvement district bonds and the interest thereon may be secured in the same manner as the revenue and local improvement district bonds in anticipation of which the obligations are issued and by an undertaking to issue the bonds. Short-term obligations issued in anticipation of grants, loans, or other sources of money shall be secured in the manner set forth in the ordinance authorizing their issuance.
[1982 c 216 § 6.]
Sections: Previous 39.50.010 39.50.020 39.50.030 39.50.040 39.50.050 39.50.060 39.50.070 39.50.900 NextLast modified: April 7, 2009