78-137 AUTHORIZING PROVISION OF HOME RULE MORTGAGE FINANCING AND PROVIDING ISSUANCE OF REVENUE BONDS

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Section 7. Lien of Bonds. Bonds issued under this Ordinance may be secured by a pledge of or lien upon the revenues and receipts derived from the home mortgages or from any notes or other obligations of lending institutions witri respect to which the bonds have been issued, and the governing body may provide in the ordinance authorizing such , bonds for the issuance of additional bonds to be equally and ratably secured by a lien upon such revenues and receipts or may provide that the lien upon such revenues and receipts is subordinate. Section 8. Liabilit for Bonds. All bonds issued under and pursuant to this Or inance shal be limited obligations of the municipality payable solely out of the revenues and receipts derived from the home mortgages or from any notes or other obligations of lending institutions with respect to which such bonds are issued. ' No holder of any bonds issued under this Ordinance has the right to compel any exercise of the taxing power of the municipality to pay the bonds, the interest or redemption premium, if any, thereon, and the bonds shall not constitute an indebtedness of the ' municipality or a loan of credit thereof within the meaning of any ' constitutional or statutory provision, nor shall the bonds be construed to create any moral obligation on the part of the muni- cipality or any political subdivision thereof with respect to the payment of such bonds. It shall be plainly stated on the face of each bond that it has been issued under the provisions of this Ordinance and that it does not constitute an indebtedness of the municipality or a loan of credit thereof within the meaning of any constitutional or statutory provisions. ' T ' a it or an trustee , Section 9 . Investment of Funds. he municip 1 y, y or custodian on behalf of the municipality, may invest any funds held by it as provided in the ordinance authorizing the issuance of the bonds. Section 10. Exemption from Construction and Bidding Requirements. Any requirement of competitive bidding or restriction imposed on the procedure for award of contracts for the sale or other disposition of property of the municipality is not applicable to any action taken under authority of this Ordinance. Section 11. Powers Conferred as Additional and Supplemental; ' Limitations Imposed - Effect. The powers conferred by this Ordinance are in addition and supplemental to, and the limitations imposed by this Ordinance shall not affect, the powers conferred by any other ordinance. Home mortgages may be acquired, purchased and financed, and bonds may be issued under this Ordinance for such purposes, notwithstanding that any law or any other ordinance may provide for the acquisition, purchase and financing of like home mortgages, or the issuance of bonds for like purposes, ar�d without regard to the requirements, restrictions , limitations or other provisions contained in any law or any other ordinance. I - � -