(b) A housing authority may determine the types of bonds, notes, or warrants to be issued, including those on which the principal and interest are payable:

1. (1) exclusively from the income and revenues of the housing project financed with their proceeds;
2. (2) exclusively from the income and revenues of certain designated housing projects, whether or not they were financed in whole or in part with their proceeds; or

3. (3) except for a consolidated city, from its revenues generally.

   The bonds, notes, or warrants may be additionally secured by a pledge of any revenues or a mortgage of any project or other property of the authority.

(g) The bonds, notes, or warrants of a consolidated city:

1. (1) are payable only from revenues derived from the public housing function;
2. (2) are payable only from a special fund continued or established for that purpose; and

3. (3) are not a debt of the consolidated city and must state this fact on their face.

   The consolidated city is not liable on the bonds, notes, or warrants other than out of the special fund.

(i) Bonds, notes, or warrants payable by a consolidated city under its assumption of the obligations of a housing authority under this chapter are payable only out of the funds pledged to obligees and as such are a limited obligation of the consolidated city in accordance with subsections (c), (d), (e), and (g).

[Pre-Local Government Recodification Citation: 18-7-11-14 part.]

As added by Acts 1981, P.L.309, SEC.37. Amended by P.L.344-1987, SEC.8.