§4323.  Procedure for issuing bonds

A.  Any bonds issued under the provisions of this Sub-part shall be authorized by ordinance or resolution of the governing authorities of such municipality or other political subdivisions and shall be signed by the chief executive officer thereof in the name and under the seal of the municipality or other political subdivisions.  In all other respects the refunding bonds shall be issued and secured in the manner prescribed by the statute under which the bonds being refunded or refinanced were originally authorized and issued.

B.  Bonds issued under the provisions of this Sub-part and the liability arising therefrom shall not be a charge upon the other income and revenues of the municipality or other political subdivisions issuing the bonds, and shall not be included in computing the indebtedness of the municipality or other political subdivisions for the purpose of determining any constitutional limitation.

Amended by Acts 1962, No. 261, §2.