As Amended
SEC. 31-15-25. Security.
Such refunding bonds shall be payable from the same sources of revenue and so far as possible shall be secured in
the same manner and by the same covenants and agreements as were the bonds refunded. All provisions of the law
under which the bonds refunded were issued, which provide for the security of such bonds and the requirements
for fixing rates sufficient to operate the project acquired or improved and to pay principal of and interest on the
bonds, shall remain in effect and shall be fully applicable to the refunding bonds issued hereunder. In no event
shall taxes be levied for the payment of such bonds, and they shall recite on their face that they are payable only
from revenues.
SOURCES: Codes, 1942, Sec. 4369; Laws, 1940, ch. 281.