Common use of Obligations Special and Limited Clause in Contracts

Obligations Special and Limited. The obligations entered into by each Member pursuant to this Agreement are special limited obligations of each such Member, and nothing herein shall be construed or give rise to a general obligation or liability of any Member or a charge against its general credit or taxing powers. Members may enter into agreements to pledge revenues to finance projects undertaken by the Commission and to secure the bonds issued by the Jordan River Commission to finance such projects. Such pledges shall constitute ongoing financial obligations of the pledging Members only to the extent expressly authorized by the governing body of each Member and as provided for in the agreement authorizing the issuance of the bonds and pledging the revenues of the pledging Member.

Obligations Special and Limited. The obligations entered into by each Member pursuant to this Agreement are special limited obligations of each such Member, and nothing herein shall be construed or give rise to a general obligation or liability of any Member or a charge against its general credit or taxing powers. Members may enter into agreements to pledge revenues to finance projects undertaken by the Commission and to secure the bonds issued by the Jordan River Commission to finance such projectsprojects undertaken by the Commission. Such pledges shall constitute ongoing financial obligations of the pledging Members only to the extent expressly authorized by the governing body of each Member and as provided for in the agreement authorizing the issuance of the bonds and pledging the revenues of the pledging MembermMember.