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Bond issues generally.

Memphis Charter, art. 79, § 911
in effect
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Sec. 911. - Bond issues generally. The authority shall have power to issue bonds from time to time in its discretion, for any of its corporate purposes. The authority shall also have power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it. The authority may issue such types of bonds as it may determine, including (without limiting the generality of the foregoing) bonds on which the principal and interest are payable from income and revenues of the authority and from grants or contributions from the Federal Government or other source. Such income and revenues securing the bonds may be: (a) Exclusively the income and revenues of the housing project financed in whole or in part with the proceeds of such bonds; (b) Exclusively the income and revenues of certain designated housing projects, whether or not they are financed in whole or in part with the proceeds of such bonds; or (c) The income and revenues of the authority generally. Any such bonds may be additionally secured by a pledge of any income or revenues of the authority or in certain instances as hereinafter provided, may be additionally secured by a mortgage of any housing project, projects or other property of the authority. Neither the commissioners of the authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. The bonds and other obligations of the authority (and such bonds and obligations shall so state on their face) shall not be a debt of the City and neither shall the City be liable thereon, nor in any event shall they be payable out of any funds or properties other than those of the authority. The bonds shall not constitute an indebtedness against the City within the meaning of any constitutional, statutory or charter debt limitation or restriction. Bonds may be issued under this Act notwithstanding any debt or other limitation prescribed by any statute. (Priv. Acts 1935, ch. 615, § 13; Priv. Acts 1939, ch. 235, § 2)
Source: City of Memphis, Code of Ordinances and Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/tn/memphis/codes/charter?nodeId=PTICHRELA_ART79HOAULA_S911BOISGEFetched: 10/28/2026

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