Power of holders to enforce payment by taxation.
Memphis Charter, art. 78, § 882
in effectSec. 882. - Power of holders to enforce payment by taxation.
Unless the ordinance authorizing the issuance of said bonds pledges the full faith and credit of the City of Memphis to payment of principal and interest thereof no holder or holders of any such bond shall ever have the right to compel any exercise of taxing power of the municipality to pay such bonds or the interest thereon. If the full faith and credit of the City is pledged to payment of principal and interest, such fact shall be recited in the face of the bonds. If issued without the pledge of such faith and credit each such bond issued under the provisions of this Act shall recite in substance that said bond including interest thereon is payable from the revenue pledged to the payment thereof, and/or is secured by mortgage, deed of trust or other security to be briefly described therein, and that the holder of said bond shall have no recourse to the power of taxation.
(Priv. Acts 1935, ch. 108, § 15, 1st Spec. Sess.)
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_ART78PUWOAC_S882POHOENPATAFetched: 10/28/2026