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3.40.040 <br /> 3.40.040 Agency bonds. <br /> The agency is authorized to issue bonds <br /> and expend the proceeds from their sale in <br /> carrying out the plan. The agency shall use the <br /> funds allocated to pay the principal and inter- <br /> est on such bonds as it becomes due and pay- <br /> able. <br /> The bonds and other obligations of the <br /> agency are not a debt of the city, the, state. or <br /> any of its political subdivisions and are not <br /> payable out of any funds or assets other than <br /> those of the agency; and such bonds and other <br /> obligations shall so state on their face. Neither <br /> do the bonds constitute debt for the purposes <br /> of constitutional or statutory debt limitations <br /> or restrictions. The total indebtedness of the <br /> • agency shall not exceed seven hundred fifty <br /> million dollars ($750.000,000.00) outstanding <br /> B. at any time. (Ord. 99 -025 § 403, 1999) <br /> • <br /> 150- 1 (San Leandro Redevelopment Agency 3 -05) <br />