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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 />at any time. (Ord. 99-025 § 403, 1999) <br />3.40.040 <br />1 J 0- 1 (San Leandro Redevelopment Agency 3-05) <br />