§ 7.04. General tax bonds and urban tax bonds.

Tax bonds may be issued pursuant to this article for the general services district, herein sometimes referred to as "general tax bonds", or for the urban services district, herein sometimes referred to as "urban tax bonds", but the full faith and credit of the metropolitan government shall be pledged for all bonds issued hereunder which are payable in whole or in part from ad valorem taxes. Ad valorem taxes shall be levied and collected in the general services district for the payment of general tax bonds and in the urban services district for the payment of urban tax bonds; provided, however, that the metropolitan government shall be unconditionally and irrevocably obligated to levy and collect ad valorem taxes without limit as to rate or amount on all taxable property in the general services district to the full extent necessary to pay all principal of and interest on all tax bonds, both general tax bonds and urban tax bonds, and the full faith and credit of the metropolitan government shall be pledged for the payment of all tax bonds. In the event, however, that it shall ever become necessary to levy ad valorem taxes in the general services district outside the urban services district for the payment of urban tax bonds, then the amount of such taxes shall be included in the next levy of ad valorem taxes in the urban services district and restored to the tax revenues of the general services district, it being the express intention of this article that the holders of any such tax bonds shall be entitled to the levy of ad valorem taxes to the full extent necessary on all the taxable property in the general services district, but that as between the general services district and the urban services district, such ad valorem taxes shall be levied in such respective districts for the full amount of debt service on bonds issued for such respective districts.