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Revenue bonds issued for the purpose of purchasing, equipping, constructing, condemning or otherwise acquiring, extending or improving any municipal utility system or other income-producing project may be made payable solely from the net revenues derived from the operation of such system or project. Any two or more of such systems or projects may be combined, operated and maintained jointly, in which case such revenue bonds shall be made payable out of the net revenue derived from the operation of the joint enterprise. Neither a failure of the town historically to have maintained a special fund for any such existing municipal utility system or other income-producing project nor a previous commingling of revenues derived from the operation thereof with the general fund of the town shall prevent a pledge of such revenues for the payment of revenue bonds issued pursuant to this section, provided that such a special fund is created prior to or contemporaneously with the issuance of such revenue bonds and thereafter maintained separate and apart from the general fund.

Revenue bonds issued for any public purpose of the town (including those specified in the preceding paragraph) may be made payable solely from the proceeds of any tax, other than a general ad valorem tax, imposed by the town or the state of Colorado or any agency thereof. Neither a failure of the town historically to have maintained special funds into which the proceeds of such existing taxes are deposited nor a previous commingling of such tax proceeds with the general fund of the town shall prevent a pledge of such revenues for the payment of revenue bonds issued pursuant to this section, provided that such special funds are created prior to or contemporaneously with the issuance of such revenue bonds and thereafter maintained separated and apart from the general fund.

Nothing herein shall be construed so as to prevent the issuant of revenue bonds pursuant to this section for any of the purposes specified in the first paragraph of this section which are payable from both system or project revenues and the proceeds of the taxes herein specified. Revenue bonds issued pursuant to this section may also be secured by a pledge of the full faith and credit of the town or of general property taxes; however, except for such bonds issued for the purpose of constructing, extending or improving any municipal utility system (as defined in section 15.12(h) of this charter), no such bonds shall be issued until the question of their issuance shall be approved at an election held as required by section 11.5 of this charter. Revenue bonds issued pursuant to this section may also be secured by a pledge of governmental grants received or to be received from the United States of America or any agency thereof or from the state of Colorado or any agency thereof or by a pledge of such grant receipts together with any other revenues or taxes as herein provided.