(a)      All bonds or tax anticipation notes issued by any municipal corporation pursuant to its charter or this subheading shall constitute pledges of the faith and credit of the issuing municipal corporation to the prompt payment, from the tax and other revenues described in the enabling resolution, of the principal of and interest on said bonds or tax anticipation notes when due.

      (b)      If at the time of the issuance of any such bonds, there shall be no charter or statutory limit on the power of any such municipal corporation to levy property taxes, such pledge shall constitute a covenant on the part of the municipal corporation issuing any such bonds to levy upon all real and tangible personal property within its corporate limits subject to assessment for unlimited municipal taxation, ad valorem taxes in rate and amount sufficient in each year in which any of said bonds are outstanding to provide for the payment of the principal of and the interest on such bonds.

      (c)      If at the time of issuance of any such bonds there shall be a charter or statutory limitation upon the power of any such municipal corporation to levy property taxes, then such pledge shall constitute a covenant on the part of said municipal corporation to levy ad valorem taxes as above described within the limitations so prescribed by law.

      (d)      No charter provision or statute adopted or enacted after the date of issue of bonds of the types described in subparagraphs (b) and (c) above, which places a maximum limit on the rate at which property taxes may be imposed by any municipal corporation, or which removes any such limit theretofore existing, shall be taken or construed as impairing or in any manner affecting the covenants of said municipal corporation with respect to its bonds outstanding at the time any such charter provision or statute shall become effective.

      (e)      No bonds shall be issued by a municipal corporation pursuant to its charter or the provisions of this subheading, if, by the issuance thereof, existing maximum limits on the power of such municipal corporation to incur indebtedness fixed by the charter of said municipal corporation or by statute, shall be exceeded, but no such maximum limitation imposed subsequent to the issue of any such bonds shall be taken or construed as impairing or in any manner affecting the obligation thereof, nor shall the obligation of any outstanding bonds of a municipal corporation be taken or construed as having been impaired or in any manner affected by the issuance of bonds pursuant to an increase in such maximum limitation on the power to incur indebtedness, or the elimination of such maximum limitation, enacted subsequent to the issue of said outstanding bonds.

      (f)      Any such municipal corporation may, in addition to the pledge of its faith and credit and taxing power for the payment of the principal of and interest on any such bonds, secure such payment by the additional pledge thereto of any other revenues of said municipal corporation, including payments to said municipal corporation from the State or federal governments and special benefit assessments, taxes, fees or service charges which such municipal corporation is authorized and empowered to impose, levy or charge, and to the extent that any such revenues are sufficient in any year to provide for the payment of the principal of and interest on the bonds to which they are pledged, such municipal corporation shall not be obligated in such year to levy property taxes also pledged thereto and the failure of such municipal corporation to levy such property taxes, so long as said additional revenues are sufficient to satisfy said pledge, shall not be taken or construed as a breach of any of the above-described covenants of such municipal corporation.