(1) The payment of district securities or any other obligations of the district shall not be secured by an encumbrance, mortgage, or other pledge of property of the district, except for its pledged revenues, proceeds of taxes, proceeds of assessments, and any other moneys pledged for the payment of the securities or such other obligations. (2) No property of the district subject to such exception shall be liable to be forfeited or taken in payment of any district securities or other obligations of the district.
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