175B.065 Project revenue bonds not a debt or pledge of faith and credit of the
162 words·~1 min read·
/ky/175b-065A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Commonwealth or its subdivisions -- Statement on face of bonds.
(1)Project revenue bonds issued by an authority under this chapter shall not constitute
a debt of the Commonwealth or any of its political subdivisions, or a pledge of the
faith and credit of the Commonwealth or any of its political subdivisions. Project
revenue bonds issued pursuant to this chapter, shall be payable solely from the
funds provided for in this chapter including but not limited to the funds described in
KRS 175B.025(1)(c).
(2)Project revenue bonds shall contain on their face a statement to the effect that
neither the Commonwealth nor the issuing authority shall be obligated to pay the
bonds or the interest thereon, except from any and all revenues associated with the
project for which they are issued, and that neither the faith and credit nor the taxing
power of the Commonwealth is pledged to the payment of the principal of or the
interest on these project revenue bonds.