198A.070 State not liable for obligations of the Kentucky Housing Corporation.

180 words·~1 min read·/ky/chapter-198a/198a-070

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Obligations issued under the provisions of this chapter shall not be deemed to

constitute a debt, liability or obligation of the state or of any political subdivision

thereof or a pledge of the faith and credit of the state or of any such political

subdivision, but shall be payable solely from the revenues or assets of the

corporation. Each obligation issued under this chapter shall contain on the face

thereof a statement to the effect that the corporation shall not be obligated to pay the

same nor the interest thereon except from the revenues or assets pledged therefor

and that neither the faith and credit nor the taxing power of the state or of any

political subdivision thereof is pledged to the payment of the principal of or the

interest on such obligation.

(2)Expenses incurred by the corporation in carrying out the provisions of this chapter

may be made payable from funds provided pursuant to this chapter and no liability

shall be incurred by the corporation hereunder beyond the extent to which moneys

shall have been so provided.