247.948 Obligations not debt of Commonwealth.

187 words·~1 min read·/ky/chapter-247/247-948

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 KRS 247.940 to 247.978 shall not be

deemed to constitute a debt, liability or obligation of the Commonwealth or any

political subdivision thereof or a pledge of the faith and credit of the

Commonwealth or any such political subdivision, but shall be payable solely from

the revenues or assets of the corporation. Each obligation issued under the

provisions of KRS 247.940 to 247.978 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 Commonwealth or any

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

interest on such obligations.

(2)Expenses incurred by the corporation in carrying out the provisions of KRS 247.940

to 247.978 may be payable from funds provided pursuant to KRS 247.940 to

247.978 and no liability shall be incurred by the corporation hereunder beyond the

extent to which moneys shall have been so provided.