85-1-302. Limitations on state liability.
169 words·~1 min read·
/mt/title-85/chapter-1/part-3/85-1-302·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
85-1-302 . Limitations on state liability. All bonds issued under 85-1-301 and 85-1-303 shall contain a statement on their face that the state shall not be obligated to pay the same or the interest thereon except from the special fund hereinafter set forth. In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before the delivery of such bonds, such signatures shall nevertheless be valid and sufficient for all purposes, the same as if they had remained in office until such delivery.
All such bonds shall be fully negotiable, as provided by the Uniform Commercial Code--Investment Securities. Such bonds shall not constitute or be a debt, liability, or obligation of the state and shall be secured only by the revenues of such works and the funds received from the sale or disposal of water and from the operation, lease, sale, or other disposition of the works, property, and facilities to be acquired out of the proceeds of such bonds.