5-17-33. Bonds not obligation of state.
110 words·~1 min read·
/nm/chapter-5-municipalities-and-counties/article-17-infrastructure-development-zone/5-17-33·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as otherwise provided in the Infrastructure Development Zone Act, all bonds or other obligations issued pursuant to that act are payable solely from the revenues of the infrastructure development zone that may be pledged to the payment of such obligations, and the bonds or other obligations shall not create an obligation, debt or liability of the state or any other of its political subdivisions. No breach of any pledge, obligation or agreement of an infrastructure development zone shall impose a pecuniary liability or a charge upon the general credit or taxing power of the state or any other of its political subdivisions.
History: Laws 2009, ch. 136, § 33.