§74-1226.1. Revenue bonds - Obligation.
158 words·~1 min read·
/ok/title-74-state-government/74-1226-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Revenue bonds issued under the provisions of this act shall not at any time be deemed to constitute a debt 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 such bonds shall be payable solely from the funds therein provided therefor from revenues. Such revenue bonds shall contain on the face thereof a statement to the effect that neither the state nor the Authority shall be obligated to pay the same or the interest thereon except from the revenues of the project or projects for which they are issued and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof is pledged, or may hereafter be pledged, to the payment of the principal of or the interest on such bonds.
Added by Laws 1994, c. 388, § 3, eff. Sept. 1, 1994.