§304A-2680 - Payment and security of revenue bonds; revenue bonds not a debt of the State.
[§304A-2680] Payment and security of revenue bonds; revenue bonds not a debt of the State. Revenue bonds issued under this subpart shall be payable from and secured by the revenue of the university pledged to the payment thereof, and the revenue of the university shall be applied to the payment in accordance with this subpart and the resolution authorizing the issuance of the revenue bonds. The university, or any university project, university system, or network shall constitute a public undertaking, improvement, or system, and any appropriation shall constitute revenue of the university under the constitution and laws of the State. No holder of any revenue bonds issued under this subpart may compel any exercise of the taxing power of the State or the making of any appropriation to pay the revenue bonds, or interest thereon. Each revenue bond shall recite in substance that the revenue bond, including interest thereon, is payable from and secured by the revenue of the university pledged to the payment thereof, and that the revenue bond does not constitute a general or moral obligation or indebtedness of the State within the meaning of any law. [L 2007, c 161, pt of §1]
Cross References
Debt limitations, see Const. Art. VII, §13.
Revenue bonds, see chapter 39, pt III.