12A.3 - SPECIAL OBLIGATIONS.
12A.3 SPECIAL OBLIGATIONS.
Bonds issued under this chapter are payable solely out of the
moneys, assets, or revenues pledged to the payment of the bonds
pursuant to the enabling legislation and any bond reserve funds
established in accordance with this chapter, and are not an
obligation, indebtedness, or debt of the state or any political
subdivision of the state within the meaning of any constitutional or
statutory debt limitations. Bonds issued under this chapter shall
contain a statement that the bonds are issued pursuant to this
chapter or the enabling legislation; are payable solely from the
moneys, assets, and revenues pledged for their payment and any bond
reserve funds established; do not constitute an obligation,
indebtedness, or debt of the state or any political subdivision of
the state within the meaning of any constitutional or statutory debt
limitations; and that the issuer and the state have no obligation to
satisfy any deficiency or default of any payment of the bonds using
any moneys, assets, or revenues other than those specifically pledged
in the enabling legislation for payment of the bonds, and any bond
reserve funds established by the issuer. The issuer shall not pledge
the credit or taxing power of the state or any political subdivision
of the state; create an obligation, indebtedness, or debt of the
state or any political subdivision of the state within the meaning of
any constitutional or statutory debt limitations; or make its bonds
payable out of any moneys except those pledged in the enabling
legislation and any bond reserve funds established by the issuer. Section History: Recent Form
2007 Acts, ch 133, §3; 2008 Acts, ch 1065, §3