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261A.14 - PAYMENT OF OBLIGATIONS -- NONLIABILITY OF STATE.

        261A.14  PAYMENT OF OBLIGATIONS -- NONLIABILITY OF
      STATE.
         Obligations are obligations of the authority only, and not of the
      state of Iowa.  Each obligation shall state upon its face that it
      represents and constitutes a debt of the authority, but not of the
      state of Iowa within the meaning of any constitutional or statutory
      limitation, and that it does not constitute a pledge of the full
      faith and credit of the authority or of the state of Iowa.  The
      obligations shall not grant to the owners or holders of the
      obligations the right to have the authority or the state levy taxes
      or appropriate funds for the payment of the principal or interest on
      the obligations.  The obligations are payable, and shall state that
      they are payable, solely from the revenues pledged for their payment
      in accordance with the bond resolution.
         This chapter does not authorize the authority or any department,
      board, commission, or other agency to create an obligation of the
      state within the meaning of the Constitution or laws of the State of
      Iowa.  

         Section History: Early Form

         [82 Acts, ch 1031, § 14] 

         Section History: Recent Form

         2006 Acts, ch 1010, §80
         Referred to in § 261A.24