261A.46 - OBLIGATIONS NOT LIABILITY OF STATE OR POLITICAL SUBDIVISION.
261A.46 OBLIGATIONS NOT LIABILITY OF STATE OR
POLITICAL SUBDIVISION.
Obligations issued pursuant to this division are not debts of the
state or of any political subdivision of the state or a pledge of the
faith and credit of the state or of any political subdivision, but
the obligations are limited obligations of the authority payable
solely from the funds or securities, pledged for their payment as
authorized in this division, unless the obligations are refunded by
refunding obligations issued under this division, which refunding
obligations shall be payable solely from funds or securities pledged
for their payment as authorized in this division. All revenue
obligations shall contain on their face a statement to the effect
that the obligations, as to both principal and interest, are not
obligations of the state, or of any political subdivision of the
state, but are limited obligations of the authority payable solely
from revenue or securities pledged for their payment. Expenses
incurred in carrying out this division are payable solely from funds
provided under this division, and this division does not authorize
the authority to incur indebtedness or liability on behalf of or
payable by the state or any political subdivision of the state. Section History: Recent Form
85 Acts, ch 210, §16