68-2099. Bonds payable from revenues and other funds; expenses.
68-2099
68-2099. Bonds payable from revenues and other funds; expenses.Bonds issued under the provisions of this act shall not be deemed toconstitute a debt of the state or of any political subdivision thereof or apledge of the faith and credit of the state or of any such politicalsubdivision thereof, but all such bonds shall be payable solely from thefunds herein provided therefor from revenues and any payments to theauthority from the state highway fund or state freeway fund provided to bemade pursuant to the provisions of this act and the act of which thissection is amendatory, and pledged for their payment. All such bonds shallcontain on the face thereof a statement to the effect that neither thestate nor the authority shall be obligated to pay the same or the interestthereon except from revenues of any project and any payments from the statefreeway fund or state highway fund pledged to the payment of such bonds,and that the faith and credit of the state are not pledged to the paymentof the principal of or the interest on such bonds.
All expenses incurred in carrying out the provisions of this act shallbe payable solely from funds provided under the authority of this act, andno liability or obligation shall be incurred by the authority hereunderbeyond the extent to which moneys shall have been provided under theprovisions of this act.
History: L. 1973, ch. 269, § 7; L. 1974, ch. 275, § 6; L. 1974, ch. 276, § 5;April 8.