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154.33.560 Bonds payable from revenues and assets only.

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154.33-560 Bonds payable from revenues and assets only. (1) Obligations issued under the provisions of KRS 154.33-501 to 154.33-585 shall not be deemed to constitute a debt, liability or obligation of the state or of any political <br>subdivision thereof or a pledge of the faith and credit of the state or of any such <br>political subdivision, but shall be payable solely from the revenues or assets of the <br>corporation. Each obligation issued under KRS 154.33-501 to 154.33-585 shall <br>contain on the face thereof a statement to the effect that the corporation shall not be <br>obligated to pay the same nor the interest thereon except from the revenues or assets <br>pledged therefor, and that neither the faith and credit nor the taxing power of the <br>state or of any political subdivision thereof is pledged to the payment of the <br>principal of or the interest on such obligation. (2) Expenses incurred by the corporation in carrying out the provisions of KRS 154.33-501 to 154.33-585 may be made payable from funds provided pursuant to KRS <br>154.33-501 to 154.33-585, and no liability shall be incurred by the corporation <br>hereunder beyond the extent to which moneys shall have been so provided. Effective: March 20, 1990 <br>History: Created 1990 Ky. Acts ch. 105, sec. 11, effective March 20, 1990 <br>Formerly codified as KRS 154B.120