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175.510 Revenue bonds are not debt of Commonwealth.

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175.510 Revenue bonds are not debt of Commonwealth. Revenue bonds issued by the authority under the provisions of this chapter shall not be <br>deemed to constitute a debt of the department or of the Commonwealth or of any political <br>subdivision thereof, or a pledge of the faith and credit of the department or of the <br>Commonwealth or of any such political subdivision, but such bonds shall be payable <br>solely from the funds provided therefor under the provisions of this chapter. All such <br>revenue bonds shall contain on the face thereof a statement to the effect that neither the <br>Commonwealth nor the authority shall be obligated to pay the same or the interest thereon <br>except from revenues of the turnpike project for which they are issued, including rentals <br>under a lease of such project to the Department of Highways of the Commonwealth for a <br>biennium and subject to renewal for successive bienniums; and that neither the faith and <br>credit nor the taxing power of the Commonwealth or of any political subdivision thereof <br>is pledged to the payment of the principal of or the interest on such bonds. Effective: March 25, 1960 <br>History: Created 1960 Ky. Acts ch. 173, sec. 11, effective March 25, 1960.