Statutes > Kentucky Statutes > CHAPTER 175B KENTUCKY PUBLIC TRANSPORTATION INFRASTRUCTURE AUTHORITY > 175B.065 Project revenue bonds not a debt or pledge of faith and credit of the Commonwealth or its subdivisions -- Statement on face of bonds.

175B.065 Project revenue bonds not a debt or pledge of faith and credit of the Commonwealth or its subdivisions -- Statement on face of bonds.

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Page 1 of 1 175B.065 Project revenue bonds not a debt or pledge of faith and credit of the Commonwealth or its subdivisions -- Statement on face of bonds. (1) Project revenue bonds issued by an authority under this chapter shall not constitute a debt of the Commonwealth or any of its political subdivisions, or a pledge of the <br>faith and credit of the Commonwealth or any of its political subdivisions. Project <br>revenue bonds issued pursuant to this chapter, shall be payable solely from the <br>funds provided for in this chapter including but not limited to the funds described in <br>KRS 175B.025(1)(c). (2) Project revenue bonds shall contain on their face a statement to the effect that neither the Commonwealth nor the issuing authority shall be obligated to pay the <br>bonds or the interest thereon, except from any and all revenues associated with the <br>project for which they are issued, and that neither the faith and credit nor the taxing <br>power of the Commonwealth is pledged to the payment of the principal of or the <br>interest on these project revenue bonds. Effective: June 26, 2009 <br>History: Created 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 87, effective June 26, 2009.