Statutes > Kentucky Statutes > CHAPTER 177 STATE AND FEDERAL HIGHWAYS -- LIMITED ACCESS FACILITIES -- TURNPIKES -- ROAD BONDS -- BILLBOARDS -- RECYCLERS > 177.470 Bonds not debt of Commonwealth.

177.470 Bonds not debt of Commonwealth.

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177.470 Bonds not debt of Commonwealth. Revenue bonds issued under the provisions of KRS 177.390 to 177.570 shall not be <br>deemed to constitute a debt of the Commonwealth or of any political subdivision thereof <br>or a pledge of the faith and credit of the Commonwealth or of any such political <br>subdivision, but such bonds shall be payable solely from the funds provided therefor in <br>KRS 177.390 to 177.570. All such revenue bonds shall contain on the face thereof a <br>statement to the effect that the Commonwealth shall not be obligated to pay the same or <br>the interest thereon except from revenues of the project or projects for which they are <br>issued and, if so provided in the proceedings or trust agreement authorizing or providing <br>for the issuance of such bonds, from other available funds pledged to the payment thereof, <br>and that neither the faith and credit nor the taxing power of the Commonwealth is <br>pledged to the payment of the principal of or the interest on such bonds. Effective: March 25, 1960 <br>History: Amended 1960 Ky. Acts ch. 174, sec. 6, effective March 25, 1960. -- Created 1950 Ky. Acts ch. 157, sec. 2.