65-23-115 - Bonds not debts of state.
65-23-115. Bonds not debts of state.
No holder or holders of any bonds issued under this chapter shall ever have the right to compel any exercise of taxing power of the state or of any political subdivision thereof to pay the bonds or the interest thereon. Each bond issued under this chapter shall recite in substance that the bond, including the interest thereon, is payable from the revenue pledged to the payment thereof, and that the bond does not constitute a debt of the state.
[Acts 1935 (E.S.), ch. 3, § 16; C. Supp. 1950, § 3708.40 (Williams, § 3708.41); T.C.A. (orig. ed.), § 65-2315.]