§18-27-10 Bonds as obligation of board only.
§18-27-10. Bonds as obligation of board only.
Bonds issued under authority of this article shall be obligations of the board only, and not of the state of West Virginia. Bonds issued under authority of this article shall state upon the face of each bond that they represent and constitute a debt of the board, but not of the state of West Virginia within the meaning of the provisions of the constitution or statutes of the state of West Virginia; and they do not constitute a pledge of the full faith and credit of the board or of the state of West Virginia. The bonds may not grant to the owners or holders thereof any right to have the board or the Legislature levy any taxes or appropriate any funds for the payment of the principal thereof or interest thereon. Such bonds are payable, and shall state that they are payable, solely from the revenues pledged for their payment in accordance with the bond resolution.
Nothing in this article may be construed to authorize the board or any department, board, commission or other agency to create an obligation of the state of West Virginia within the meaning of the constitution or the code of West Virginia.