§ 15-13-10-8 — Bonds; not a state or political subdivision obligation

Indiana § 15-13-10-8

• Jurisdiction: Indiana
• Art. 13: STATE FAIR
• Ch. 10: Revenue Bonds

Text

(a) Bonds issued under this chapter:
(1) do not constitute:
(A) a debt of the state or of any political subdivision of the
state; or
(B) a pledge of the faith and credit of the state or of any
political subdivision; and
(2) are payable solely from the funds pledged for payment of the
bonds under this chapter.
(b) Each bond must contain on the face of the bond a statement to
the effect that the bonds, as to both principal and interest, are not an
obligation of the state or of any political subdivision of the state, but
are payable solely from revenues pledged for payment of the bonds.
Those revenues may not include:
(1) proceeds or interest derived from funds of the state; or
(2) any proceeds received by the commission derived from the
levy of any tax.
(c) All expenses incurred in carrying out this chapter are payable
solely from funds provided under the authority of this chapter.
(d) This chapter may not be construed to authorize the commission
to incur indebtedness or liability on behalf of or payable by:
(1) the state; or
(2) any political subdivision of the state.
[Pre-2008 Recodification Citation: 15-1.5-9-7.]

Legislative History

As added by P.L.2-2008, SEC.4.