§ 5-1-4-17 — Payment of bonds

Indiana § 5-1-4-17

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 4: Hospital Bonding Authorities

Text

Payment of Bonds. Bonds issued under the
provisions of this chapter shall not be deemed to constitute a debt of
the state or of any political subdivision thereof or a pledge of the faith
and credit of the state or of any such political subdivision, but such
bonds shall be payable solely from the funds pledged for their payment
as authorized herein, unless such bonds are refunded by refunding
bonds, issued under the provisions of this chapter, which refunding
bonds shall be payable solely from funds pledged for their payment as
authorized herein. All such revenue bonds shall contain on the face
thereof a statement to the effect that the bonds, as to both principal and
interest, are not an obligation of the State of Indiana, or of any political
subdivision thereof, but are payable solely from revenues pledged for
their payment. All expenses incurred in carrying out the provisions of
this chapter shall be payable solely from funds provided under the
authority of this chapter, and nothing in this chapter contained shall be
construed to authorize any Authority to incur indebtedness or liability
on behalf of or payable by the state or any political subdivision thereof.
Formerly: Acts 1971, P.L.41, SEC.1; Acts 1972, P.L.10,
SEC.1.