§ 5-1-6-9 — Liability of issuing body

Indiana § 5-1-6-9

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 6: Revenue Bond Refinancing

Text

(a) No recourse shall be had for the payment of
the refunding bonds, or interest thereon, or any part thereof, against the
general fund of any issuing body, nor shall the credit or taxing power
of any issuing body be deemed to be pledged thereto.
(b) The refunding bonds, and interest thereon, shall not be a debt of
the issuing body, nor a charge, lien, or encumbrance, legal or equitable,
upon any property of the issuing body, or upon any income, receipts,
or revenues of the issuing body other than such of the revenues of the
enterprise as shall have been pledged to the payment thereof, and every
refunding bond shall recite in substance that said bond, including
interest thereon, is payable solely from the revenues pledged to the
payment thereof and that the issuing body is under no obligation to pay
the same, except from said revenues.
[Pre-Local Government Recodification Citation:
19-8-7-9.]
As added by Acts 1980, P.L.8, SEC.10.