§ 5-20-1-7 — State not liable for obligations of the Indiana housing and community development authority

Indiana § 5-20-1-7

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 20: HOUSING
• Ch. 1: Indiana Housing and Community Development Authority

Text

(a) Obligations issued under the provisions of
this chapter do not constitute a debt, liability, or obligation of the state
of Indiana or a pledge of the faith and credit of the state of Indiana, but
shall be payable solely from the revenues or assets of the authority.
Under any circumstances, general fund revenues of the state of Indiana
may not be used to pay all or part of the obligations of the authority,
and there is no moral obligation of the state of Indiana to pay all or part
of the obligations of the authority. Each obligation issued under this
chapter shall contain on the face thereof a statement to the effect that
the authority shall not be obligated to pay the same nor the interest
thereon except from the revenues or assets pledged therefor and that
neither the faith and credit nor the taxing power of the state of Indiana
is pledged to the payment of the principal of or the interest on such
obligation.
(b) Expenses incurred by the authority in carrying out the provisions
of this chapter may be made payable from funds provided pursuant to
this chapter, and no liability shall be incurred by the authority under
this chapter beyond the extent to which moneys shall have been so
provided.
As added by Acts 1978, P.L.28, SEC.1. Amended by
P.L.1-2006, SEC.106 and P.L.181-2006, SEC.19.