§ 8-10-1-4 — Bonds; payment

Indiana § 8-10-1-4

• Jurisdiction: Indiana
• Art. 10: PORTS
• Ch. 1: Ports of Indiana─Organization

Text

Revenue bonds issued under the provisions of
this article:
(1) do not constitute a debt of the ports of Indiana, the state, or
any political subdivision of the state, or a pledge of the faith and
credit of the ports of Indiana, the state, or any political
subdivision of the state;
(2) are payable solely from the funds pledged for their payment as
authorized in this article, unless the bonds are refunded by
refunding bonds issued under the provisions of this chapter,
which shall be payable solely from funds pledged for their
payment as authorized in this article; and
(3) must contain on their face a statement to the effect that the
bonds, as to both principal and interest, are not an obligation of
the ports of Indiana, the state, or of any political subdivision of
the state, but are payable solely from revenues pledged for their
payment.
All expenses incurred in carrying out the provisions of this article are
payable solely from funds provided under the authority of this article
and nothing in this article shall be construed to authorize the ports of
Indiana to incur indebtedness or liability on behalf of or payable by the
state or any political subdivision of the state.
Formerly: Acts 1961, c.11, s.4. As amended by P.L.66-1984,
SEC.1; P.L.224-2003, SEC.204 and P.L.271-2003, SEC.4;
P.L.232-2005, SEC.5; P.L.98-2008, SEC.12.