§ 82-1126 — Bonds as special obligation of port authority concerned.

Oklahoma § 82-1126

• Jurisdiction: Oklahoma
• Title 82: Waters And Water Rights

Text

No provision of this act shall be construed to authorize the pledge or use of any appropriated funds of the State of Oklahoma, or any ad valorem tax revenues or any other tax revenues, for the payment or security of any bonds issued pursuant to this act. No bonds issued under provisions of this act shall ever become a debt or obligation of the State of Oklahoma, nor shall the faith and credit of the State of Oklahoma be pledged in whole or in part, directly or indirectly, for the payment of such bonds, or interest thereon. Bonds issued under this act shall not be an indebtedness of any county or counties, or any municipal corporation or municipal corporations, which shall have created or joined in the formation of the port authority issuing the same. All bonds issued pursuant to this act shall be special obligations of the port authority concerned, payable solely from the revenues of the buildings and facilities referred to therein. Such bonds shall contain on the face thereof a statement to the effect that neither the state, nor any county or municipal corporation concerned shall be obligated to pay the same, or the interest thereon, except from revenues of such facilities; and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof is pledged or may hereafter be pledged to the payment of principal of or interest on such bonds.

Legislative History

Laws 1963, c. 314, § 6, emerg. eff. June 19, 1963.