§ 13-23-124 — Credit of state not pledged

Tennessee § 13-23-124

• Jurisdiction: Tennessee
• Title: 13

Text

(a) (1) Obligations issued under this part shall not be deemed to constitute a debt, liability, or obligation of the state or of any other political subdivision thereof, nor a pledge of the full faith and credit of the state or any other political subdivision, but shall be payable solely from the revenues or assets of the agency. (2) Each obligation issued under this chapter shall contain on the face thereof a statement to the effect that the agency shall not be obligated to pay the same, nor the interest thereon, except from the revenues or assets pledged therefor and that neither the full faith and credit, nor the taxing power of the state, or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligation. (3) All obligations of the agency issued under this part are revenue bonds or notes and are not general obligations of the state of Tennessee. (b) Expenses incurred by the agency in carrying out this part may be made payable from funds provided pursuant to this part, and no liability is incurred by the agency hereunder beyond the extent to which moneys have been so provided.

Legislative History

Acts 1973, ch. 241, § 14; 1974, ch. 702, § 9; T.C.A., § 13-2324.