Section 348.115

Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 348

Effective - 28 Aug 1981   

  348.115.  Obligations not debt of the state or political subdivision — payable only from revenues or assets of authority. — Obligations issued under the provisions of sections 348.005 to 348.180 shall not constitute a debt, liability, or obligation of this state or of any political subdivision of this state, nor shall any such obligation be a pledge of the faith and credit of this state or of any political subdivision of this state, but shall be payable solely from the revenues or assets of the authority.  The issuance of bonds under sections 348.005 to 348.180 shall not, directly or indirectly, or contingently, obligate the state or any political subdivision thereof to levy any form of taxation therefor or to make any appropriation for their payment.  Each obligation issued under sections 348.005 to 348.180 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 this state or of any political subdivision of this state is pledged to the payment of the principal of or the interest on such obligation.

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(L. 1981 H.B. 681 § 24)