11-1440. Corporate bonds


A. The nonprofit corporation may issue its corporate bonds in principal amounts as
the board of directors determines to be necessary to provide sufficient monies for
purposes of the community health system.


B. Bonds issued by the nonprofit corporation:


1. Are entitled to all of the immunities and exemptions afforded bonds of other
nonprofit corporations.


2. Are obligations of the nonprofit corporation, and are not in any manner
obligations of the sponsoring county or of this state.


3. Do not constitute a legal debt of the sponsoring county or of this state.


4. Are not enforceable against the sponsoring county or this state.


5. Are not enforceable against the county's interest in any health system assets
that are leased pursuant to section 11-1432. The county shall not subordinate its lessor
interest to any obligee of the nonprofit corporation.


6. Are payable only from the revenues or other assets of the nonprofit corporation
that is pledged and assigned to, or in trust for the benefit of, the holder or holders of
the bonds.