§10-30 - Payment and security of revenue bonds; revenue bonds not a debt of the State.
§10-30 Payment and security of revenue
bonds; revenue bonds not a debt of the State. Revenue bonds issued under
this part shall be payable from and secured solely by the revenues of the
office project or projects or revenues of the office pledged to the payment
thereof, or both, and those revenues shall be applied to the payment in
accordance with the provisions of this part and the resolution or resolutions
authorizing the issuance of the revenue bonds. No holder or holders of any
revenue bonds issued under this part shall have the right to compel any
exercise of the taxing power of the State or the making of any appropriation to
pay the revenue bonds, or interest thereon. Each revenue bond shall recite in
substance that the revenue bond, including interest thereon, is payable solely
from and secured by the revenue pledged to the payment thereof, and that the
bond does not constitute a general or moral obligation or indebtedness of the
State within the meaning of any law. [L 1994, c 283, pt of §2(2); am L 2009, c
146, §8]