§39A-291 - Special purpose revenue bonds not a general obligation of the State.
[§39A-291] Special purpose revenue bonds
not a general obligation of the State. No holder or holders of any special
purpose revenue bonds issued under this part shall ever have the right to
compel any exercise of the taxing power of the State to pay for the bonds or
the interest on the bonds, and no moneys other than the revenues pledged to the
bonds shall be applied toward their payment. Each special purpose revenue bond
issued under this part shall recite in substance that the bond, including
interest on the bond, is not a general obligation of the State and is payable
solely from the revenues pledged to the payment thereof and that the bond is
not secured directly or indirectly by the full faith and credit of the State,
by the general credit of the State, or by any revenue or taxes of the State
other than the revenues specifically pledged thereto. [L 2006, c 102, pt of §2]