§206M-11 - Special purpose revenue bonds not a general or moral obligation of State.
§206M-11 Special purpose revenue bonds nota general or moral obligation of State. No holder or holders of specialpurpose revenue bonds issued under this chapter shall ever have the right tocompel any exercise of the taxing power of the State to pay the bonds or theinterest thereon and no moneys other than the revenues pledged to the bondsshall be applied to the payment thereof. Each special purpose revenue bondissued under this chapter shall recite in substance that the bond, includinginterest thereon, is not a general or moral obligation of the State and ispayable solely from the revenues pledged to the payment thereof, and that thebond is not secured, directly or indirectly, by the full faith and credit orthe general credit of the State or by revenues or taxes of the State other thanthe revenues specifically pledged thereto. [L 1983, c 152, pt of §2; am L 2000,c 72, §15]