[§304A-2680]  Payment and security ofrevenue bonds; revenue bonds not a debt of the State.  Revenue bonds issuedunder this subpart shall be payable from and secured by the revenue of theuniversity pledged to the payment thereof, and the revenue of the universityshall be applied to the payment in accordance with this subpart and theresolution authorizing the issuance of the revenue bonds.  The university, orany university project, university system, or network shall constitute a publicundertaking, improvement, or system, and any appropriation shall constituterevenue of the university under the constitution and laws of the State.  Noholder of any revenue bonds issued under this subpart may compel any exerciseof the taxing power of the State or the making of any appropriation to pay therevenue bonds, or interest thereon.  Each revenue bond shall recite insubstance that the revenue bond, including interest thereon, is payable fromand secured by the revenue of the university pledged to the payment thereof,and that the revenue bond does not constitute a general or moral obligation orindebtedness of the State within the meaning of any law. [L 2007, c 161, pt of§1]

 

Cross References

 

  Debt limitations, see Const. Art. VII, §13.

  Revenue bonds, see chapter 39, pt III.