[§304A-2680]  Payment and security of
revenue bonds; revenue bonds not a debt of the State.  Revenue bonds issued
under this subpart shall be payable from and secured by the revenue of the
university pledged to the payment thereof, and the revenue of the university
shall be applied to the payment in accordance with this subpart and the
resolution authorizing the issuance of the revenue bonds.  The university, or
any university project, university system, or network shall constitute a public
undertaking, improvement, or system, and any appropriation shall constitute
revenue of the university under the constitution and laws of the State.  No
holder of any revenue bonds issued under this subpart may 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 from
and 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 or
indebtedness 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.