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28j-24
28J.24 BONDS ARE PAYABLE SOLELY FROM REVENUES AND
FUNDS PLEDGED FOR PAYMENT.
Port authority revenue bonds and pledge orders issued under this
chapter do not constitute a debt, or a pledge of the faith and
credit, of the state or a political subdivision of the state, and the
holders or owners of the bonds or pledge orders shall not have taxes
levied by the state or by a taxing authority of a governmental agency
of the state for the payment of the principal of or interest on the
bonds or pledge orders, but the bonds and pledge orders are payable
solely from the revenues and funds pledged for their payment as
authorized by this chapter, unless the notes are issued in
anticipation of the issuance of bonds or pledge orders or the bonds
and pledge orders are refunded by refunding bonds issued under this
chapter, which bonds, pledge orders, or refunding bonds shall be
payable solely from revenues and funds pledged for their payment as
authorized by those sections. All of the bonds or pledge orders
shall contain a statement to the effect that the bonds or pledge
orders, as to both principal and interest, are not debts of the state
or a political subdivision of the state, but are payable solely from
revenues and funds pledged for their payment. Section History: Recent Form
2005 Acts, ch 150, §112
