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261a-14
261A.14 PAYMENT OF OBLIGATIONS -- NONLIABILITY OF
STATE.
Obligations are obligations of the authority only, and not of the
state of Iowa. Each obligation shall state upon its face that it
represents and constitutes a debt of the authority, but not of the
state of Iowa within the meaning of any constitutional or statutory
limitation, and that it does not constitute a pledge of the full
faith and credit of the authority or of the state of Iowa. The
obligations shall not grant to the owners or holders of the
obligations the right to have the authority or the state levy taxes
or appropriate funds for the payment of the principal or interest on
the obligations. The obligations are payable, and shall state that
they are payable, solely from the revenues pledged for their payment
in accordance with the bond resolution.
This chapter does not authorize the authority or any department,
board, commission, or other agency to create an obligation of the
state within the meaning of the Constitution or laws of the State of
Iowa. Section History: Early Form
[82 Acts, ch 1031, § 14] Section History: Recent Form
2006 Acts, ch 1010, §80
Referred to in § 261A.24
