19-2862d. Same; bonds payable from revenue and funds provided by law; no obligation of state or political subdivision; expenses.
19-2862d
19-2862d. Same; bonds payable from revenue and funds provided by
law; no obligation of state or political subdivision; expenses.
Revenue bonds issued under the provisions of this act shall not be
deemed to constitute a debt of the state or of any political subdivision
thereof or a pledge of the faith and credit of the state or of any such
political subdivision thereof, but all such bonds shall be payable
solely from the revenues derived from the recreational facilities
acquired or constructed with the proceeds of the bonds issued pursuant
to K.S.A. 19-2862a, and from any other funds
provided by law therefor. All such revenue bonds shall contain on the
face thereof a statement to the effect that neither the state nor the
board shall be obligated to pay the same or the interest thereon except
from revenues of the facility or facilities for which they are issued
and that neither the faith and credit nor the taxing power of the state
or any political subdivision thereof is pledged to the payment of the
principal of or the interest on such bonds.
All expenses incurred in carrying out the provisions of this act
shall be payable solely from funds provided under the provisions of this
act and no liability or obligation shall be incurred by the board
hereunder beyond the extent to which moneys shall have been provided
under the provisions of this act.
History: L. 1968, ch. 227, § 5; L. 1974, ch. 125, § 3; July 1.