§ 13-1116. Bonds payable from receipts of Authority.
(a) In general.- The bonds of any issue shall be payable solely from the property or receipts of the Authority, including without limitation:
(1) Fees, charges, or other revenues payable to the Authority;
(2) Payments by financial institutions, insurance companies, or others pursuant to letters or lines of credit, policies of insurance, or purchase agreements;
(3) Investment earnings from funds or accounts maintained under a bond resolution or trust agreement;
(4) Proceeds of refunding bonds; and
(5) Any other source authorized by law.
(b) Bonds do not constitute debt.- The bonds do not constitute a debt, liability, or pledge of full faith and credit of the State and may not be deemed to constitute a debt, liability, or pledge of the full faith and credit of the State.
§ 13-1116. Bonds payable from receipts of Authority.
(a) In general.- The bonds of any issue shall be payable solely from the property or receipts of the Authority, including without limitation:
(1) Fees, charges, or other revenues payable to the Authority;
(2) Payments by financial institutions, insurance companies, or others pursuant to letters or lines of credit, policies of insurance, or purchase agreements;
(3) Investment earnings from funds or accounts maintained under a bond resolution or trust agreement;
(4) Proceeds of refunding bonds; and
(5) Any other source authorized by law.
(b) Bonds do not constitute debt.- The bonds do not constitute a debt, liability, or pledge of full faith and credit of the State and may not be deemed to constitute a debt, liability, or pledge of the full faith and credit of the State.
§ 13-1116. Bonds payable from receipts of Authority.
(a) In general.- The bonds of any issue shall be payable solely from the property or receipts of the Authority, including without limitation:
(1) Fees, charges, or other revenues payable to the Authority;
(2) Payments by financial institutions, insurance companies, or others pursuant to letters or lines of credit, policies of insurance, or purchase agreements;
(3) Investment earnings from funds or accounts maintained under a bond resolution or trust agreement;
(4) Proceeds of refunding bonds; and
(5) Any other source authorized by law.
(b) Bonds do not constitute debt.- The bonds do not constitute a debt, liability, or pledge of full faith and credit of the State and may not be deemed to constitute a debt, liability, or pledge of the full faith and credit of the State.
