§ 36-29. Power to issue bonds; liability in general.
An authority shall have power to issue bonds from time to time in itsdiscretion, for any of its corporate purposes. An authority shall also havepower to issue refunding bonds for the purpose of paying or retiring bondspreviously issued by it or for the purpose of refunding loans made by anotherentity if such loans could have been made by the authority. An authority mayissue such types of bonds as it may determine, including (without limitingthe generality of the foregoing):
(a) Bonds on which the principal and interest are payable:
(1) Exclusively from the income and revenues of the housing project financedwith the proceeds of such bonds; or
(2) Exclusively from the income and revenues of certain designated housingprojects whether or not they are financed in whole or in part with theproceeds of such bonds; or
(3) From its revenues generally.
(b) Bonds on which the principal is payable solely from annual contributionsor grants received from the federal government or received from any othersource, public or private.
Any such bonds may be additionally secured by a pledge of any grant orcontributions from the federal government or other source, or a pledge of anyincome or revenues of the authority, or a mortgage of any housing project,projects or other property of the authority.
Neither the commissioners of an authority nor any person executing the bondsshall be liable personally on the bonds by reason of the issuance thereof.The bonds and other obligations of an authority (and such bonds andobligations shall so state on their face) shall not be a debt of the city,the county, the Commonwealth or any political subdivision thereof (other thanthe authority) and neither the city or the county, nor the Commonwealth orany political subdivision thereof (other than the authority) shall be liablethereon, nor in any event shall such bonds or obligations be payable out ofany funds or properties other than those of the authority. The bonds shallnot constitute an indebtedness within the meaning of any constitutional orstatutory debt limitation or restriction.
(1938, p. 454; Michie Code 1942, § 3145(14); 2002, c. 548.)
§ 36-29. Power to issue bonds; liability in general.
An authority shall have power to issue bonds from time to time in itsdiscretion, for any of its corporate purposes. An authority shall also havepower to issue refunding bonds for the purpose of paying or retiring bondspreviously issued by it or for the purpose of refunding loans made by anotherentity if such loans could have been made by the authority. An authority mayissue such types of bonds as it may determine, including (without limitingthe generality of the foregoing):
(a) Bonds on which the principal and interest are payable:
(1) Exclusively from the income and revenues of the housing project financedwith the proceeds of such bonds; or
(2) Exclusively from the income and revenues of certain designated housingprojects whether or not they are financed in whole or in part with theproceeds of such bonds; or
(3) From its revenues generally.
(b) Bonds on which the principal is payable solely from annual contributionsor grants received from the federal government or received from any othersource, public or private.
Any such bonds may be additionally secured by a pledge of any grant orcontributions from the federal government or other source, or a pledge of anyincome or revenues of the authority, or a mortgage of any housing project,projects or other property of the authority.
Neither the commissioners of an authority nor any person executing the bondsshall be liable personally on the bonds by reason of the issuance thereof.The bonds and other obligations of an authority (and such bonds andobligations shall so state on their face) shall not be a debt of the city,the county, the Commonwealth or any political subdivision thereof (other thanthe authority) and neither the city or the county, nor the Commonwealth orany political subdivision thereof (other than the authority) shall be liablethereon, nor in any event shall such bonds or obligations be payable out ofany funds or properties other than those of the authority. The bonds shallnot constitute an indebtedness within the meaning of any constitutional orstatutory debt limitation or restriction.
(1938, p. 454; Michie Code 1942, § 3145(14); 2002, c. 548.)
§ 36-29. Power to issue bonds; liability in general.
An authority shall have power to issue bonds from time to time in itsdiscretion, for any of its corporate purposes. An authority shall also havepower to issue refunding bonds for the purpose of paying or retiring bondspreviously issued by it or for the purpose of refunding loans made by anotherentity if such loans could have been made by the authority. An authority mayissue such types of bonds as it may determine, including (without limitingthe generality of the foregoing):
(a) Bonds on which the principal and interest are payable:
(1) Exclusively from the income and revenues of the housing project financedwith the proceeds of such bonds; or
(2) Exclusively from the income and revenues of certain designated housingprojects whether or not they are financed in whole or in part with theproceeds of such bonds; or
(3) From its revenues generally.
(b) Bonds on which the principal is payable solely from annual contributionsor grants received from the federal government or received from any othersource, public or private.
Any such bonds may be additionally secured by a pledge of any grant orcontributions from the federal government or other source, or a pledge of anyincome or revenues of the authority, or a mortgage of any housing project,projects or other property of the authority.
Neither the commissioners of an authority nor any person executing the bondsshall be liable personally on the bonds by reason of the issuance thereof.The bonds and other obligations of an authority (and such bonds andobligations shall so state on their face) shall not be a debt of the city,the county, the Commonwealth or any political subdivision thereof (other thanthe authority) and neither the city or the county, nor the Commonwealth orany political subdivision thereof (other than the authority) shall be liablethereon, nor in any event shall such bonds or obligations be payable out ofany funds or properties other than those of the authority. The bonds shallnot constitute an indebtedness within the meaning of any constitutional orstatutory debt limitation or restriction.
(1938, p. 454; Michie Code 1942, § 3145(14); 2002, c. 548.)
