Title 20, Chapter 3, Section 206
( 20-3-206)
Revenue bonds issued under this article shall not be deemed to
constitute a debt or pledge of the faith and credit of this state or
any political subdivision thereof within the meaning of any
provision of the Constitution or laws of this state, but such
revenue bonds shall be payable solely from the revenues and receipts
received by the authority in connection with the financing of any
project as permitted in this article. Revenue bonds issued by the
authority shall not directly, indirectly, or contingently obligate
the state or any of its political subdivisions to levy or to pledge
any form of taxation whatever therefor or to make any appropriation
for the payment thereof; and all such revenue bonds or other
obligations of the authority shall contain recitals on their face
covering substantially the foregoing provisions of this Code
section. No state or local public funds shall be appropriated for
use of the authority created by this article. |