Title 31, Chapter 7, Section 117
( 31-7-117)
No bonds or other obligations of and no indebtedness incurred by any
authority shall constitute an indebtedness or obligation of the
state or any county, municipal corporation, or political subdivision
thereof; nor shall any act of any authority in any manner constitute
or result in the creation of an indebtedness of the state or any
such county, municipal corporation, or political subdivision. All
such bonds and obligations shall be payable solely from the revenues
therein pledged to such payment, including pledged rentals, sales
proceeds, insurance proceeds, and condemnation awards. No holder or
holders of any such bonds or obligations shall ever have the right
to compel any exercise of the taxing power of the state or any
county, municipal corporation, or political subdivision thereof nor
to enforce the payment thereof against any property of the state or
any such county, municipal corporation, or political subdivision. |