Title 31, Chapter 7, Section 32
( 31-7-32)
Revenue bonds issued under this article shall not be deemed to
constitute a debt of the state or a pledge of the faith and credit
of the state, but such bonds shall be payable solely from the fund
provided therefor from earnings and the issuance of such revenue
bonds shall not directly or indirectly or contingently obligate the
state to levy or to pledge any form of taxation whatever therefor or
to make any appropriation for their payment. Neither the state nor
the authority shall be obligated to pay the principal of or the
interest on such revenue bonds except from earnings of the project
or projects for which they shall be issued. All such revenue bonds
shall contain recitals on their face covering the foregoing
provisions of this Code section. |