No bonds, notes, or other obligations of, and no indebtedness incurred by, an authority shall constitute an indebtedness or obligation of the State of Georgia 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 this state or any county, municipal corporation, or political subdivision thereof. No holder or holders of any such bonds, notes, or other 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 the state or any such county, municipal corporation, or political subdivision.
History. Ga. L. 1981, p. 1744, § 11.
Structure Georgia Code
Chapter 42 - Downtown Development Authorities
§ 36-42-2. Legislative Purpose
§ 36-42-4. Creation of Authorities; Appointment and Terms of Directors; Quorum
§ 36-42-6. Action by Resolution Subsequent to Activating Authority
§ 36-42-7. Qualifications and Reimbursement of Directors; Election of Officers; Training
§ 36-42-8. Powers of Authorities Generally
§ 36-42-9. Revenue Bonds Generally
§ 36-42-12. Obligations of Authorities Not Public Debt of State or Political Subdivision Thereof
§ 36-42-13. Constitutional Authority for Enactment of Chapter; Tax Exemption
§ 36-42-14. Effect of Chapter on Other Public Authorities
§ 36-42-15. Construction of Chapter; Applicability of the “Georgia Uniform Securities Act of 2008.”