50-2910. BONDS NOT GENERAL OBLIGATION OF AGENCY OR MUNICIPALITY. Except to the extent of moneys deposited in a special fund or funds under this act and pledged to the payment of the principal of and interest on bonds or other obligations, the agency shall not be liable on any such bonds or other obligations. The bonds issued and other obligations incurred by any agency under this chapter shall not constitute a general obligation or debt of any municipality, the state or any of its political subdivisions. In no event shall such bonds or other obligations give rise to general obligation or liability of the agency, the municipality, the state, or any of its political subdivisions, or give rise to a charge against their general credit or taxing powers, or be payable out of any funds or properties other than the special fund or funds of the agency pledged therefor; and such bonds and other obligations shall so state on their face. Such bonds and other obligations shall not constitute an indebtedness or the pledging of faith and credit within the meaning of any constitutional or statutory debt limitation or restriction.
History:
[50-2910, added 1988, ch. 210, sec. 10, p. 400.]
Structure Idaho Code
Title 50 - MUNICIPAL CORPORATIONS
Chapter 29 - LOCAL ECONOMIC DEVELOPMENT ACT
Section 50-2901 - SHORT TITLE.
Section 50-2902 - FINDINGS AND PURPOSE.
Section 50-2903 - DEFINITIONS.
Section 50-2903A - EFFECT OF ORDINANCE TO MODIFY URBAN RENEWAL PLAN — EXCEPTION.
Section 50-2904 - AUTHORITY TO CREATE REVENUE ALLOCATION AREA.
Section 50-2905 - RECOMMENDATION OF URBAN RENEWAL AGENCY.
Section 50-2905A - ELECTION NECESSARY FOR EXPENDITURES ON CERTAIN PROJECTS.
Section 50-2906 - PUBLIC HEARING AND ORDINANCE REQUIRED.
Section 50-2908 - DETERMINATION OF TAX LEVIES — CREATION OF SPECIAL FUND.
Section 50-2909 - ISSUANCE OF BONDS — BOND PROVISIONS.
Section 50-2910 - BONDS NOT GENERAL OBLIGATION OF AGENCY OR MUNICIPALITY.
Section 50-2911 - LIMITATIONS ON REVIEW.