Indiana Code
Chapter 10. Revenue Bonds
15-13-10-8. Bonds; Not a State or Political Subdivision Obligation

Sec. 8. (a) Bonds issued under this chapter:
(1) do not constitute:
(A) a debt of the state or of any political subdivision of the state; or
(B) a pledge of the faith and credit of the state or of any political subdivision; and
(2) are payable solely from the funds pledged for payment of the bonds under this chapter.
(b) Each bond must contain on the face of the bond a statement to the effect that the bonds, as to both principal and interest, are not an obligation of the state or of any political subdivision of the state, but are payable solely from revenues pledged for payment of the bonds. Those revenues may not include:
(1) proceeds or interest derived from funds of the state; or
(2) any proceeds received by the commission derived from the levy of any tax.
(c) All expenses incurred in carrying out this chapter are payable solely from funds provided under the authority of this chapter.
(d) This chapter may not be construed to authorize the commission to incur indebtedness or liability on behalf of or payable by:
(1) the state; or
(2) any political subdivision of the state.
[Pre-2008 Recodification Citation: 15-1.5-9-7.]
As added by P.L.2-2008, SEC.4.