Sec. 9. (a) No recourse shall be had for the payment of the refunding bonds, or interest thereon, or any part thereof, against the general fund of any issuing body, nor shall the credit or taxing power of any issuing body be deemed to be pledged thereto.
(b) The refunding bonds, and interest thereon, shall not be a debt of the issuing body, nor a charge, lien, or encumbrance, legal or equitable, upon any property of the issuing body, or upon any income, receipts, or revenues of the issuing body other than such of the revenues of the enterprise as shall have been pledged to the payment thereof, and every refunding bond shall recite in substance that said bond, including interest thereon, is payable solely from the revenues pledged to the payment thereof and that the issuing body is under no obligation to pay the same, except from said revenues.
[Pre-Local Government Recodification Citation: 19-8-7-9.]
As added by Acts 1980, P.L.8, SEC.10.
Structure Indiana Code
Title 5. State and Local Administration
Article 1. Bonds and Other Obligations
Chapter 6. Revenue Bond Refinancing
5-1-6-3. Issuance of Refunding Bonds to Refinance and Improve Enterprise
5-1-6-4. Authorization by Ordinance or Resolution; Municipally Owned Public Utility; Any Enterprise
5-1-6-5. Terms and Covenants of Refunding Bonds; Negotiability
5-1-6-6. Validity of Authorization; Issuance and Obligations; Recitals in Bond
5-1-6-7. Sale and Exchange of Refunding Bonds
5-1-6-8. Lien on Revenues of Enterprise to Secure Bonds; Additional Security; Priority; Restrictions
5-1-6-9. Liability of Issuing Body
5-1-6-10. Exemption From Taxation; Exception
5-1-6-12. Duties of Issuing Body and Others to Secure Payment of Bonds and Interest