Sec. 7. (a) Obligations issued under the provisions of this chapter do not constitute a debt, liability, or obligation of the state of Indiana or a pledge of the faith and credit of the state of Indiana, but shall be payable solely from the revenues or assets of the authority. Under any circumstances, general fund revenues of the state of Indiana may not be used to pay all or part of the obligations of the authority, and there is no moral obligation of the state of Indiana to pay all or part of the obligations of the authority. Each obligation issued under this chapter shall contain on the face thereof a statement to the effect that the authority shall not be obligated to pay the same nor the interest thereon except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of the state of Indiana is pledged to the payment of the principal of or the interest on such obligation.
(b) Expenses incurred by the authority in carrying out the provisions of this chapter may be made payable from funds provided pursuant to this chapter, and no liability shall be incurred by the authority under this chapter beyond the extent to which moneys shall have been so provided.
As added by Acts 1978, P.L.28, SEC.1. Amended by P.L.1-2006, SEC.106 and P.L.181-2006, SEC.19.
Structure Indiana Code
Title 5. State and Local Administration
Chapter 1. Indiana Housing and Community Development Authority
5-20-1-1. Legislative Findings and Declaration of Public Policy
5-20-1-4. Powers of the Authority
5-20-1-4.5. Housing for Special Needs Populations; Allocation of Federal Low Income Housing Credits
5-20-1-8. Authorization to Use Revenue Bond Financing; Approval of Public Finance Director Required
5-20-1-9. Trust Agreements to Secure Authority Obligations
5-20-1-10. Pledge of Authority Assets to Obligations of the Authority
5-20-1-11. Receipts as Trust Funds; Investment
5-20-1-12. Enforcement of Authority Duties; Rights of Holders of Authority Obligations
5-20-1-13. Declaration of Negotiability of Authority Obligations
5-20-1-14. Authority Obligations as Authorized Investments
5-20-1-15. Authorization for Issuance of Refunding Obligations
5-20-1-16. Capital Reserve Fund
5-20-1-17. State Power to Alter Authority; Pledge Against Impairment of Authority Contracts
5-20-1-18. Annual Report; Annual Audit
5-20-1-19. Limitation of Liability; Authority Members or Officers
5-20-1-20. Authority to Accept and Expend Funds
5-20-1-22. Disclosure of Conflicts of Interest
5-20-1-23. Authority Assets; Disposition Upon Termination or Dissolution
5-20-1-24. Chapter as Supplemental to Other Laws
5-20-1-25. Liberal Construction