Ind. Code § 8-15.7-9-4

Current through P.L. 171-2024

Section 8-15.7-9-4 - Bonds or notes not a debt of the state

The bonds or notes issued under this chapter:

(1) constitute the corporate obligations of the authority;

(2) do not constitute an indebtedness of the state within the meaning or application of any constitutional provision or limitation; and

(3) are payable solely as to both principal and interest from:

(A) the revenues from a lease to the department, if any;

(B) proceeds of bonds or notes, if any;

(C) investment earnings on proceeds of bonds or notes; or

(D) other funds available to the authority for such purpose.

IC 8-15.7-9-4

As added by P.L. 47-2006, SEC.40.