35 Pa. Stat. § 1680.502a

Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 1680.502a - Credit of Commonwealth or any subdivision thereof not pledged

Except as may otherwise be expressly provided by the agency, its bonds and notes shall be general obligations of the agency payable out of any moneys or revenues of the agency, including the proceeds of mortgage loans made under this act, reserve funds created therefor by the agency, any mortgage insurance contracts pertaining thereto and other lawfully available money, subject only to any agreements with holders of the bonds or notes pledging any receipts or revenues. Bonds and notes issued under the provisions of this act shall not be deemed to constitute a debt of the Commonwealth or of any political subdivision thereof or a pledge of the faith and credit of the Commonwealth or of any such political subdivision. All such bonds and notes shall contain on the face thereof a statement to the effect that neither the agency nor the Commonwealth nor any political subdivision thereof shall be obligated to pay the same or the interest thereon except from such proceeds, reserve fund or mortgage insurance contracts and that neither the faith and credit nor the taxing power of the Commonwealth or any political subdivision thereof is pledged to the payment of the principal of or the interest on such bonds.

35 P.S. § 1680.502a

1959, Dec. 3, P.L. 1688, § 502-A, added 1972, Dec. 5, P.L. 1259, No. 282, § 4, eff. 1/11/1973.