Section 3919.308 - Direct obligations, exemption from taxation, means of payment(a) Direct obligation.--Notes and bonds issued under this chapter shall be direct obligations of the Commonwealth, and the full faith and credit of the Commonwealth are pledged for the payment of the interest as it becomes due and the payment of the principal at maturity.(b) Exemptions.-- Notes and bonds issued under this chapter shall be exempt from taxation for State and local purposes except as provided under the act of March 4, 1971 (P.L. 6, No. 2), known as the Tax Reform Code of 1971.(c) Payment.--The principal of and interest on notes and bonds issued under this chapter shall be payable in lawful money of the United States of America. 1999, Feb. 9, P.L. 1, No. 1, § 308, imd. effective.