31-4507. PAYMENT OF REVENUE BONDS — NONLIABILITY OF STATE AND COUNTY. Revenue bonds passed under the provisions of this act shall not be deemed to constitute a debt or liability of the state or of any political subdivision, but shall be payable solely from the funds herein provided therefor. The issuance of revenue bonds under the provisions of this act shall not, directly or indirectly or contingently, obligate the state or any political subdivision thereof to levy any form of taxation therefor or to make any appropriation for their payment. Nothing in this act shall be construed to authorize the creation of a debt of the state or of the county authorizing the issuance of such revenue bonds within the meaning of the constitution or statutes of the state of Idaho and all revenue bonds issued pursuant to the provisions of this act are payable and shall state that they are payable solely from the funds pledged for their payment in accordance with the resolution authorizing their issuance or in any indenture executed as security therefor, and that such revenue bonds are not secured by the full faith and credit or the taxing power of the state of Idaho or of any political subdivision thereof. Neither the state nor the county authorizing the issuance thereof shall in any event be liable for the payment of the principal or of interest or premiums, if any, on any such revenue bonds. No breach of any such pledge, obligation or agreement may impose any pecuniary liability upon the state or the county authorizing the issuance thereof or any charge upon their general credit or against their taxing power.
History:
[31-4507, added 1975, ch. 52, sec. 7, p. 105.]