Declaration Concerning Liability; Sources or Repayment

  1. Law
  2. Indiana Code
  3. State and Local Administration
  4. Lease Financing for Rail Projects for the Northwest Indiana Regional Development Authority and the Northern Indiana Commuter Transportation District
  5. Bonds and Notes
  6. Declaration Concerning Liability; Sources or Repayment

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Sec. 8. The bonds or notes:

(1) constitute the corporate obligations of the IFA or the NWIRDA;

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

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

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

(B) other available revenues, if any;

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

(D) investment earnings on proceeds of bonds or notes.

As added by P.L.189-2018, SEC.26.


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