Bonds or Notes of Authority Not State Indebtedness; Funds From Which Payable

  1. Law
  2. Indiana Code
  3. Utilities and Transportation
  4. Lease Financing for Transportation Systems
  5. Issuance of Bonds and Notes
  6. Bonds or Notes of Authority Not State Indebtedness; Funds From Which Payable

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Sec. 10. The bonds or notes:

(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; or

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

As added by P.L.68-1988, SEC.12.


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