The State is in no manner liable for any debt incurred under the terms of Section 48-23-220 but all such obligations shall be met by the State Forestry Commission out of moneys coming into its hands from the property pledged and at least fifty per cent of its income from sales, issues, rents, profits and leases shall be applied annually to the payment of principal and interest due on any such loan.
HISTORY: 1962 Code Section 29-25; 1952 Code Section 29-25; 1942 Code Section 3284-1; 1933 (38) 503.