The bonds must be made payable only from all or the portion of the fees and revenues as the university in its discretion may designate pursuant to the authorizing resolution and also from any other available funds of the university designated by the university pursuant to the authorizing resolution except funds of the university derived from appropriations received from the General Assembly and any tuition funds pledged to the repayment of state institution bonds. The use of academic fees must be approved by the university's board. The bonds are not general obligations of the State. Neither the members of the board nor any person signing the bonds is liable personally for the bonds. Bonds may not be issued pursuant to the provisions of this article unless an identified source or sources of revenue are designated for the repayment of the bonds.
HISTORY: 2004 Act No. 173, Section 1, eff February 18, 2004.