68-2008. Bonds payable solely from revenues; expenses. - Kansas Statutes

68-2008

Chapter 68.--ROADS AND BRIDGES PART III.--MISCELLANEOUS Article 20.--TOLL ROADS OR TURNPIKES

      68-2008.   Bonds payable solely from revenues; expenses.Revenue bonds issued under the provisions of this act shall not bedeemed to constitute a debt of the state or of any political subdivisionthereof or a pledge of the faith and credit of the state or of any suchpolitical subdivision thereof, but all such bonds shall be payable solelyfrom the funds herein provided therefor from revenues. All such revenuebonds shall contain on the face thereof a statement to the effect thatneither the state nor the authority shall be obligated to pay the same orthe interest thereon except from revenues of the project or projects forwhich they are issued and that neither the faith and credit nor the taxingpower of the state or any political subdivision thereof is pledge to thepayment of the principal of or the interest on such bonds.

      All expenses incurred in carrying out the provisions of this act shallbe payable solely from funds provided under the authority of this act andno liability or obligation shall be incurred by the authority hereunderbeyond the extent to which moneys shall have been provided under theprovisions of this act.

      History:   L. 1953, ch. 308, § 8; April 7.