68-2036. Bonds payable from revenues and other funds; expenses. - Kansas Statutes

68-2036

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

      68-2036.   Bonds payable from revenues and other funds; 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 payablesolely from the funds herein provided therefor from revenues and anypayments to the authority from the state highway fund provided to bemade pursuant to the provisions of K.S.A. 68-2033 andpledged for their payment. All such revenue bonds shall contain on theface thereof a statement to the effect that neither the state nor theauthority shall be obligated to pay the same or the interest thereonexcept from revenues of the project or projects for which they areissued and any payments from the state highway fund pledged to thepayment of such bonds, and that the faith and credit of the state arenot pledged to the payment of the principal of or the interest on suchbonds.

      All expenses incurred in carrying out the provisions of this actshall be payable solely from funds provided under the authority of thisact and no liability or obligation shall be incurred by the authorityhereunder beyond the extent to which moneys shall have been providedunder the provisions of this act.

      History:   L. 1957, ch. 368, § 7; April 26.