37-145-45 - Student loan revenue bonds not a public obligation. - Mississippi Statutes

§ 37-145-45. Student loan revenue bonds not a public obligation.
 

No bonds issued by the company under Sections 37-145-43 through 37-145-73 shall constitute a debt, liability or general obligation of the state or any political subdivision thereof (other than the company), or a pledge of the faith and credit of the state or any political subdivision thereof (other than the company), but shall be payable solely as provided by the company. No member or officer of the board of directors of the company nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. Each bond issued under Sections 37-145-43 through 37-145-73 shall contain on the face thereof a statement that neither the state, nor any other political subdivision thereof, shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenue or money pledged by the company and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof is pledged to the payment of the principal of, or the interest on, such bond. 
 

Sources: Laws,  1992, ch. 475, § 23, eff from and after passage (approved May 6, 1992).