51-9-211 - State not obligated with respect to bonds; limitations on obligation of district. - Mississippi Statutes

§ 51-9-211. State not obligated with respect to bonds; limitations on obligation of district.
 

Bonds issued under the provisions of this act shall not be deemed to constitute, within the meaning of any constitutional or statutory limitation, a debt, liability or obligation of the state, nor shall such bonds constitute a pledge of the full faith and credit of the state or of the district, but shall be payable solely from the revenues or assets of the district pledged therefor. Each bond issued under this act shall contain on the face thereof a statement to the effect that the district shall not be obligated to pay the same nor the interest thereon except from the revenues or assets pledged therefor and that neither the full faith and credit nor the taxing power of the state or the district is pledged to the payment of the principal of or the interest on such bonds. 
 

Sources: Laws,  1985, ch. 428, § 11, eff from and after passage (approved March 26, 1985).