173.410. State or political subdivision not liable, statement on face of bond required. - Missouri Statutes

State or political subdivision not liable, statement on face ofbond required.

173.410. Bonds or other forms of indebtedness issued underthe provisions of sections 173.350 to 173.450 shall not be deemedto constitute a debt or liability of the state or of anypolitical subdivision thereof or a pledge of the full faith andcredit of the state or of any such political subdivision, butshall be payable solely from the funds provided for in sections173.350 to 173.450. The issuance of bonds or other forms ofindebtedness under the provisions of sections 173.350 to 173.450shall not, directly, indirectly, or contingently, obligate thestate or any political subdivision thereof to levy any form oftaxation therefor or to make any appropriation for their payment.Nothing in this section shall be construed to authorize theauthority to create a debt of the state within the meaning of theconstitution or statutes of the state of Missouri, and each bondor other form of indebtedness issued by the authority shall bepayable and shall state on its face that it is payable solelyfrom the funds pledged for its payment in accordance with thebond resolution authorizing its issuance. The state shall not beliable in any event for the payment of the principal of orinterest on any bonds of the authority or for the performance ofany pledge, mortgage, obligation, or agreement of any kindwhatsoever which may be undertaken by the authority. No breachof any such pledge, mortgage, obligation, or agreement may imposeany pecuniary liability upon the state or any charge upon thegeneral credit or taxing power of the state.

(L. 1981 H.B. 326, A.L. 1994 S.B. 583)