348.115. Obligations not debt of the state or political subdivision--payable only from revenues or assets of authority. - Missouri Statutes

Obligations not debt of the state or political subdivision--payableonly from revenues or assets of authority.

348.115. Obligations issued under the provisions of sections348.005 to 348.180 shall not constitute a debt, liability, orobligation of this state or of any political subdivision of thisstate, nor shall any such obligation be a pledge of the faith andcredit of this state or of any political subdivision of thisstate, but shall be payable solely from the revenues or assets ofthe authority. The issuance of bonds under sections 348.005 to348.180 shall not, directly or indirectly, or contingently,obligate the state or any political subdivision thereof to levyany form of taxation therefor or to make any appropriation fortheir payment. Each obligation issued under sections 348.005 to348.180 shall contain on the face thereof a statement to theeffect that the authority shall not be obligated to pay the samenor the interest thereon except from the revenues or assetspledged therefor, and that neither the faith and credit nor thetaxing power of this state or of any political subdivision ofthis state is pledged to the payment of the principal of or theinterest on such obligation.

(L. 1981 H.B. 681 § 24)