360.080. Bonds not an obligation of the state. - Missouri Statutes

Bonds not an obligation of the state.

360.080. Bonds issued under the provisions of sections360.010 to 360.140 shall not be deemed to constitute a debt orliability of the state or of any political subdivision thereof ora pledge of the full faith and credit of the state or of any suchpolitical subdivision, but the bonds shall be payable solely fromthe funds provided for in sections 360.010 to 360.140. Theissuance of bonds under the provisions of sections 360.010 to360.140 shall not, directly, indirectly, or contingently,obligate the state or any political subdivision thereof to levyany form of taxation therefor or to make any appropriation fortheir payment. Nothing in this section shall prevent or beconstrued to prevent the authority from pledging the full faithand credit of a participating health institution or participatingeducational institution, as the case may be, to the payment ofbonds authorized pursuant to sections 360.010 to 360.140.Nothing in sections 360.010 to 360.140 shall be construed toauthorize the authority to create a debt of the state within themeaning of the constitution or statutes of the state of Missouri,and each bond issued by the authority pursuant to the provisionsof sections 360.010 to 360.140 shall be payable and shall stateon its face that it is payable solely from the funds pledged forits payment in accordance with the resolution authorizing itsissuance or any trust indenture or mortgage or deed of trustexecuted as security therefor. The state shall not be liable inany event for the payment of the principal of or interest on anybonds of the authority or for the performance of any pledge,mortgage, obligation, or agreement of any kind whatsoever whichmay be undertaken by the authority. No breach of any suchpledge, mortgage, obligation, or agreement may impose anypecuniary liability upon the state or any charge upon the generalcredit or taxing power of the state.

(L. 1975 H.B. 70 § 14)