13-23-124 - Credit of state not pledged. - Tennessee Statutes

13-23-124. Credit of state not pledged.

(a)  (1)  Obligations issued under the provisions of this part shall not be deemed to constitute a debt, liability, or obligation of the state or of any other political subdivision thereof, nor a pledge of the full faith and credit of the state or any other political subdivision, but shall be payable solely from the revenues or assets of the agency.

     (2)  Each obligation issued under this chapter shall contain on the face thereof a statement to the effect that the agency 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 of any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligation.

     (3)  All obligations of the agency issued under the provisions of this part are revenue bonds or notes and are not general obligations of the state of Tennessee.

(b)  Expenses incurred by the agency in carrying out the provisions of this part may be made payable from funds provided pursuant to this part, and no liability is incurred by the agency hereunder beyond the extent to which moneys have been so provided.

[Acts 1973, ch. 241, § 14; 1974, ch. 702, § 9; T.C.A., § 13-2324.]