64-1-1212 - Liability of state, districts, counties or municipalities on bonds, refunding bonds or notes Limitation of liability imprinted on bonds, refunding bonds and notes [Enactment contingent on - Tennessee Statutes

64-1-1212. Liability of state, districts, counties or municipalities on bonds, refunding bonds or notes Limitation of liability imprinted on bonds, refunding bonds and notes [Enactment contingent on county approval; see the Compiler's notes].

(a)  Neither the county, the districts, the state, nor any municipality other than the authority shall, except as may otherwise be authorized by the board of directors of the authority and the governing body of the particular governmental entity, in any event be liable for the payment of the principal of, premium, if any, or interest on any bonds, notes or refunding bonds of the authority or for the performance of any pledge, obligation, or agreement of any kind whatsoever that may be undertaken by the authority, and none of the bonds, notes or refunding bonds of the authority or any of its agreements or obligations shall be construed to constitute an indebtedness of the state, or any municipality within the meaning of any constitutional or statutory provision whatsoever.

(b)  Bonds, notes or refunding bonds of the authority shall not constitute a debt or a pledge of the faith and credit of the state or any municipality, except as may otherwise be authorized by the governing body of the county, district or municipality, and the holders or owners of such bonds shall have no right to have taxes levied by any municipality, the state or any other taxing authority within the state for the payment of principal of, premium, if any, and interest on such bonds, but shall be payable solely from revenues and moneys pledged for their payment.

(c)  Except as may otherwise be authorized by the governing body of the county or districts as specified in this section, all such bonds shall contain on the face thereof a statement to the effect that the bonds, refunding bonds or notes are not a debt of the state or any municipality or any other taxing authority within the state, but are payable solely from revenues and moneys pledged to the payment thereof.

[Acts 2001, ch. 223, § 13.]