(a) An open-enrollment public charter school may not use the moneys that it receives from the state:

1. (1) For any sectarian program or activity; or
2. (2) As collateral for debt.

(b) No indebtedness of:

1. (1) Any kind incurred or created by the open-enrollment public charter school shall constitute an indebtedness of:

   1. (A) The state; or
   2. (B) Its political subdivisions; and

2. (2) The open-enrollment public charter school shall involve or be secured by the faith, credit, or taxing power of:

   1. (A) The state; or
   2. (B) Its political subdivisions.