1. (a) Park revenue bonds issued under this chapter or under IC 14-3-12 (before its repeal) are not:

   1. (1) a debt of the state or of a political subdivision of the state; or

   2. (2) a pledge of the faith and credit of the state or of any political subdivision.

      The bonds are payable solely from the money pledged for their payment as authorized in this chapter or under IC 14-3-12 (before its repeal) unless the bonds are refunded by refunding bonds issued under this chapter or under IC 14-3-12 (before its repeal).

2. (b) Refunding bonds are payable solely from money pledged for their payment as authorized in this chapter or under IC 14-3-12 (before its repeal).
3. (c) Revenue bonds must contain on the face of the bonds a statement to the effect that the bonds, as to both principal and interest, are not an obligation of the state or of a political subdivision of the state, but are payable solely from revenues pledged for their payment.

4. (d) This chapter does not authorize the commission to incur indebtedness or liability on behalf of or payable by the state or a political subdivision of the state.

   [Pre-1995 Recodification Citation: 14-3-12-11 part.]

As added by P.L.1-1995, SEC.7.