1. (a) Bonds issued under this chapter do not, and must state upon the face of each bond that the bonds do not:

   1. (1) represent or constitute:

      1. (A) a debt of the authority or of the state within the meaning of the provisions of the Constitution or statutes of the state of Indiana; or
      2. (B) a pledge of the faith and credit of the authority or the state; or
   2. (2) grant to the owners or holders of the bonds any right to have the authority or the general assembly levy any taxes or appropriate any funds for the payment of the principal of or interest due on the bonds.
2. (b) Bonds issued under this chapter are payable and must state that the bonds are payable solely from the funds pledged for payment of the bonds in accordance with the bond resolution.

3. (c) This chapter may not be construed to authorize the authority or any department, board, commission or other agency to create an obligation of the state of Indiana within the meaning of the Constitution of the State of Indiana or the statutes of Indiana.

   [Pre-2007 Higher Education Recodification Citation: 20-12-63-17.]

As added by P.L.2-2007, SEC.69.