70-2109. PAYMENT OF REVENUE BONDS — NONLIABILITY OF STATE AND POLITICAL SUBDIVISIONS. Revenue bonds passed under the provisions of this act shall not be deemed to constitute a debt or liability of the state of Idaho, any port district or any other political subdivision of the state of Idaho, but shall be payable solely from the funds herein provided therefor. The issuance of revenue bonds under the provisions of this act shall not, directly or indirectly or contingently, obligate the state of Idaho, any port district or any other political subdivision of the state of Idaho to levy any form of taxation therefor or to make any appropriation for their payment. Nothing in this act shall be construed to authorize the creation of a debt of the state of Idaho or of the port district authorizing the issuance of such revenue bonds within the meaning of the constitution or statutes of the state of Idaho. All revenue bonds issued pursuant to the provisions of this act are payable and shall state that they are payable solely from the funds pledged for their payment in accordance with the resolution authorizing their issuance or in any indenture executed as security therefor, and that such revenue bonds are not secured by the full faith and credit or the taxing power of the state of Idaho, any port district or any other political subdivision of the state of Idaho. Neither the state nor the port district authorizing the issuance thereof shall in any event be liable for the payment of the principal, interest or premium, if any, on any such revenue bonds. No breach of any such pledge, obligation or agreement may impose any pecuniary liability upon the state or the port district authorizing the issuance thereof or any charge upon their general credit or against their taxing power.

History:

[70-2109, added 1981, ch. 228, sec. 1, p. 463.]