Missouri Laws 348.115 – Obligations not debt of the state or political subdivision — payable only ..
Terms Used In Missouri Laws 348.115
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
Obligations issued under the provisions of sections 348.005 to 348.180 shall not constitute a debt, liability, or obligation of this state or of any political subdivision of this state, nor shall any such obligation be a pledge of the faith and credit of this state or of any political subdivision of this state, but shall be payable solely from the revenues or assets of the authority. The issuance of bonds under sections 348.005 to 348.180 shall not, directly or indirectly, or contingently, obligate the state or any political subdivision thereof to levy any form of taxation therefor or to make any appropriation for their payment. Each obligation issued under sections 348.005 to 348.180 shall contain on the face thereof a statement to the effect that the authority shall not be obligated to pay the same nor the interest thereon except from the revenues or assets pledged therefor, and that neither the faith and credit nor the taxing power of this state or of any political subdivision of this state is pledged to the payment of the principal of or the interest on such obligation.