Bonds issued by the agency under the provisions of this chapter shall not be deemed to be a debt or a pledge of the faith and credit of the state or of any of its political subdivisions, but shall be payable solely from the revenues, funds, assets, and other property of the agency from which they are made payable pursuant to this chapter. Bonds issued by the agency under the provisions of this chapter shall recite that neither the state nor any political subdivision thereof shall be obligated to pay the bonds, and that neither the faith and credit nor the taxing power of the state or of any political subdivision thereof is pledged to the payment of the principal of or interest on the bonds. Further, every bond shall recite whether it is a general obligation of the agency, or a special obligation thereof payable solely from particular revenues, funds, assets, or other property pledged to its payment.
The authority has general supervisory and regulatory power, jurisdiction, and control over all public utilities, and also over their property, property rights, facilities, and franchises, so far as may be necessary for the purpose of carrying out the provisions of this chapter. However, such general supervisory and regulatory power and jurisdiction and control shall not apply to street railway companies.
Email
Print