Indiana Code 21-32-3.5-4. Bonds not debt, pledge of credit, or moral obligation of state
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Indiana Code 21-32-3.5-4
- 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.
Sec. 4. Bonds issued under this chapter do not constitute a debt, liability, or obligation of the state of Indiana or a pledge of the credit of the state of Indiana, but shall be payable solely from the sources specified in this chapter. No moral obligation of the state of Indiana shall exist to appropriate funds to pay principal of or interest on any bond issued under this chapter.
As added by P.L.213-2015, SEC.241.