Indiana Code 8-15.7-9-4. Bonds or notes not a debt of the state

Sec. 4. The bonds or notes issued under this chapter:

(1) constitute the corporate obligations of the authority;

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Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}

(2) do not constitute an indebtedness of the state within the meaning or application of any constitutional provision or limitation; and

(3) are payable solely as to both principal and interest from:

(A) the revenues from a lease to the department, if any;

(B) proceeds of bonds or notes, if any;

(D) other funds available to the authority for such purpose.

As added by P.L.47-2006, SEC.40.