Kansas Statutes 68-2305. Same; no debt incurred nor faith and credit of state or political subdivisions pledged by issuance of bonds
Terms Used In Kansas Statutes 68-2305
- Bonds: means any bonds, notes or other evidences of indebtedness, including book-entry-only, whether or not the interest on such bonds is subject to federal income taxation, issued pursuant to the authority of this act. See Kansas Statutes 68-2319
- Commission: shall mean the secretary of transportation. See Kansas Statutes 68-2302
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- State freeway fund: shall mean the state freeway fund created in Kan. See Kansas Statutes 68-2302
Bonds issued under the provisions of this act shall not be deemed to constitute a debt of the state or of any political subdivision thereof or a pledge of the faith and credit of the state or of any such political subdivision thereof, but all such bonds shall be payable solely from revenues accruing to the state freeway fund and pledged for their payment. All such bonds shall contain on the face thereof a statement to the effect that neither the state nor the commission shall be obligated to pay the same or the interest thereon except from moneys accruing to the state freeway fund pledged to the payment of such bonds, and that the faith and credit of the state are not pledged to the payment of the principal of or the interest on such bonds.