65-43-23 - Bonds; nature; source of payment of principal and interest; applicability of debt limitation.
§ 65-43-23. Bonds; nature; source of payment of principal and interest; applicability of debt limitation.
Bonds issued under the authority of Sections 65-43-9 through 65-43-39 shall be revenue bonds of the state, the principal of and interest on which shall be payable solely from the revenue from projects authorized under Section 65-43-1 or 65-43-3. The bonds shall never constitute an indebtedness of the state within the meaning of any state constitutional provision or statutory limitation, and shall never constitute or give rise to a pecuniary liability of the state, or a charge against its general credit or taxing powers, and such fact shall be plainly stated on the face of each such bond. The bonds shall not be considered when computing any limitation of indebtedness of the state. All bonds issued under the authority of Sections 65-43-9 through 65-43-39 and all interest coupons applicable thereto shall be construed to be negotiable instruments, despite the fact that they are payable solely from a specified source.
Sources: Laws, 2007, ch. 582, § 12, eff July 18, 2007 (the date the United States Attorney General interposed no objection under Section 5 of the Voting Rights Act of 1965, to the addition of this section.)