2012 Kentucky Revised Statutes
CHAPTER 164A HIGHER EDUCATION FINANCE
164A.070 Status of obligations issued by corporation.

Download as PDF 164A.070 Status of obligations issued by corporation. (1) (2) Obligations issued under the provisions of this chapter shall not be deemed to constitute a debt, liability or obligation of the state or a pledge of the faith and credit of the state, but shall be payable solely from the revenues or assets of the corporation. Each obligation issued under this chapter shall contain on the face thereof a statement to the effect that the corporation shall not be obligated to pay the same nor the interest thereon except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of the state is pledged to the payment of the principal of or the interest on such obligation. Expenses incurred by the corporation in carrying out the provisions of this chapter may be made payable from funds provided pursuant to this chapter and no liability shall be incurred by the corporation hereunder beyond the extent to which moneys shall have been so provided. Effective: June 17, 1978 History: Created 1978 Ky. Acts ch. 387, sec. 7, effective June 17, 1978.