1999 Florida Code
TITLE XI COUNTY ORGANIZATION AND INTERGOVERNMENTAL RELATIONS
Chapter 159 Bond Financing
PART III INDUSTRIAL DEVELOPMENT AUTHORITIES (ss. 159.44-159.53)
159.49 Credit of state or political subdivision not pledge.
159.49 Credit of state or political subdivision not pledge.--
(1) The revenue bonds issued by the authority shall not be deemed to constitute a debt, liability, or obligation of any authority or county or of the state or any political subdivision, and such revenue bonds or debt obligations shall be payable solely from revenues derived from the sale, operation, or leasing of a project or projects or other payments received under financing agreements with respect thereto.
(2) All bonds issued under the provisions of ss. 159.44-159.53, regardless of form or terms, are declared to have all the qualities and incidents, including negotiability, of investment securities under the Uniform Commercial Code.
(3) Bonds may be issued under the provisions of ss. 159.44-159.53 without obtaining, except as otherwise provided in said sections, the consent of any department, commission, board, bureau, or agency of the state and without any other proceedings or the happening of any conditions except those which are specifically required by the provisions of the resolution authorizing the issuance of such bonds or the trust agreement securing the same.
History.--s. 6, ch. 70-229; s. 16, ch. 80-287.
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