§ 13-1116. Bonds payable from receipts of Authority

   (a) In general. -- The bonds of any issue shall be payable solely from the property or receipts of the Authority, including without limitation:

   (1) Fees, charges, or other revenues payable to the Authority;

   (2) Payments by financial institutions, insurance companies, or others pursuant to letters or lines of credit, policies of insurance, or purchase agreements;

   (3) Investment earnings from funds or accounts maintained under a bond resolution or trust agreement;

   (4) Proceeds of refunding bonds; and

   (5) Any other source authorized by law.

(b) Bonds do not constitute debt. -- The bonds do not constitute a debt, liability, or pledge of full faith and credit of the State and may not be deemed to constitute a debt, liability, or pledge of the full faith and credit of the State.

HISTORY: 1996, ch. 601, § 1.