35-467.08. Prohibition against obligating state or political subdivisions; payment from revenues
This state or a political subdivision is not liable for the payment of the principal or interest on any revenue anticipation notes. Revenue anticipation notes are not obligations of this state or a political subdivision and do not constitute a debt, legal or moral, of this state or a political subdivision. The payment of the principal and interest on such notes shall not be made from or be enforceable against any monies of this state or a political subdivision other than revenues which have been paid into a revenue anticipation note principal and interest redemption fund established pursuant to section 35-467.04. A holder of a revenue anticipation note shall not compel the payment of grant revenues to an issuer.
Section: Previous 35-467.01 35-467.02 35-467.03 35-467.04 35-467.05 35-467.06 35-467.07 35-467.08 35-468 35-468.01 35-468.02 35-468.03 35-468.04 35-468.05 35-468.06 NextLast modified: October 13, 2016