Indiana Code 8-14.5-6-10. Bonds or notes of authority not state indebtedness; funds from which payable

Sec. 10. The bonds or notes:

(1) constitute the corporate obligations of the authority;

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}

(2) do not constitute an indebtedness of the state within the meaning or application of any constitutional provision or limitation; and

(3) are payable solely as to both principal and interest from:

(A) the revenues from a lease to the department, if any;

(B) proceeds of bonds or notes, if any; or

As added by P.L.68-1988, SEC.12.