Louisiana Revised Statutes 33:4710.18 – Obligations of the authority solely
Terms Used In Louisiana Revised Statutes 33:4710.18
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Bonds issued by the authority are negotiable instruments and are solely the obligations of the authority and not of the state of Louisiana or any other agency or political subdivision thereof. The full faith and credit of the state of Louisiana or of any other state agency shall not secure nor shall the full faith and credit of the state at any time in the future be pledged to secure the payment of any indebtedness incurred by the authority. The bonds issued by the authority do not constitute an indebtedness, general or special, or a liability of the state or any other political subdivision thereof. The issuance of the bonds does not directly or indirectly obligate the state or any other political subdivision thereof to provide any funds for the payment of such bonds. The bonds shall not be considered a debt of the state or any other political subdivision thereof within the meaning of the constitution or the statutes of the state and shall not constitute a charge against the credit or taxing power of the state or any other political subdivision thereof. Neither the state nor any other political subdivision thereof shall in any manner be liable for the payment of the principal, interest on premiums, sinking or reserve fund requirements or other requirements of the bonds, or for the performance of any agreement or pledge of any kind which may be undertaken by the authority. No breach by the authority of any pledge or agreement shall create any obligation upon the state or any other political subdivision, including any charge against its credit or taxing power.
Acts 2019, No. 172, §1.