TITLE 36 LOCAL GOVERNMENT

Chapter 41 information not found

ARTICLE 3 GRANTS FOR PURCHASE AND CONSTRUCTION OF CAPITAL OUTLAY ITEMS

36-41-10. Bonds or obligations not public debt.

No bonds or other obligations of and no indebtedness incurred by any authority shall constitute an indebtedness or obligation of the state or any county, municipality, or political subdivision thereof, nor shall any act of any authority in any manner constitute or result in the creation of an indebtedness of the state or any such county, municipality, or political subdivision. All such bonds and obligations shall be payable solely from the sources established for the payment thereof in the resolution or financing documents authorizing the issuance of such bonds; and no holder or holders of any such bonds or obligations shall ever have the right to compel any exercise of the taxing power of the state or any county, municipality, or political subdivision thereof, nor to enforce the payment thereof against any property of the state or any such county, municipality, or political subdivision.

(Ga. L. 1979, p. 4662, § 11; Ga. L. 1982, p. 3, § 36; Ga. L. 1985, p. 391, § 9; Ga. L. 1987, p. 150, § 10.)