Indiana § 15-13-10-8 - Bonds; not a state or political subdivision obligation
Full text of Indiana Indiana Code § 15-13-10-8 — Bonds; not a state or political subdivision obligation, with citation guidance and answers to common questions.
§ 15-13-10-8. Bonds; not a state or political subdivision obligation
Sec. 8. (a) Bonds issued under this chapter:
(1) do not constitute:
(A) a debt of the state or of any political subdivision of the state; or
(B) a pledge of the faith and credit of the state or of any political subdivision; and
(2) are payable solely from the funds pledged for payment of the bonds under this chapter.
(b) Each bond must contain on the face of the bond a statement to the effect that the bonds, as to both principal and interest, are not an obligation of the state or of any political subdivision of the state, but are payable solely from revenues pledged for payment of the bonds. Those revenues may not include:
(1) proceeds or interest derived from funds of the state; or
(2) any proceeds received by the commission derived from the levy of any tax.
(c) All expenses incurred in carrying out this chapter are payable solely from funds provided under the authority of this chapter.
(d) This chapter may not be construed to authorize the commission to incur indebtedness or liability on behalf of or payable by:
(1) the state; or
(2) any political subdivision of the state.
[Pre-2008 Recodification Citation: 15-1.5-9-7.]
As added by P.L.2-2008, SEC.4.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 15-13-10-8
What does Indiana Code § 15-13-10-8 cover?
Section 15-13-10-8 ("Bonds; not a state or political subdivision obligation") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 15-13-10-8?
A common citation format is "Indiana Code § 15-13-10-8" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 15-13-10-8 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.