Oklahoma § 82-1126 - Bonds as special obligation of port authority concerned

§ 82-1126. Bonds as special obligation of port authority concerned

No provision of this act shall be construed to authorize the

pledge or use of any appropriated funds of the State of Oklahoma, or

any ad valorem tax revenues or any other tax revenues, for the

payment or security of any bonds issued pursuant to this act. No

bonds issued under provisions of this act shall ever become a debt

or obligation of the State of Oklahoma, nor shall the faith and

credit of the State of Oklahoma be pledged in whole or in part,

directly or indirectly, for the payment of such bonds, or interest

thereon. Bonds issued under this act shall not be an indebtedness

Oklahoma Statutes - Title 82. Waters and Water Rights

of any county or counties, or any municipal corporation or municipal

corporations, which shall have created or joined in the formation of

the port authority issuing the same. All bonds issued pursuant to

this act shall be special obligations of the port authority

concerned, payable solely from the revenues of the buildings and

facilities referred to therein. Such bonds shall contain on the

face thereof a statement to the effect that neither the state, nor

any county or municipal corporation concerned shall be obligated to

pay the same, or the interest thereon, except from revenues of such

facilities; and that neither the faith and credit nor the taxing

power of the state or any political subdivision thereof is pledged

or may hereafter be pledged to the payment of principal of or

interest on such bonds.

Laws 1963, c. 314, § 6, emerg. eff. June 19, 1963.