40-411. POWER TO ISSUE BONDS — CREDIT OF STATE NOT PLEDGED. (1) The board shall have power and is authorized to issue, from time to time its negotiable notes and bonds in conformity with the applicable provisions of the uniform commercial code and section 40-412, Idaho Code, in a principle amount as the board shall determine to be necessary for sufficient funds for achieving a turnpike project, establishing the reserves to secure the notes and bonds, and all other expenditures of the board incidental and necessary or convenient to carry out its powers for turnpike projects.
(2) Turnpike revenue bonds shall not be deemed to constitute a debt or liability of the state or of any political subdivision, or a pledge of the faith and credit of the state or of any political subdivision, but the bonds, unless refunded by bonds of the board, shall be payable solely from funds pledged or available for their payment. All turnpike revenue bonds and any coupons appertaining to those bonds shall contain on the face a statement to the effect that the board is obligated to pay the same, or the interest on them, only from the tolls, other revenue and proceeds of the bonds and that neither the state nor any political subdivision is obligated to pay the same or the interest on them, and that neither the faith and credit nor the taxing power of the state or any political subdivision is pledged to the payment of the principal of or the interest on the bonds.
History:
[40-411, added 1985, ch. 253, sec. 2, p. 610.]
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