247.948 Obligations not debt of Commonwealth. (1) Obligations issued under the provisions of KRS 247.940 to 247.978 shall not be deemed to constitute a debt, liability or obligation of the Commonwealth or any political subdivision thereof or a pledge of the faith and credit of the Commonwealth or any such political subdivision, but shall be payable solely from the revenues or assets of the corporation. Each obligation issued under the provisions of KRS 247.940 to 247.978 shall contain on the face thereof a statement to the effect that the corporation shall not be obligated to pay the same nor the interest thereon, except from the revenues or assets pledged therefor, and that neither the faith and credit nor the taxing power of the Commonwealth or any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligations. (2) Expenses incurred by the corporation in carrying out the provisions of KRS 247.940 to 247.978 may be payable from funds provided pursuant to KRS 247.940 to 247.978 and no liability shall be incurred by the corporation hereunder beyond the extent to which moneys shall have been so provided. Effective: April 11, 1984 History: Created 1984 Ky. Acts ch. 374, sec. 5, effective April 11, 1984.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.