(2) Local public safety communications bonds shall be payable from funds provided by a municipality for payment thereof as well as any monies available from special public safety communications agreements.
(3) The agency's public safety communications bonds secured by payments of principal and interest due with respect to local public safety communications bonds shall not be a debt of either the state or any municipality, and neither the state nor any municipality shall be liable thereon, nor shall they be payable out of any funds other than those of the agency; and such local public safety communications bonds shall contain on the face thereof a statement to such effect.
(4) Subject to the provisions of any contract with holders of bonds, notes or other obligations, proceeds of public safety communications bonds to be paid to a municipality to purchase its local public safety communications bonds shall be paid to the municipality and shall not be commingled with any other money of the agency.
(5) Nothing contained in this title shall be construed to create a debt of the state within the meaning of any constitutional or statutory provisions.
(6) (a) A municipality may covenant and agree that the municipality will not limit, alter or impair the rights hereby vested in the agency to fulfill the terms of any agreements made with holders of the agency's public safety communications bonds, the proceeds of which were used to purchase the municipality's local public safety communications bonds, or in any way impair the rights and remedies of such holders or the security for such bonds, until such bonds, together with the interest thereon and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully paid and discharged.
(b) Any such agreement with a municipality may be pledged by the agency to secure its public safety communications bonds used to purchase local public safety communications bonds issued by that municipality and may not be modified thereafter except as provided by the terms of the pledge or subsequent agreements with the holders of such public safety communications bonds.
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.