(1) The principal and interest on a corporation bond may be made payable from the income and revenues of the corporation.
(2) In connection with the issuance of a corporation bond, the corporation may: (a) pledge all or any part of the corporation's gross or net revenues to which the corporation: (i) has a right that exists at issuance of the corporation bond; or (ii) may have a right that comes into existence after issuance of the corporation bond; and (b) make any covenant or perform any act calculated to make the bond more marketable.
(a) pledge all or any part of the corporation's gross or net revenues to which the corporation: (i) has a right that exists at issuance of the corporation bond; or (ii) may have a right that comes into existence after issuance of the corporation bond; and
(i) has a right that exists at issuance of the corporation bond; or
(ii) may have a right that comes into existence after issuance of the corporation bond; and
(b) make any covenant or perform any act calculated to make the bond more marketable.
(3) A member of the board or other person executing a corporation bond is not liable personally on the corporation bond.
(4) (a) A corporation bond: (i) is not a general obligation or liability of the state or any of the state's political subdivisions; and (ii) does not constitute a charge against the general credit or taxing powers of the state or any of the state's political subdivisions. (b) A corporation bond is not payable out of money or properties other than those of the corporation pledged for the payment of the bond. (c) A community, the state, or a political subdivision of the state may not be liable on a corporation bond. (d) A corporation bond does not constitute indebtedness within the meaning of a constitutional or statutory debt limitation.
(a) A corporation bond: (i) is not a general obligation or liability of the state or any of the state's political subdivisions; and (ii) does not constitute a charge against the general credit or taxing powers of the state or any of the state's political subdivisions.
(i) is not a general obligation or liability of the state or any of the state's political subdivisions; and
(ii) does not constitute a charge against the general credit or taxing powers of the state or any of the state's political subdivisions.
(b) A corporation bond is not payable out of money or properties other than those of the corporation pledged for the payment of the bond.
(c) A community, the state, or a political subdivision of the state may not be liable on a corporation bond.
(d) A corporation bond does not constitute indebtedness within the meaning of a constitutional or statutory debt limitation.
(5) A corporation bond is fully negotiable.
(6) A corporation bond is: (a) issued for an essential public and governmental purpose; and (b) together with interest on the corporation bond and income from the corporation bond, exempt from state taxes except the corporate franchise tax.
(a) issued for an essential public and governmental purpose; and
(b) together with interest on the corporation bond and income from the corporation bond, exempt from state taxes except the corporate franchise tax.
(7) Nothing in this section may be construed to limit the right of an obligee to pursue a remedy for the enforcement of a pledge or lien given under this part by the corporation on the corporation's rents, fees, grants, properties, or revenues.
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