Legislation
SECTION 7
State not liable on bonds or any ancillary bond facility
Tobacco Settlement Financing Corporation Act (TSF) CHAPTER CONTENTS
§ 7. State not liable on bonds or any ancillary bond facility. Neither
any bond nor any ancillary bond facility of the corporation shall
constitute a debt or moral obligation of the state or a state supported
obligation within the meaning of any constitutional or statutory
provision or a pledge of the faith and credit of the state or of the
taxing power of the state, and the state shall not be liable to make any
payments thereon nor shall any bond or any ancillary bond facility be
payable out of any funds or assets other than pledged tobacco revenues
and other assets, if any, sold to the corporation and other funds and
assets of or available to the corporation pledged therefor, and the
bonds and any ancillary bond facility of the corporation shall contain
on the face thereof or other prominent place thereon a statement to the
foregoing effect.
any bond nor any ancillary bond facility of the corporation shall
constitute a debt or moral obligation of the state or a state supported
obligation within the meaning of any constitutional or statutory
provision or a pledge of the faith and credit of the state or of the
taxing power of the state, and the state shall not be liable to make any
payments thereon nor shall any bond or any ancillary bond facility be
payable out of any funds or assets other than pledged tobacco revenues
and other assets, if any, sold to the corporation and other funds and
assets of or available to the corporation pledged therefor, and the
bonds and any ancillary bond facility of the corporation shall contain
on the face thereof or other prominent place thereon a statement to the
foregoing effect.